As a popular coastal resort city, Virginia Beach is best known for the numerous tourist attractions it offers. Indeed, the stunning oceanfront with sandy beaches stretching as far as the eye can see, the rich history, the delicious cuisine, and the vibrant art and entertainment scene make Virginia Beach a perfect destination for holidaymakers all year round.
However, the city’s growing economy doesn’t rely on tourism alone. Today, Virginia Beach boasts a diverse and ever-expanding business environment with a wide variety of companies that are pushing the local economy forward. So, it’s worth taking a closer look at the thriving business landscape in Virginia Beach to find out what’s driving this diversification and what business sectors are contributing the most to the city’s economic development.
A fertile ground for diverse businesses to thrive
There’s no denying that Virginia Beach has become a very attractive environment for businesses of all sizes and in all industries. But what exactly are the factors that have spurred its transition from a tourism-oriented city to an economic hub?
For starters, VB has a very robust and dynamic real estate sector, which is a prerequisite for business development and economic growth. This means there are numerous commercial spaces available on the market that entrepreneurs can use to set up their businesses. At the same time, the local real estate market provides diverse housing options which attracts more residents to the area. Properties don’t stay on the market for too long as most of them go pending in about 32 days. This ensures a stable workforce in the city that enterprises can rely on to carry out their operations.
Businesses in Virginia Beach also benefit from a well-developed transport infrastructure consisting of an extensive network of roads, railways, public transport systems, and nearby airports and ports which ensure excellent connectivity across (and outside) the city. An efficient transit structure supports trade relations and enables businesses to optimize supply chains, while also providing access to a larger workforce.
Another aspect that makes VB particularly attractive for a diverse range of companies is the community spirit and the networking opportunities that abound in the city. Virginia Beach has a very pronounced community feeling that fosters collaboration and teamwork, and appeals to both startups and residents. There are also numerous networking events held throughout the year where professionals in different fields can connect with each other and establish mutually beneficial relationships.
The existence of a large number of co-working spaces and incubators in VB also supports the development of new businesses. These organizations provide all the resources startups require to ensure sustainable growth, from explaining the importance of measuring and understanding customer experience to assisting with product development, and so on.
It’s also important to mention the local work culture which mirrors the relaxed vibe of the city. With numerous leisure spots throughout the area, Virginia Beach residents enjoy an excellent work-life balance, which contributes to increased productivity and performance. Companies operating in the city also recognize the importance of providing a positive work environment for their employees, thus creating a happier and more productive workforce.
All these aspects combined have set the stage for a flourishing business landscape in Virginia Beach, attracting daring entrepreneurs in all domains and fields and providing numerous opportunities for them to bring their vision to life.
The business sectors that are shaping the local economy
Now that we’ve covered the factors that have led to the diversification of the business scene in Virginia Beach, let’s move on to the sectors that serve as the engines for economic growth.
Unsurprisingly, technology is one of the areas that has seen a notable development recently, reflecting a nationwide trend. Within this sector, cybersecurity, biotechnology, and information technology are the niches that have experienced the greatest progress. With a solid infrastructure for the digital economy supported by investments in high-capacity subsea fiber optic cables that ensure high-speed global connectivity, VB has managed to draw in a large number of tech companies in recent years. The presence of tech-based startups and innovative companies is helping this coastal city grow into a thriving tech hub.
Healthcare is another sector that has been experiencing a remarkable transformation, driven by an increasing number of healthcare providers offering their services in the area. There are several exciting biomedical research projects based in Virginia Beach, emphasizing the ongoing expansion of the region’s health and wellness market.
Due to its unique geographical location, VB is poised to become a major player in renewable energy production. The clean energy industry in Virginia Beach has already taken off with significant investments in both offshore wind and solar energy. There are currently two major commercial projects in the works, Coastal Virginia Offshore Wind (CVOW) Pilot and Kitty Hawk Offshore, that will start harnessing wind power once they are completed.
The CVOW project developed by Dominion Energy Inc. was completed in 2020 and includes two 6-megawatts (MW) turbines set on a surface of 2,135 acres of federally owned waters, at a distance of 27 miles from the Virginia Beach coast. The turbines generate enough energy to power approximately 3,000 homes when working at peak capacity.
Kitty Hawk Offshore is a project advanced by Avangrid Renewables. The initiative aims to build two substations in the Princess Anne Commons area and Corporate Landing Business Park which are expected to produce 2.5 GW of electricity when the project is completed in 2026.
Final thoughts
Against the stunning backdrop offered by Virginia Beach’s shoreline, there’s a plethora of new businesses emerging, fostering economic growth and paving the path for a prosperous future for this coastal city. Therefore, local entrepreneurs can take advantage of this business landscape characterized by diversity, progress, innovation, and opportunity.
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