Annual Report Highlights Success of Virginia Beach Department of Economic Development

September 17, 2013

The City of Virginia Beach Development Authority will present its 2012-13 Annual Report to the City Council today. The report acknowledges the Department of Economic Development’s success in creating more than 2,200 new jobs in fiscal 2013, which represents a 100 percent increase from the previous fiscal year.

The year also brought $260 million in new capital investments for 54 projects. Of those, 25 were new locations and 29 were expansions. This represents 1.3 million square feet of commercial space. Thirteen percent of the projects announced capital investments of at least $10 million, with the largest being the $105 million expansion of the Town Center of Virginia Beach.

The department’s international efforts were equally successful, with four international business announcements. Two companies opened United States headquarter locations in Virginia Beach, and two others expanded existing locations.

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

In fiscal year 2012-13, eight small, women-owned or minority-owned certified companies reported expansions or relocations in Virginia Beach, representing 153 new jobs and $1.83 million in new capital investment.

Virginia Beach continued to receive recognition as a leading global city. It was named one of the

Top Five Overall American Cities of the Future by fDi Magazine, and CNNMoney.com reported Virginia Beach as the Easiest City to Start a Business, as well as the Second Friendliest to Small Business.

“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.”

The department’s innovative YesOceana program continues to be successful. The award-winning zoning and land-use program was created to help reduce incompatible land uses surrounding Naval Air Station Oceana, the Navy’s East Coast master jet base. To date, the city has committed a total of $2.4 million to 25 businesses to promote compatible uses within the YesOceana/APZ-1 district.

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

The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia, with a population of 437,000, and is the 39th largest city in the United States. The city was recognized as the best-run city in America by 24/7 Wall St. in 2012. The Department of Economic Development also received re-accreditation in 2012 through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. For more information, visit www.yesvirginiabeach.com.