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