OVERVIEW

Economy: A Wealth of Opportunities, Incentives Included.

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.

LABOR - Exiting Military - Each year over 15,000 military personnel retire or are discharged from area military bases and seek employment
LABOR - Regional civilian labor force - 817,055; Portsmouth civilian labor force - 45,884
TRANSPORTATION - State Route 58 connects Portsmouth to principle north-south highways I-95 and I-85
TRANSPORTATION - The City is within a 25-minute drive of Norfolk International Airport served by seven major airlines and five regional carriers with over 200 daily flights
TAXES - State corporate taxes, 6%; last increase 1972
BUSINESS - First-class conference center and luxury hotel - Renaissance Portsmouth Hotel & Waterfront Conference Center - featuring a 70-seat amphitheater style Executive Learning Center with computer hookups to T-3 data lines, as well as projection and audio-visual equipment
COMMERCIAL REAL ESTATE - Available retail, office, and industrial/warehouse space and residential development

TAX EXEMPTION FOR REHABILITATED STRUCTURES
The historic character and diversified architecture of Portsmouth is a part of our hometown personality that we want to keep and will gladly offer incentives for your to join us in those efforts. The Portsmouth City Council has approved an ordinance enacting a tax exemption for real estate that is substantially repaired, rehabilitated, or replaced.