Post on 29-Mar-2020
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Virginia Beach Economic Indicators: High Performance Manufacturing
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Welcome to Virginia Beach
With its beaches, great public school system, and recreational activities, Virginia Beach is one of the best places to live in America. And with its skilled, educated workforce, strategic location, low tax rates, and dynamic, diverse economy, it’s increasingly becoming one of the best places to do business as well.
The Virginia Beach Department of Economic Development is eager to assist your new or existing business maximize its economic potential in any way we can.
The programs and services we offer include, but are not limited to:
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Site selection•
Advocacy•
Market information•
Financial guidance•
Business assistance•
Minority business assistance
Target Cluster: High Performance Manufacturing
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Strategic Location
Virginia Beach MSA• Largest Metropolitan Statistical Area(MSA)
between Atlanta and Washington, D.C.• More than two-thirds of the U.S. population and
business marketplace are within 750 miles of the Virginia Beach MSA
• Population: 1.65 million• Total Labor Force: 900,000City of Virginia Beach• The Commonwealth’s most populous city• Population: 440,000
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Virginia Beach MSA – America’s First Region
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Major Manufacturers in Virginia Beach
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Technological Assets
• The Virginia Beach MSA is home to the country’s center for military training utilizing computer simulation technology (major military training facilities: JTASC, JWFC, Joint Forces Staff College)
• The world’s third largest marine science institute dedicated to estuarine research is at the Virginia Institute of Marine Science at the College of William and Mary
• The largest university wind tunnel in the country is operated by Old Dominion University• The world’s largest Continuous Electron Beam Accelerator resides at the Thomas Jefferson National
Accelerator Facility, Newport News, VA• The nation’s first Doctorate degree in “Modeling & Simulation” was awarded by Old Dominion University• The nation’s first in vitro fertilization and birth took place at the Jones Institute, Eastern Virginia Medical
School• Nasa’s Wallops Flight Facility on Virginia’s Eastern Shore was selected to demonstrate the new Orbital’s
Taurus II launch rocket in 2010
With an annual growth rate of 5.2%, the Virginia Beach MSA employs over 60,500 people in high technology.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Simulation Technology
The Virginia Modeling, Analysis and Simulation Center (VMASC) was founded July 1, 1997 by Old Dominion University and several regional partners to capitalize on the military simulation that occurs at the Joint Training, Analysis and Simulations Center (JTASC).
Current ProjectsHomeland Defense M&S Crowd ModelingCognitive Task Analysis Enhanced VisualizationHuman Systems Integration SupportMedical Mass Casualty ModelingVirtual Non-Lethal Weapon Development
The nation’s first Doctorate degree in “Modeling & Simulation” was awarded by ODU.
Source: Defense Industry in Virginia’s Hampton Roads, 4th Quarter 2007,
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Labor Pool
• 38,000 engineers, scientists and technicians in Virginia Beach MSA - second only to the Silicon Valley on a per capita basis (Source: David Birch, MIT)
• 16,000 highly trained, experienced, and disciplined personnel exit the Navy each year
Total Labor Force: 900,000 including 16,000 personnel exiting the Navy each year, and over 40,000 military spouses continuously replenishing the labor force.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007 and 2006 Newspapers First - The Norfolk Market .
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Labor Cost & Taxes
• Virginia Unemployment Insurance Rate is one of the lowest in the U.S.VA Average = $146 U.S. average = $194
• Virginia Workers’ Compensation Cost is among the lowest in the U.S. VA Average = $2.33 U.S. average= $4.19
Virginia is an “Employment At Will” State, also known as a Right-to-Work State.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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State and Local Tax
Source: Virginia Beach Community Profile, Virginia Beach Economic Development, 2007
Together, the Commonwealth of Virginia and the City of Virginia Beach have one of the fairest tax structures in the nation. Virginia has not raised its corporate income tax rate of 6% since 1972.
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Education – Virginia Beach City Public Schools
• Virginia Beach City Public School graduation rate is 82.7%• Average SOL* Part 1 passage rate: 89.8%; average SOL Part 2 passage rate: 87.1%• 84.9% of Virginia Beach high school graduates have continuing education plans
Source: Virginia Beach Community Profile, Virginia Beach Economic Development, 2007, www.vbschools.com, stats for 2006/2007 school year
*Virginia Standards of Learning examination, part of the national No Child Left Behind initiative.
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The Virginia Beach City Public Schools’ Workplace Readiness Skills Program giveshigh school students the training they need to succeed in the workplace.
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Education - The Advanced Technology Center (ATC)
The Advanced Technology Center (ATC) provides high school and college students with technology- driven education and industry-certified training.
Students who complete programs at the ATC are poised to enter the job market well-prepared with the industry certifications and entry-level skills demanded in their field of choice. They also have the option of continuing their education at the community college or university level. The center offers four strands of curriculum: Information Technology, Telecommunications, High Performance Manufacturing/Engineering and Marketing Education.
The ATC also houses Tidewater Community College programs. These programs allow students to earn Associates in Science (AS) or Associates in Applied Science (AAS) degrees, with a choice of focus on information technology, computer science, engineering and technology, and industrial, electronic, mechanical, civil, and engineering technology, as well as computer-aided drafting and design.
The ATC provides high school and college students with technology-driven education and industry-certified training.
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Education - Regional
Over 92,000 students are enrolled in the area’s colleges and universities.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007, http://www.city-data.com/us-cities/The-South/Virginia-Beach-Education-and-Research.html
Over 12,000 college students graduate in the Virginia Beach MSA every year.
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Virginia Beach Civilian Employment by Sector
Chart excludes 19,900 active duty military membersSource: City of Virginia Beach 2007 Economic Development Strategy Update, January 2008
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Air: Passenger/Cargo
Norfolk International Airport (ORF)• Serviced by seven airlines: Northwest, Continental, Delta, Southwest,
American, United Express, and U.S. Airways • Up to 90,000 passengers travel from Norfolk each week• Daily non-stop flights to Dulles International, gateway to the international
market
Newport News/ Williamsburg International Airport (PHF)• Serviced by three airlines: AirTran, Delta, and US Airways• Up to 14,600 passengers travel from Newport News each week• Non-stop flights to seven cities including Atlanta, Boston, New York
and Philadelphia
The Virginia Beach MSA’s primary airport offers 200 flights per day, including direct non-stops to 25 airports, 17 of which are major hubs.
Total 2007 Air Cargo: 64 million pounds Cargo Services:
Sources: www.takeorf.com and www.nnwairport.com
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115 Virginia Beach companies have direct port-related activities.
Sea: The Port
Port Facts• The Port of Virginia is 18 miles from the Atlantic Ocean, with an
unobstructed, ice-free harbor and 50-foot-deep channels• Served by 48 steamship lines, with sailings to over 380 ports in 115
countries• The Port of Virginia handled 2.13 million Twenty-Foot Equivalent Units
(TEUs) in 2007• MSA is home to one of the country’s largest geographic Foreign Trade
Zones (FTZs), with 18 sites and 4 subzones• Lowest pilferage rate of any U.S. port
In the NewsAPM Terminals Virginia
• Phase I of its $450 million, 575-acre facility is currently operational • The USA’s largest private investment container terminal
Virginia International Terminals (VIT)• Signed 97% of customers to a 10 year contract worth $500 Million
Sources: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007, Maritime, Logistics, Warehousing and Distribution in Virginia’s Hampton Roads 4th Quarter 2007, www.hreda.com
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Intermodal: Rail & Trucking
• Fortune 500 holding company with corporate headquarters in the Virginia Beach MSA
• Operates 21,600 miles of track in 22 states in the Southeast and Midwestern U.S., as well as the Canadian province of Ontario
• Fortune 500 international transportation company with major presence in Virginia
• Network of 21,000 route miles in 23 states, the District of Columbia, and two Canadian provinces
National rail carriers handle cargo throughout the East Coast and Midwest.
Sources: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007, Maritime, Logistics, Warehousing and Distribution in Virginia’s Hampton Roads 4th Quarter 2007, www.hreda.com
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Military Presence
Military Commands
DoD: United States Joint Forces Command – NorfolkNATO: Allied Command Transformation - NorfolkNavy: U.S. Fleet Forces Command - NorfolkNavy: Naval Network Warfare Command - Virginia BeachNavy: Navy Expeditionary Combat Command- Virginia BeachNavy: Navy Exchange Headquarters - Virginia BeachAir Force: Air Combat Command - HamptonMarine: Marine Forces Atlantic – NorfolkUSCG: Maintenance and Logistics Command Atlantic – NorfolkUSCG: Atlantic Area Command – PortsmouthUSCG: Integrated Support Command – PortsmouthArmy: Surface Deployment and Distribution Command – Newport NewsArmy: Training and Doctrine Command - Hampton
The Virginia Beach MSA has the largest number of military decision makers outside of the Pentagon.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Military Presence
Source: Defense Industry in Virginia’s Hampton Roads, 4th Quarter 2007, www.hreda.com, cnic.navy.mil/oceana/index.htm, www.globalsecurity.org/military/facility/dam-neck.htm, cnic.navy.mil/littlecreek/index.htm, www.nnsy1.navy.mil
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Germany
Israel
United Kingdom
Japan
Switzerland
Sweden
Iceland
Hong Kong
Italy
Canada
Denmark
India
More than 20 international companies from 12 different countries have offices in Virginia Beach.
Virginia Beach: International Business
Source: Virginia Beach Department of Economic Development
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Region: International Business
Other” includes Australia, Brazil, China,Finland,Greece, India, Israel, Leichtenstein, Mexico,Norway, Spain & Taiwan
There are 140 firms from 27 countries doing business in the Virginia Beach MSA, in addition to the international firms in Virginia Beach.
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Major Private Sector Employers in the MSA
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Healthcare
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007
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Real Estate
Sources: NAI Global Commercial Real Estate Services, and RS Means
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Virginia Beach Business Corridors
Virginia Beach Corridors• Corporate Landing Business Park• Central Business District/Town Center• Oceana West Corporate Park/Lynnhaven Corridor• Airport Industrial Park• Hilltop Commerce Center• Oceanfront/Resort Area
Virginia Beach has six major business corridors containing nearly 33 million square feet of total enclosed space.
Source: VBDED 2007/2008 Community Profile
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Unparalled Quality of Life
Virginia Beach is one of the largest resort cities in the world, with 38 miles of shoreline and 59 square miles of inland water. It offers a temperate four-season climate.
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Incentives
Virginia offers a variety of performance-based incentives designed to meet the needs of the company as well as the development plans of localities and the state.
Virginia Beach Economic Development offers the following incentive programs to qualified businesses:
• Economic Development Investment Program Funds
• Industrial Revenue Bonds• Fast-Track Construction Program• Public-Private Partnerships
Source: Virginia’s Hampton Roads Regional Overview 4th Quarter 2007.
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Site Selection Criteria
Important site selection considerations: Virginia Beach
• Proximity and easy access to markets, suppliers & customers
• Labor availability and competitive wage levels
• Low cost of doing business and living
• Real estate suitability (cost, timing, quality & availability)
• Strong global and regional economics
• High quality of life
• Business incentives