Virginia Beach Economic Development And Economic Development FactorsAffecting 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 !
HREDA Direct Mail Trade Shows Associations VEDP Research Collateral Materials Website Advertising Publicity Media & Public Relations Special Events International Marketing Testimonials External Marketing
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 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.
2005 and 2006Accomplishments • 65 % of new, expanding & retained businesses were from one of our target markets. • Marketing Plan right “ON Target”.
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.
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.