July 24, 2020

New Jobs and Investments Keeping Virginia Beach on the Growing Edge

​In the past two months, nine companies have announced they would either establish new facilities or expand existing footprints in Virginia Beach. From manufacturing, bio-medical and defense industries to hospitality, information technology and other professional services, these businesses will add 756 jobs and make capital investments of more than $136 million. "There is no question that the coronavirus pandemic has been devastating for many businesses, and the various aid and grant programs available through federal, state and local programs are critically important to help see them and their employees through this period," said Taylor Adams, director of Virginia Beach Economic Development. "At the same time, it is encouraging to see this kind of robust and diverse business activity during an extremely challenging time in our history. It underscores our fundamental strength as an economic center and as a community of choice."Retaining, expanding and attracting new businesses is a highly competitive global activity. Cities vie for the same projects for the same reasons: to grow their local economies, create jobs and expand tax bases. Working alongside regional and state partners, Virginia Beach Economic Development has remained focused on growing the City's business. "Virginia Beach is building a program that concentrates on strategically diversifying our economy. That starts with getting to know the industries we are targeting and understanding what they need to be successful," said Adams. "Sometimes it means finding buildable land, existing space or industry partners. Other times, it means providing financial incentives and our approach is to make the smallest investments of public funds to leverage the largest possible private investments. But the reality is, even financial incentives are non-starters if the community as a whole does not offer the kind of environment in which people want to live and raise families while growing their businesses. That's where Virginia Beach shines and where we have our greatest opportunities ahead." Access to major transportation networks, reliable distribution systems, job-ready population, advanced technical infrastructure, high quality schools, and community amenities are just some of the factors businesses weigh in making decisions about where to locate and how to expand. The following projects underscore the competitive advantages Virginia Beach offers. The ProjectsFive of the projects received Economic Development Improvement Program (EDIP) grants totaling $1.4 million and two received grants from the Virginia Economic Development Partnership (VEDP). Through increased tax revenues, the City estimated a 20-year economic return of $55.8 million. Acoustical Sheetmetal – A local manufacturing company is expanding its operations. Virginia Beach was competing against sites in South Carolina and North Carolina. The company will make an additional capital investment of $15.8 million and create 200 new jobs with average salaries of nearly $46,000. The Virginia Beach Development Authority is providing the land on which the company will build a 100,000-square-foot building with 45-foot ceilings. It received a VEDP grant of $750,000. Apex Systems – Expanding in Virginia Beach, the company specializes in recruiting and placing IT professionals. It is creating 147 jobs with average salaries of nearly $62,000 and spending $1.8 million on professional office space in Town Center. The Virginia Beach Development Authority awarded the company an EDIP of $350,000 and the state awarded $900,000.ACA International – New to Virginia Beach, the company is making a $62 million investment in a 130,000-square-foot building for a data center and cable landing station. The 30 jobs it is creating will average $59,000 in salaries. The Virginia Beach Development Authority awarded the company an EDIP of $500,000.Priority Title and Escrow – This real estate services firm is expanding its operation to add 200 new jobs with average salaries of $60,000. The company is making a $3.85 million investment in new office space. The Virginia Beach Development Authority awarded the company an EDIP of $300,000.Valkyrie – A local defense contractor is expanding to accommodate 100 new employees with average annual salaries of $86,000. The Virginia Beach Development Authority awarded the company an EDIP of $125,000.Town Center Hotel – A capital investment of $19 million will create a new 125-room hotel in Town Center that will add 30 jobs with average salaries of $35,000. London Bridge CC – The City sold 19 acres at 130 London Bridge Road for $1,824,000 for the development of a commercial center consisting of eight or more commercial and light industrials users. The total investment amounts to $18 million.Ynot Office Park – This long-time local company purchased 15 acres for $27 million in the City's Innovation Park off Princess Anne Road in the Landstown area to establish a corporate headquarters for Ynot Italian and offer additional space to accommodate new medical and business incubator offices. SJS – A local service-disabled veteran-owned company with two business units is expanding, making capital investments totaling more than $4 million and adding 49 jobs with average salaries of $59,000. It received an EDIP grant of $125,000 based on new job creation and target industry sectors. # # #

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