Virginia Beach Development Authority Releases FY2021-22 Annual Report
The City of Virginia Beach Development Authority released its fiscal year 2021-2022 Annual Report, highlighting the results of their business attraction and retention activities, new initiatives, and accomplishments for the 12-month period starting July 1, 2021. Among key metrics, the group reported their success in securing $286 million in private sector capital investment for the City of Virginia Beach and nearly $1 billion under new leadership since 2018.
The Development Authority, alongside the Virginia Beach Department of Economic Development, continued to work diligently on expanding the local tax base through increased business investment this year. Despite challenging travel restrictions, the Economic Development team succeeded in attracting 16 new businesses to Virginia Beach and helping 11 local companies grow their existing operations. As a result, more than 1,000 jobs were retained in Virginia Beach and nearly 800 new jobs were created.
The fiscal year concluded with a fruitful marketing mission to Spain, where Vice Mayor Rosemary Wilson and Council Member Aaron Rouse were invited to attend a high-profile small business award ceremony during which they had the pleasure of meeting Spanish Prime Minister Pedro Sánchez and discussed the benefits of doing business in Virginia Beach. Other meaningful connections were made during this mission. A delegation of Spanish executives representing eight companies and organizations is scheduled to arrive in Virginia Beach this week to evaluate the City as a potential location to establish a U.S. business.
"Marketing missions are at the core of our business attraction strategy as they have proven time and time again to be effective in attracting new investments and good paying jobs to Virginia Beach," said Taylor Adams, deputy city manager and director of Economic Development. "Being able to have face-to-face interaction with business owners and executives allows us to build rapport with companies who might otherwise never consider Virginia Beach as a great location for their business. Ultimately, our economic developers generate results when they are out in the world, raising awareness about Virginia Beach and what a great place it is to live and do business. The same impact cannot be achieved by sitting behind a computer screen."
It is through ongoing business attraction efforts that the Virginia Beach Department of Economic Development successfully recruited SANJO, a Barcelona-based metal-stamping company, to establish its North American headquarters in Virginia Beach in 2016. The company initially invested $17.5 million in Virginia Beach and recently announced plans to invest an additional $3.2 million to expand their local facility. SANJO contemplated other options for its U.S. expansion, including relocating to Florida or Tennessee, but the company chose to expand its footprint in Virginia Beach, retaining 10 jobs and creating an additional 40 jobs with an average annual wage of $60,000 to $70,000.
"We are delighted that SANJO chose to continue to invest in Virginia Beach and to expand their presence here," said Virginia Beach City Manager Patrick Duhaney. "SANJO has been a valued member of our business community since locating their North American headquarters here in 2016. We look forward to their continued growth and our partnership with them."
The Development Authority did not include the SANJO expansion project in its latest annual report summary as the company made its official announcement at the beginning of the new fiscal year. To read more about the economic impact of the VBDA and its economic development initiatives, read the FY2021-22 Annual Report Summary here.
Find more information about the June 2022 marketing mission to Spain here.
Find more information about the recently announced SANJO expansion project here.
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About the Virginia Beach Development Authority
The Virginia Beach Development Authority (VBDA) was established by the Virginia General Assembly in 1964 as a component, but legally separate unit, of the City of Virginia Beach. VBDA administers the Economic Development Investment Program (EDIP) on behalf of the City Council and facilitates the expansion of the tax base through increased business investment. Its mission is focused on driving economic vitality for the City of Virginia Beach.
SANJO is a multinational metal-stamping company headquartered in Barcelona, Spain. The company specializes in precision technology and, in particular, the manufacturing of fineblanking parts. SANJO has five production plants – four in Spain and one in Virginia Beach – with four sales offices located in Barcelona, Stuttgart, Shanghai, and Virginia Beach. For more information about SANJO, visit www.sanjogroup.com/en.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. For more information, visit www.yesvirginiabeach.com.