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Virginia Beach had a good 2009

Posted: February 19, 2010

By Philip Newswanger

philip.newswanger@insidebiz.com

Virginia Beach showed strong and steady growth in economic development in 2009 despite a national economy that is still under siege.

That's the latest report from the city's economic development department and economic development authority.

Some of the area's localities issue calendar year and fiscal year reports capping highlights in economic development.

Virginia Beach issues both reports. The fiscal year report, which ends June 30, is required by law. The calendar year report exemplifies a marketing piece.

Activity surged in the final quarter of 2009, the report said.

In 2009, the city attracted 20 new businesses that will generate 1,709 jobs, the report said. In addition, 60 businesses expanded, which kept 2,505 jobs in Virginia Beach.

In 2009, companies invested $108.5 million from economic development activity.

By comparison, the city attracted 18 new businesses in 2008 for a total of 1,091 jobs.

The 2008 report said 45 companies expanded, which kept 1,759 jobs from leaving Virginia Beach.

In 2008, the city attracted $106.6 million in capital investment.

Here are some of the highlights for 2009:

 

February 2009

  • Avis Budget Group announces that 70 new professional positions will relocate here from Orlando.
  • Local company Atlantic Diving Supply Inc. purchases an 82,000-square-foot building in Oceana West Corporate Park. ADS employed 250 people at the time of the announcement and plans to hire 75 new people after relocating to the new building.

     

    March 2009

  • Stihl, Carraro and Busch announce expansions in Virginia Beach, injecting $75 million into the economy and generating 85 new jobs.

     

    April 2009

  • Art Institute of Virginia Beach occupies 35,000 square feet in Columbus II at Town Center. The school will accommodate 2,000 students per year. The city expects the school to invest $8.4 million upfront and an additional investment of $3.7 million over the next three fiscal years. The school will create 50 new full-time and 20 new part-time positions. Full-time employees earn average salaries of $70,000, excluding benefits.

     

    October 2009

  • Transformational Defense Industries Inc. relocates corporate headquarters from Washington, D.C., to Virginia Beach and adds 5,000 square feet to its facility in Oceana West Corporate Park. TDI will retain 24 positions and hire an additional 35 individuals at average annual salaries of $72,778 per year, excluding benefits. Total capital investment: $4 million.

     

    December 2009

  • South University opens a campus in Virginia Beach and leases more than 32,000 square feet at Convergence IV, a $2.6 million capital investment. Graduates earn an average salary of $42,066 upon graduation.
  • Restaurant Depot signs a lease at former Value City building for 61,000 square feet and will hire 38 new workers. Virginia Beach is one of six locations to open in 2010.
  • City retains Hermes Abrasives, which closed its Hamburg, Germany, production and expanded operations in Virginia Beach. Thirty new positions were created and $5 million was invested. The city preserved 140 positions earning average salaries of $45,000. nib

     

     

     

     

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