“one of the great economic success stories of our time.”
Forbes.com, the online presence of Forbes magazine, examined states on six important factors for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Virginia was the only state to place in the top five in four of the categories.
“Pockets of the U.S. are primed for growth thanks to pro-business regulatory environments, educated workforces and reasonable business costs. Leading the way is Virginia…,” wrote Kurt Badenhausen, a senior editor at Forbes.
As the locality with the largest business community in Virginia, Fairfax County plays a leading role in the economic vitality of the Commonwealth. Fairfax County has nearly 600,000 jobs, almost one-fourth of which are in technology sectors. The county is home to about 6,700 technology companies and more than 400 foreign-owned businesses, four of the 100 largest African American-owned businesses in the U.S., and 10 of the 500 largest Hispanic-owned companies in the nation.
Fairfax County has 10 Fortune 500 headquarters. Since 2007, the county has attracted headquarters operations of Volkswagen Group of America, CSC, Hilton Worldwide, SAIC, Northrop Grumman, Verisign, Bechtel and Intelsat. The county has 114 million square feet of office space, making it the second-largest suburban office market in the country.
“Virginia’s consistent pro-business policies and economic climate are major assets for us in promoting Fairfax County as a business location,” said Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority (FCEDA). “At the same time, the Commonwealth benefits from Fairfax County’s highly skilled workforce and its prominence and attractiveness for companies especially in technology and professional services fields, businesses seeking headquarters operations and entrepreneurs looking for investors and partners. Companies that have made relocation and expansion announcements recently, such as Amazon Web Services and Intelsat, are proof of our continuing strength.”
Other states and their rankings: North Carolina, 4; Texas, 7; Georgia, 10; Massachusetts, 13; Maryland, 18; New York, 21; Florida, 22; California, 39. The District of Columbia was not included in the rankings.
Time magazine called Fairfax County “one of the great economic success stories of our time.” Business growth and innovation helps Fairfax County fund the nation’s top-rated school system and other public services that contribute to the quality of life of residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to global markets through Washington Dulles International Airport, a vibrant investment capital community and a highly skilled, well-educated workforce.
The award-winning Fairfax County Economic Development Authority (FCEDA) promotes Fairfax County as one of the world’s best business centers. The FCEDA offers site location and business development assistance, and connections with county and state government agencies, to help companies locate and expand in Fairfax County. In addition to its headquarters in Tysons Corner, Fairfax County’s largest business district, the FCEDA maintains marketing offices in seven important global business centers: Bangalore, Boston, London, Los Angeles, Munich, Seoul and Tel Aviv. Follow @FairfaxEBird for FCEDA and Fairfax County business news.