Economic Sectors

The economic impact of the agricultural community is more than $120 million per year. It includes production farming, fruit and vegetable farming, livestock programs, agri-tourism, wineries, and equestrian. There are 172 farms in the city encompassing more than 28,000 acres. The city has a year-round farmers market as well as other farm stands, markets and programs supported by groups such as the Hampton Roads Buy Fresh Buy Local chapter.

Virginia Beach has a variety of office, industrial, and commercial property encompassing almost 35 million square feet of total enclosed space. A diversified economy based on a blend of professional office manufacturers and advanced technologies helps keep Virginia Beach a recognized international business location.

Numerous regional and national construction companies operate out of Virginia Beach, supporting projects along the East Coast and worldwide. The total value of building permits issued in the City of Virginia Beach for 2011 was $461 million.

The $206 million, 515,000-square-foot Virginia Beach Convention Center includes a 150,000-square-foot Exhibition Hall, 31,000-square-foot ballroom, 29,000 square feet of meeting space and 2,230 parking spaces, creating a focal point for future development in the resort area.

During the past two fiscal years, the Convention Center hosted 677 events, welcomed nearly 1,085,000 people and generated more than 245,000 room nights citywide, far exceeding projections.

This award-winning facility is also the first Virginian and American Green certified convention center, as well as the first convention center in America and the largest building in Virginia to achieve LEED Gold certification for Existing Buildings. From 2012 through 2015, more than 100 additional conventions and meetings are scheduled citywide. They are expected to generate $62 million in direct spending.

Seven of the world's top 10 defense-related firms have a major presence in the Virginia Beach MSA, supporting the largest active duty military population in the US. The Virginia Beach MSA is home to 11 major military installations representing all branches of the U.S. Armed Forces, including the world's largest naval base and the home of the Atlantic Fleet. Bases located in Virginia Beach are Naval Air Station (NAS) Oceana, NAS Oceana Dam Neck Annex, and the Joint Expeditionary Base, comprised of Naval Amphibious Base Little Creek and Fort Story. In 2011, the bases employed more than 122,360 military and civilian employees with a combined annual payroll of more than $8.2 billion. The direct economic impact of goods and services totaled $13.5 billion.

About 16% of the Virginia Beach labor force is employed in retail and wholesale.

At more than 1.35 million square feet, Lynnhaven Mall is the largest shopping mall in southern Virginia. It offers visitors an enormous selection of shopping, dining and entertainment options with more than 180 stores, 17 restaurants and eateries, and a state-of-the-art AMC Theatres, and free parking.

Pembroke Mall is conveniently located in the Central Business District with three major department stores, more than 100 specialty shops, restaurants, and free parking.

Other major retail areas include Hilltop, Red Mill Commons, Landstown Commons, the resort area and the Town Center.

In calendar year 2010, there were 5.5 million overnight visitors citywide, of whom 2.9 million stayed in hotels or motels. An additional 6.2 million visitors traveled to Virginia Beach for day trips. Visitors spent $1.130 billion, helping generate 11,562 jobs and nearly $95 million in city and state tax direct revenue. In 2010, total citywide lodging sales were more than$274 million, a 6% increase over 2009. For more information on reasons why Virginia Beach is the best place to vacation, conduct a conference or convention or profit as part of the hospitality industry, visit www.VisitVirginiaBeach.com.