Transcript Virginia Beach Economic Development And Economic

Virginia Beach Economic Development
And Economic Development Factors
Affecting The Local Housing Market
Tidewater Builders Association
Thursday, January 11, 2007
Chesapeake Conference Center
Working Together as a Team
City Government.
Business Community including the TBA.
Public Schools and Institutions of Higher
Learning.
Allies and network.
Marketing Plan & Strategy
Will Position City as ……..
An attractive place to do business.
“A Community For a Lifetime”.
Marketing Plan & Strategy cont.
And result in ……
Location & retention of targeted National
and International business and Industry.
High paying jobs that raise per capita
income.
New capital investment.
Diversification of the economy.
Target Marketing
Direct the most energy towards.……
- Prospects
- Projects
- Industry Sectors
- Geographic Regions
- Human Resources
Aggressive, Proactive, Innovative & Creative.
Target Markets
Business services and IT.
Computer hardware and software.
DoD and homeland security.
High performance manufacturing.
Engineering & management.
Marine services & water transportation.
Training & development
Target Markets cont.
Target Market Companies Have
Higher Paying Jobs To Help The
Regions Per Capita Incomes !
External Marketing
HREDA
Direct Mail
Trade Shows
Associations
VEDP
Research
Collateral Materials
Website
Advertising
Publicity
Media & Public Relations
Special Events
International Marketing
Testimonials
Internal Marketing
Local Advertising
Media & Public Relations
Research
Business Retention & Expansion Programs
Platinum & 20/20 Awards
Insight Breakfasts
Workforce Development
Testimonials
The Outcome of Successful
Marketing
Accomplishments and Messages Points
2005 and 2006
Accomplishments
77 - New National and International Business
Locations.
79 - Existing Industry Expansion & Retention.
156 total companies
Currently working with 80 – 90 Foreign and
Domestic Firms.
(55% New companies and 45% Existing Businesses)
2005 and 2006
Accomplishments
4,672 New & Retained Jobs.
$3.9 Million Square Feet of space built or
absorbed.
$52,000 Average Annual Salaries for VBDA
EDIP projects.
2005 and 2006
Accomplishments
65 % of new, expanding & retained businesses
were from one of our target markets.
Marketing Plan right “ON Target”.
2005 and 2006
Accomplishments
$ 538 million in new capital investment
More new capital investment than anytime in
history of the city.
Virginia Beach ranked among Top 10 nationally
in new capital investment.
Message Points of Successful Marketing
Hampton Roads statistics
Demographics
Education
Workforce
High tech concentration
Beach lifestyle
Testimonials
Availability of land , buildings and “highly
differentiated housing”
Highly Differentiated Housing
Location advantage of Virginia Beach MSA.
TBA critical in the economic development
process.
Information contained in the marketing plan and
message points.
Types of jobs that come to Hampton Roads
factor into housing that is development. (systems
approach)
Highly Differentiated Housing
Good Availability of:
- Single-Family
- Multi-Family
- Apartments
- Townhouses
- Condominiums
- Duplexes
Highly Differentiated Housing
Wide variety of price ranges (2005 average
assessments)
- Existing Single Family $224,500
- New Single Family $343,400
- Apartments (monthly rent) $700 – $1,200
- Townhouses $102,200
- Condominiums $261,900
Highly Differentiated Housing (trends)
Virginia Beach Mayor and City Council keenly
interested in the working with building industry on:
“ Workforce Housing”
“ Redevelopment Opportunities”
“ Transition Area Development”
“ Oceanfront and Resort Areas”
If TBA members are successful then Virginia Beach and
all of our sister cities will be successful as well.