Portsmouth Economic Development | Portsmouth Economic Development

Why Portsmouth Is The Smart Move For Business

Portsmouth is a culturally rich and historic city in the heart of Hampton Roads. This central location allows for quick and convenient access to shipping terminals, rail yards, and the interstate. Portsmouth is well-connected to the area, as well as online. Portsmouth is a Smart City and has a fiber optic ring in place to receive high-speed internet via a transatlantic communications cable.

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The Numbers Speak For Themselves

2022 New Capital Investment

Business in Portsmouth is growing and 2022 was the City’s sixth record-breaking year in a row. New, expanding, and relocating businesses invested $112 million in new capital into Portsmouth in 2022. $1.5 billion invested in Portsmouth in the last five years!

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 2020, the reported median income was $52,175.

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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We believe that Portsmouth residents that want to work, should be put to work. Portsmouth@Work is designed to get Portsmouth residents into high-paying jobs by connecting them with the employment assistance, skills training, and education they need. The initiative's goal is to help build accessibility to workforce resources and services that prepare individuals for sustainable employment opportunities that can increase their quality of life. We are dedicated to helping these residents break down the barriers that might be keeping them from either employment or a higher-paying job.

• In-person and Virtual Training

• Career Pathways

• Computer Center

• Assistance and Resources

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Entertainment District

Portsmouth was selected as one of five localities in the commonwealth to welcome casino gaming for its residents. The approval has been a longtime effort of state and local legislators to develop appropriate regulations and governing bodies. In 2020, the Portsmouth Economic Development Authority and the Portsmouth City Council joined together for a development agreement with a casino gaming partner, Rush Street Gaming. In November 2020, an overwhelming majority of Portsmouth residents voted yes to allow casino gaming in the City.

In preparation for the casino development, Portsmouth designated a large Entertainment District overlay along the Victory Boulevard corridor. This area will be anchored by the future 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)