Growth Matters: Economic Development Recap

The Virginia Beach Economic Development (VBED) stimulates capital investment, business tax revenue and creates higher wage jobs for residents by attracting and creating new investment, innovation and jobs. VBED recruits national and international businesses across various industries to the city to create jobs, and helps those new businesses get established once they are here. VBED not only attracts new companies but supports existing ones by assisting local businesses with expansion efforts and developing workforce training programs, including training offered at The HIVE for small businesses.  

From job creation to small business support, explore how Economic Development enhanced and diversified Virginia Beach’s economy from November to December 2023 and continues to position the city as the ideal home for businesses and residents. 

Project Announcements

DOMA Technologies Expansion 
DOMA Technologies, a USA-headquartered software and digital transformation company announced its expansion in the city with plans to create 307 new jobs. The expansion was supported by the Virginia Economic Development Partnership, and Governor Youngkin attended the ribbon-cutting of the company’s new 69,000-square-foot headquarters facility.  

Old Dominion University Institute of Data Science Opening 
Old Dominion University (ODU) opened the Virginia Beach Institute of Data on Nov. 16, 2023, in Town Center’s Armada Hoffler Tower. The Institute will contain research labs, innovation space, and training areas simulating cybersecurity incidents. VBED worked closely with ODU to secure the Institute in the City, and its presence will assist the Department with recruitment and retention of industry related investment and employment opportunities. 

Chorus Intelligence Expansion 
Chorus Intelligence Inc., a British software company servicing law enforcement agencies, expanded to their new office in Town Center after being the first company to be established in the Virginia Beach International Incubator in September 2021.  

“We are very pleased that the Virginia Beach International Office Incubator afforded Chorus Intelligence, Inc. needed spaces over the past two years as they established the company here in the United States,” said Chuck Rigney, director of Virginia Beach Economic Development. “We congratulate Chorus on their successes to date and are very pleased to see them grow their company here in Virginia Beach.” 

The Virginia Beach International Incubator offers international companies needed spaces to get their operations off the ground and grow their sales before establishing their own office or manufacturing facility in the city. Companies that choose to use the space will also have access to the resources offered at The HIVE, which includes on-site support provided by partner agencies. Signup to receive updates from The HIVE or view upcoming events at The HIVE. 

On the Road

Area Development Conference  
VBED team members joined partners from the Hampton Roads Alliance and Port of Virginia at the Area Development Consultants Forum in Ft. Lauderdale, Florida. Area Development provides the chance for economic development professionals to interface with site consultants and promote investment opportunities in their communities. Area Development recently announced the Spring Consultants Forum will take place in Virginia Beach, June 10-12, 2024. 

Available Resources 

The department offers many resources to connect residents with the information they need to grow or expand their business. One of those resources is the Façade Improvement Grant (FIG) Program which is currently taking applications. The FIG program provides matching grants of up to $10,000 to support small, locally owned and operated businesses in the city that are making significant exterior improvements. Learn more about eligibility and apply.

If you’re interested in receiving the Economic Developments bi-monthly email newsletter to stay up to date on the latest project announcements and available resources, email Paige Fox.