Portsmouth Economic Development | Portsmouth Economic Development

START

Starting your own business? We provide resources and guidance to help you get set up.

LOCATE

Central to Hampton Roads with immediate access to shipping, rail, and interstate transportation. There's no better place to be.

Find Your Location

BUILD

Find a certified and skilled workforce ready to power your projects with expertise in sustainable energy, maritime construction, and more.

Hire Your Team

GROW

Portsmouth offers many resources and incentives to help expand your business and overcome barriers.

Ready to Expand?

Why Portsmouth Is The Smart Move For Business

Portsmouth, a historic and culturally rich city in the heart of Hampton Roads, offers convenient access to shipping terminals, rail yards, and the interstate.

We offer the SMARTcity Advantage, providing a data-driven, business-friendly environment with strong advocacy for businesses. The city boasts efficient transportation logistics, a skilled workforce, centrally located business sites, and an expanding port, making it an ideal location for growth and success.

Portsmouth invested $9 million in a 55-mile fiber optic cable ring, connected to a 127-mile regional network. This 5-year project delivers 200 gigabits per second and creates new investment opportunities for internet-based companies and data centers.

Renaissance Hotel and Portsmouth waterfront

In 2024, over 360 businesses have opened in Portsmouth, contributing to the city's growing economy and vibrant entrepreneurial community.

Our key industries include:

Transportation & Logistics
Maritime
Offshore Wind
Advanced Manufacturing
Unmanned Systems
Small Businesses

Explore the potential of Portsmouth’s diverse industry landscape and see how we can support your business growth—get in touch with us to learn more.

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The Numbers Speak For Themselves

2024 New Capital Investment

Business in Portsmouth is growing and 2024 was the City’s seventh record-breaking year in a row. New, expanding, and relocating businesses invested $144 million in new capital, with focused efforts in the maritime, logistics, and offshore wind industries, and residential developments.

Port Access

Portsmouth is home to two Port of Virginia facilities and many project sites that have immediate access. When every moment matters for your supply chain, you can be located less than 10 minutes from the Port.

Business Investment

Portsmouth has provided and connected businesses with approximately $2 million in local, state, and regional incentives in the past five years.

Income

Portsmouth’s median income has been increasing year over year with the growth of the City and the region. In 2022, the reported median income was $57,154.

Population

Whether you are looking for talented workers or dedicated customers, Portsmouth is within a 45-minute drive to over 1.8 million residents.

Education

Portsmouth has convenient access to over 40 different universities, training academies, skilled trade schools, and more. Regardless of your concentration, you can find quick access to the program you need.

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Entertainment District

Portsmouth was one of five localities in the state selected to welcome casino gaming. After years of work by state and local legislators to develop appropriate regulations, the Portsmouth Economic Development Authority and City Council partnered with Rush Street Gaming in 2020. That November, a majority of residents voted to approve casino gaming in the city.

Portsmouth has designated a large Entertainment District overlay along the Victory Boulevard corridor. This area is anchored by Rivers Casino Portsmouth and is set to feature entertainment venues along with numerous restaurants and eateries, as well as a variety of retail locations.

Entertainment District (and Casino)

Rivers Casino Portsmouth celebrated its grand opening in January 2023.

Job fair held inside a small conference room

We believe that every Portsmouth resident who wants to work should have the opportunity to do so.

Portsmouth@Work aims to connect residents with high-paying jobs by providing employment assistance, skills training, and education. Our goal is to increase access to workforce resources, helping individuals secure sustainable employment and improve their quality of life. In 2023, we helped over 600 residents be workforce-ready.