The Virginia Beach Development Authority prepares an annual report for City Council review in accordance with the Acts of the Virginia General Assembly. The report reflects the activities of the Virginia Beach Development Authority and the Department of Economic Development to increase investment and expand the tax base in the City of Virginia Beach.
It is fair to say this year was a tremendous success, with almost $175 million in new capital investment, a 258% increase from fiscal year 2009/2010. Virginia Beach's solid business climate has allowed us to weather the unstable economic conditions that many other areas of the country are experiencing.
During the past year, the efforts of the Virginia Beach Department of Economic Development (VBDED) have paid off handsomely with 2,106 new jobs - a 54% increase over the previous year. While the majority of new jobs are from existing businesses, 671 jobs were created by companies that are new to the City. Our support and appreciation of all our businesses are essential as the City continues to grow and prosper.
Please click, 2010/2011 for the full City of Virginia Beach Development Authority's Annual Report.
Last updated: Oct 2011