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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 FactorsAffecting The Local Housing Market

Tidewater Builders Association

Thursday, January 11, 2007

Chesapeake Conference Center

working together as a team
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
Marketing Plan & Strategy

Will Position City as ……..

  • An attractive place to do business.
  • “A Community For a Lifetime”.
marketing plan strategy cont
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
Target Marketing
  • Direct the most energy towards.……

- Prospects

- Projects

- Industry Sectors

- Geographic Regions

- Human Resources

  • Aggressive, Proactive, Innovative & Creative.
target markets
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 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

External Marketing
internal 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

The Outcome of Successful Marketing

Accomplishments and Messages Points

2005 and 2006 accomplishments
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 accomplishments12
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 2006 accomplishments13
2005 and 2006Accomplishments
  • 65 % of new, expanding & retained businesses were from one of our target markets.
  • Marketing Plan right “ON Target”.
2005 and 2006 accomplishments14
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
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
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 housing17
Highly Differentiated Housing
  • Good Availability of:

- Single-Family

- Multi-Family

- Apartments

- Townhouses

- Condominiums

- Duplexes

highly differentiated housing18
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
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.