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Virginia Beach Economic Development And Economic Development Factors Affecting The Local Housing Market

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.

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Virginia Beach Economic Development And Economic Development Factors Affecting The Local Housing Market

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  1. Virginia Beach Economic Development And Economic Development FactorsAffecting The Local Housing Market Tidewater Builders Association Thursday, January 11, 2007 Chesapeake Conference Center

  2. Working Together as a Team • City Government. • Business Community including the TBA. • Public Schools and Institutions of Higher Learning. • Allies and network.

  3. Marketing Plan & Strategy Will Position City as …….. • An attractive place to do business. • “A Community For a Lifetime”.

  4. 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.

  5. Target Marketing • Direct the most energy towards.…… - Prospects - Projects - Industry Sectors - Geographic Regions - Human Resources • Aggressive, Proactive, Innovative & Creative.

  6. 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

  7. Target Markets cont. Target Market Companies Have Higher Paying Jobs To Help The Regions Per Capita Incomes !

  8. HREDA Direct Mail Trade Shows Associations VEDP Research Collateral Materials Website Advertising Publicity Media & Public Relations Special Events International Marketing Testimonials External Marketing

  9. Internal Marketing • Local Advertising • Media & Public Relations • Research • Business Retention & Expansion Programs • Platinum & 20/20 Awards • Insight Breakfasts • Workforce Development • Testimonials

  10. The Outcome of Successful Marketing Accomplishments and Messages Points

  11. 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)

  12. 2005 and 2006Accomplishments • 4,672 New & Retained Jobs. • $3.9 Million Square Feet of space built or absorbed. • $52,000 Average Annual Salaries for VBDA EDIP projects.

  13. 2005 and 2006Accomplishments • 65 % of new, expanding & retained businesses were from one of our target markets. • Marketing Plan right “ON Target”.

  14. 2005 and 2006Accomplishments • $ 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.

  15. 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”

  16. 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)

  17. Highly Differentiated Housing • Good Availability of: - Single-Family - Multi-Family - Apartments - Townhouses - Condominiums - Duplexes

  18. 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

  19. 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.

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