page_title: Virginia Beach, Virginia
section_title: Economy
hierarchical_section_title: Virginia Beach, Virginia / Economy
caption_attribution_description: A McDonnell Douglas F-4J Phantom II (BuNo 153831) of fighter squadron VF-41 Black Aces over Naval Air Station Oceana, Virginia Beach, Virginia (USA). VF-41 was assigned to Attack Carrier Air Wing Seven (CVW-7) aboard the U.S. aircraft carrier USS Independence (CVA-62) for a deployment to the Mediterranean Sea from 30 April 1968 to 27 January 1969. From 1970 to 1975 VF-41 was then assigned to CVW-6 (tail code "AE").
context_page_description: Virginia Beach is an independent city located on the southeastern coast of the Commonwealth of Virginia in the United States. As of the 2010 census, the population was 437,994; in 2019, it was estimated to be 449,974. Although mostly suburban in character, it is the most populous city in Virginia and the 44th most populous city in the nation. Located on the Atlantic Ocean at the mouth of the Chesapeake Bay, Virginia Beach is included in the Hampton Roads metropolitan area. This area, known as "America's First Region", also includes the independent cities of Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, and Suffolk, as well as other smaller cities, counties, and towns of Hampton Roads.
  Virginia Beach is a resort city with miles of beaches and hundreds of hotels, motels, and restaurants along its oceanfront. Every year the city hosts the East Coast Surfing Championships as well as the North American Sand Soccer Championship, a beach soccer tournament.
context_section_description: Virginia Beach is composed of a variety of industries, including national and international corporate headquarters, advanced manufacturers, defense contractors and locally-owned businesses. The city's location and business climate have made it a hub of international commerce, as nearly 200 foreign firms have established a presence, an office location or their North American headquarters in Hampton Roads. Twenty internationally-based firms have their U.S. or North American headquarters in Virginia Beach, including companies like Stihl, Busch, IMS Gear, and Sanjo Corte Fino. Other major companies headquartered in Virginia Beach include Amerigroup, the Christian Broadcasting Network and Operation Blessing International. Other major employers include GEICO, VT and Navy Exchange Service Command. Virginia Beach was ranked at number 45 on Forbes list of best places for business and careers.
  Tourism produces a large share of Virginia Beach's economy. With an estimated $857 million spent in tourism related industries, 14,900 jobs cater to 2.75 million visitors. City coffers benefit as visitors provide $73 million in revenue. Virginia Beach opened a Convention Center in 2005 which caters to large group meetings and events. Hotels not only line the oceanfront but also cluster around Virginia Beach Town Center and other parts of the city. Restaurants and entertainment industries also directly benefit from Virginia Beach's tourism.
  Virginia Beach has a large agribusiness sector which produces $80 million for the city economy. One hundred-seventy-two farms exist in Virginia Beach, mostly below the greenline in the southern portion of the city. Farmers are able to sell their goods and products at the city's Farmer's Market.
  Virginia Beach is home to several United States Military bases. These include the United States Navy's NAS Oceana and Training Support Center Hampton Roads, and the Joint Expeditionary Base East located at Cape Henry. Additionally, NAB Little Creek is located mostly within the city of Virginia Beach but carries a Norfolk address.
  NAS Oceana is the largest employer in Virginia Beach; it was decreed by the 2005 BRAC Commission that NAS Oceana must close unless the city of Virginia Beach condemns houses in areas designated as "Accident Potential Zones." This action has never been the position of the United States Navy; indeed, the Navy had not recommended NAS Oceana to the BRAC Commission for potential closure. The issue of closure of NAS Oceana remains unresolved as of May 2008 
  Both NAS Oceana and Training Support Center Hampton Roads are considered to be the largest of their respective kind in the world. Furthermore, located in nearby Norfolk is the central hub of the United States Navy's Atlantic Fleet, Norfolk Navy Base.
  54% of the 171,000 people working in Virginia Beach live in the city, 12% live in Chesapeake, and 10% live in Norfolk. An additional 99,600 people commute from Virginia Beach, with 35% going to Norfolk and 23% going to Chesapeake. Unemployment has been cut almost in half over the past two years going from a high of 4.2% in January 2017 to 2.8% in June 2019.
caption: A VF-41 F-4J over NAS Oceana in the late 1960s
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