The Virginia Beach Development Authority (VBDA) recently unveiled its annual report. During the past fiscal year, the Virginia Beach Department of Economic Development created 1,474 new jobs and generated more than $183 million in new capital investment. Additionally, 24 new companies located to and 54 expanded in Virginia Beach.

“Despite this year’s economic climate, Virginia Beach fared very well. Job creation decreased by only three percent compared to last year. Other cities on the East Coast were looking at decreases of 20 percent or more,” said Warren D. Harris, director of the Department of Economic Development. “That coupled with an eighteen percent increase in business relocations and expansions over last fiscal year speaks to Virginia Beach’s strong economy.”

The report also highlights the Development Authority’s work on the target industry study, which focuses on bringing business from key market segments like management and technical consulting, high performance manufacturing and healthcare to Virginia Beach. Carraro Group, The Art Institutes of Virginia Beach and ADS, Inc. represent some of 2009’s major relocations and expansions.

The report also highlights the Authority’s involvement in several strategic planning projects ranging from Northampton/Burton Station Master Plan to Town Center, as well as the Dome Site and the Oceana Land Use Conformity Program.

“The Development Authority continues to work with staff from the Department of Economic Development on strategic planning initiatives ranging from workforce development to development projects,” said Don Jellig, VBDA chairman. “The report reflects the great strides we have made during the last fiscal year and highlights the strong leadership the VBDA enjoys with its talented board members.”

The mission of the City of 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 440,908 and is the 42nd largest city in the United States. Virginia Beach has been recognized as having one of the 10 best economic development groups in the nation by Site Selection magazine. In 2006, Virginia Beach was named one of the 10 best big cities in America by Money magazine. In 2008, the Department of Economic Development received reaccreditation through the International Economic Development Council, one of only 25 economic development organizations in the world to have this recognition. For more information, visit yesvirginiabeach.com.

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