Growth Matters: New Trade Agreement and Business Expansions Drive Economic Growth

Pictured: Deputy City Manager Amanda Jarratt (second from left) with leadership from Norfolk County Council, Suffolk County Council, and Essex County Council in the United Kingdom.

The Virginia Beach Department of Economic Development (VBED) is dedicated to creating a thriving economy by attracting new companies, supporting existing businesses and assisting entrepreneurs. Find out what projects VBED has been working on throughout October and November 2024: 

Project Announcements 

City Signs Memorandum of Understanding with U.K. Counties to Boost Transatlantic Trade and Cooperation
The City of Virginia Beach formally signed a Memorandum of Understanding (MOU) with Norfolk County Council, Suffolk County Council, and Essex County Council in the United Kingdom on Nov. 12. The MOU fosters economic collaboration and mutual growth in key sectors, including clean energy, digital technology and engineering.

The signing of the MOU took place prior to a Single Location Promotion (SLP) event held at the U.S. Embassy in London in partnership with the U.S. Commercial Service’s SelectUSA program. The SLP event brought together more than 70 representatives from a diverse range of U.K.-based companies interested in expanding in the United States and Virginia Beach.  

LifeNet Health Expands its Footprint in Virginia Beach 
LifeNet Health, a global leader in regenerative medicine headquartered in Virginia Beach, has acquired the Virginia Beach Bio Accelerator, near Town Center. This state-of-the-art, fully furnished research lab will further LifeNet’s vision to be the nation’s leading provider of organ donation and tissue banking services.  

CASC Joins International Incubator to Support Offshore Wind Energy Industry 
CASC Ltd, a family-owned company based in Northern Ireland, joined the Virginia Beach International Incubator. CASC specializes in providing innovative solutions for the renewable energy industry and has contributed to over 40 offshore wind projects worldwide. The company will support Dominion Energy's Coastal Virginia Offshore Wind (CVOW) Project. It has selected Virginia Beach as its U.S. expansion hub to take advantage of the City's business-friendly environment and growth opportunities. 

The International Incubator is short-term office space designed for international companies planning expansion into the U.S. market. 

Available Business Resources  

VBED offers many resources to connect residents with the information they need to grow or expand their business, including The HIVE small business resource center, located in Town Center. The HIVE offers expert consulting, training programs, mentorship, networking opportunities and office space. Follow The HIVE on Facebook, Instagram and LinkedIn for tips and resources to help your business thrive! 

The City also offers a discretionary incentive program, Economic Development Investment Program (EDIP) grants, available to assist qualifying companies with their growth needs in Virginia Beach. If you are a new or expanding business in the city, you may qualify. Contact the applicable business development manager to discuss project eligibility and to receive guidance. 

To stay up to date on VBED’s latest project announcements and available resources, subscribe to Economic Development’s email newsletter.