Business Center
By capitalizing on our unique assets, Portsmouth has brought about a thriving economic environment, brimming with opportunities, reminiscent of the potential foreseen by leaders in our colonial birth.
Investment initiatives have positioned Portsmouth as a great discovery for industries of all types and we offer a wealth of opportunities for businesses focused on their futures.
MARITIME
| Portsmouth is part of the Port of Hampton Roads, the world’s largest natural harbor and one of the busiest ports in the U.S. |
| Maritime operations constitute a large percentage of Portsmouth’s employment base |
| Existing Companies: Norfolk Naval Shipyard; Portsmouth Marine Terminal, APM Terminals Virginia, Inc., Earl Industries |
| Supporting Entities: Virginia Port Authority, Virginia Maritime Association |
LOGISTICS
| Proximity to port operations provides a natural competitive advantage for logistics businesses – whether they are the companies that physically move goods between locations or develop software to increase the efficiency of moving goods |
| Existing multi-modal transportation infrastructure, including barges, which may emerge as a viable alternative to rising fuel costs |
| Existing Companies: CDI Marine, Cornerstone Systems, Southeastern Freight Lines, Arreff Terminals |
| Supporting Entities: Virginia Port Authority, Virginia Maritime Association |
MODELING & SIMULATION
| The new MAST (Modeling & Simulation Technology) Center neighbors the United States Joint Forces command, the heartbeat of the modeling & simulation industry in Hampton Roads |
| Area military installations rely on cutting edge technology |
| Existing Companies: MYMIC, LLC, SimIS, Alion Science and Technology, EchoStorm (a division of Earl Industries) |
| Supporting Entity: Virginia Modeling, Analysis & Simulation Center (VMASC), Joint Training, Analysis & Simulation Center (JTASC) |
CORPORATE & PROFESSIONAL OPERATIONS
| Portsmouth is committed to creating a business friendly environment for foreign and domestic companies seeking a corporate location. |
| In just two short years, two foreign businesses have opened their North American headquarters operations in Portsmouth |
| Because of Portsmouth's central location, corporate and professional operations enjoy the ability to easily access customers, clients, and satellite offices throughout the region |
| Existing Companies: Lindab USA and Massimo Zanetti Beverage USA |
| Supporting Entities: Old Dominion University Executive Development Center; Tidewater Community College |
HEALTH
| The Bon Secours Heart Institute, which opened in 2005, is a unique partnership with the Columbia University College of Physicians and Surgeons |
| Nursing Program at the new Portsmouth campus of Tidewater Community College will provide access to trained, local staff |
| Existing Companies: Naval Medical Center, Portsmouth, Bon Secours Maryview Medical Center |
| Supporting Entities: Eastern Virginia Medical School, Tidewater Community College School of Nursing |
RETAIL
| Portsmouth is focused on bringing national retailers back to the city to meet the needs of residents and boost tax revenue. |
| Victory Submarket – Successful redevelopment of former Tower Mall site into Victory Crossing Shopping Center. Anchored by Lowe’s and Farm Fresh, the center’s 2007 sales exceeded $100 million |
| Midtown Submarket – City’s first Wal-Mart Supercenter opened in January 2007, followed by the announcement that the Sembler Company would develop a 243,000 square-foot retail center across the street |
| Downtown Submarket – Specialty shopping, entertainment and unique dining opportunities. Seven new restaurants opened in 2007. Starbucks will open in Summer 2008 |
| Existing Companies: Wal-Mart Supercenter, Lowe’s Home Improvement Warehouse, Harley-Davidson, Dollar Tree, Starbucks, Tropical Smoothie Café, Ruby Tuesday and more |
| Supporting Entities: Retail Alliance; Business Associations |
Portsmouth's target industries
are in alignment with the targets for the region:
- Corporate and Professional Operations(Headquarters)
- Maritime
- Modeling and Simulation