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October 1, 2013

New Report Reveals 100 Percent Increase in New Jobs in Virginia Beach

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More than 2,200 new jobs were created in Virginia Beach in the 2012-13 fiscal year
–that’s double the total for the previous year.
During the 2012-13 fiscal year, Economic Development also ushered in $260 million in new capital investments for 54 projects. Among those, 25 were new locations and 29 were expansions for a total of 1.3 million square feet in new commercial space. Thirteen percent of the projects announced capital investments of at least $10 million, the largest of which is the $105 million project at Town Center, dubbed “Phase V.”

Working together with the Development Authority, the department’s efforts at attracting international corporations were equally successful. Two international businesses opened U.S. headquarters in Virginia Beach and two others expanded existing locations.

PRUFREX USA Inc. plans to locate its U.S. headquarters and manufacturing facility in Virginia Beach. This represents a $7.33 million investment that will create 60 new jobs. Koster American announced a $4.6 million, 44,000-square-foot expansion of their U.S. headquarters and manufacturing facility. DaiEi Papers relocated its U.S. headquarters, leasing 5,100 square feet of office space and creating 10 jobs. Finally, Hi Logic opened its U.S. headquarters, leasing 1,000 square feet in Town Center.

Last year, eight small, women-owned or minority-owned certified companies reported expansions or relocations in Virginia Beach as well, bringing 153 new jobs and $1.83 million in capital investment to the city. “YesOceana,” the department’s award-winning zoning and land-use program designed to reduce incompatible land uses surrounding Naval Air Station Oceana, this year resulted in the city committing a total of $2.4 million to 25 businesses to promote compatible uses within the YesOceana/APZ-1 district.

Virginia Beach also received recognition as one of the Top Five Overall American Cities of the Future by fDi Magazine, and was named the easiest city in which to start a business, as well as the second friendliest to small business by CNNMoney.com.

“The Virginia Beach Economic Development team hit several home runs last year, and we are very pleased with the results in job creation and capital investment,” said John W. Richardson, chairman of the Virginia​ Beach Development Authority. “The authority will continue its support of the Economic Development Department’s focus on international businesses to leverage the success and relationships with our current roster of 30 international companies.”

“On behalf of the Development Authority and the Department of Economic Development, I would like to offer my sincerest thanks to all city departments for their continued hard work and support in helping the Virginia Beach business community,” said Warren Harris, director of Economic Development. “These accomplishments are truly the result of a strong team effort and we all share in this success.”

The 2012-13 Annual Report will be available online at www.yesvirginiabeach.com after Oct. 1.​

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