PRINCE WILLIAM COUNTY, Va.--(EON: Enhanced Online News)--Prince William County, one of Virginia’s largest and fastest growing counties, today announced it logged $1.3 billion in intended capital investment, added 596 new jobs and retained 80 existing jobs from 23 economic development projects in calendar year 2016.
“We are proud of the dynamic growth and economic vitality we have here in Prince William County”
The 23 projects consisted of 18 new business attractions, 3 expansions of existing businesses and 2 business retentions. The projects spanned a range of industries (information technology, life sciences, data centers, distribution, recreation, federal contracting and manufacturing) – representative of the diversity of the underlying Prince William County economy. Of the 596 new jobs to be created from these projects, approximately 70% will be in industry sectors targeted by the County.
“We are truly proud of our new and existing businesses that choose to call Prince William County home, and to all the hard-working individuals that, by working together, are building a thriving business community here,” said Jeffrey A. Kaczmarek, Executive Director, Prince William County Department of Economic Development. “This year’s economic development success marks the fourth consecutive year our Department has surpassed half of a billion dollars of capital investment.”
In the last five calendar years [2012-2016], projects closed by the Prince William County Department of Economic Development alone intend to invest a record of nearly $4.0 billion and create approximately 2,600 new jobs.
“We are proud of the dynamic growth and economic vitality we have here in Prince William County,” said Corey A. Stewart, Chairman, Prince William Board of County Supervisors in his recent State of the County remarks. “While we are proud of what we have accomplished so far we know that there is more work to be done. So, we look forward to 2017 with hope and a commitment...that we will work together to achieve our vision for Prince William County as a community of choice, a community that residents are proud to call their own.”
The Board Chairman added that the County’s consistency and business-friendly approach over the years also have been factors in its economic growth. “In 2016, the County spent approximately $148 million on transportation projects. Every area of the County saw some type of transportation improvement,” said Chairman Stewart.
Prince William County’s business value proposition stretches across the County with economic transformation focused on five target industry sectors: life sciences and biotechnology; information technology; federal agencies and corporate headquarters, and the specialized logistics and supply chain. Other industry sub-sectors, such as cybersecurity and data centers also continue to be high priorities. The County continues to offer one of the most competitive tax rates among Northern Virginia jurisdictions as well as the lowest property tax rates on computers and peripherals.
The County is increasingly recognized as a major life sciences hub within the Greater Washington D.C. Metro Area and continues to advance within this growing field. During 2016, four start-up life sciences companies were recruited to the Prince William Science Accelerator. Today, just over two years since its launch, the facility is near full capacity, with 6 companies occupying 8 wet lab spaces. Furthermore, the Science Accelerator won a $50,000 grant for its participation in the U.S. Small Business Administration’s Growth Accelerator Fund Competition which will support the subdivision of its ninth lab.
Technology also is one of the County’s strongholds and area of core competitiveness, thanks to entities such as the Marine Corps Warfighting Laboratory, several federal and state research institutions, along with thriving businesses, such as MAG Aerospace and InCadence Strategic Solutions.
In 2016, the County also achieved another very important milestone crossing 3 million square feet of data center space, that further solidified its position as a data center location of choice. Iron Mountain’s $350 million data center project was identified as the top project in capital investment in the Commonwealth of Virginia. In May 2016, nearly 10,000 acres of land were designated as a Data Center Opportunity Zone Overlay District, increasing the County’s competitiveness in that market.
News of Two Silos Brewing’s restoration of Thomasson Barn to a new tourism and entertainment destination and the opening of the Northern Virginia Community College Regional Center for Workforce Education & Training (WRC) were both highly lauded.
Today, the County is home to approximately 9,000 businesses, an increase of 40% over the past ten years. Want more Prince William County? Check out our latest video, sign-up for newsletters or visit us at: www.PWCEconDev.org or @PWCDED.