A fast multigrid solver for the steady, incompressible Navier-Stokes equations is presented. The multigrid solver is based upon a factorizable discrete scheme for the velocity-pressure form of the Navier-Stokes equations. This scheme correctly distinguishes between the advection-diffusion and elliptic parts of the operator, allowing efficient smoothers to be constructed. To evaluate the multigrid algorithm, solutions are computed for flow over a flat plate, parabola, and a Karman-Trefftz airfoil. Both nonlifting and lifting airfoil flows are considered, with a Reynolds number range of 200 to 800. Convergence and accuracy of the algorithm are discussed. Using Gauss-Seidel line relaxation in alternating directions, multigrid convergence behavior approaching that of O(N) methods is achieved. The computational efficiency of the numerical scheme is compared with that of Runge-Kutta and implicit upwind based multigrid methods.