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Local Economy

Local Economy

The Business Community

•   Fairfax County is home to six Fortune 500 company headquarters: Capital One Financial, Gannett Corporation,General Dynamics, Nextel (Sprint), NVR and Sallie Mae. (Fortune)

•   About 97 percent of the companies in Fairfax County are small businesses with fewer than 100 employees and less than $1 million in annual revenue. (Fairfax County Economic Development Authority)

•   Fairfax County ranked number four on Entrepreneur Magazine's list of Best Counties for Entrepreneursin 2005. (Entrepreneur Magazine)

•   More than $11.5 billion in U.S. government contracts were awarded to Fairfax County companies in 2004.(U.S. Census Bureau)

•   Fairfax County is headquarters to nearly 300 trade associations and professional societies. (Fairfax County EconomicDevelopment Authority)

•   Fairfax County is home to nearly 325 foreign-owned firms, more than any other jurisdiction in the Washington area. These firms employ about 18,000 people. (Fairfax County Economic Development Authority)

•   Eight of the Washington area's 20 largest foreign-owned companies are based in Fairfax County.(Washington Business Journal)

•   Working Mother magazine named Booz Allen Hamilton, Freddie Mac and Inova Health System as three of the nation's 100 best companies for working mothers. (Working Mother Magazine)

•   Twenty of Inc. magazine's 500 fastest-growing private companies are located in Fairfax County. (Inc. magazine)

•   Six Fairfax County-based companies are on Black Enterprise magazine's list of the 100 largest black-owned firms. (Black Enterprise Magazine)

•   Eleven Fairfax County-based companies are on Hispanic Business magazine's list of the 500 largest Hispanicowned firms. (Hispanic Business Magazine)

•   With a gross regional product of $313 billion in 2004, the greater Washington area's economy grew by 7.2 percent since 2003 and had a 30 percent increase since 2000. (Greater Washington Initiative)

Technology

•   More than 4,900 technology firms are located in Fairfax County. (Virginia Employment Commission)

•   Twenty-three of the top 35 largest technology employers in the Washington, D.C., region are based in Fairfax County. (Washington Business Journal)

•   Seventeen of the top 25 largest locally based federal contractors have major operations in Fairfax County. (Washington Business Journal)

•   Thirteen of the 25 largest telecommunications employers in the Washington area are headquartered in Fairfax  County. (Washington BusinessJournal)

•   Twenty-eight Fairfax County companies are on Deloitte & Touche's Technology Fast 500 list. (Deloitte & Touche)

•   Forty-five Fairfax County companies received $296.9 million in equity funding in 2005. (Fairfax County Economic Development Authority)

•   Five of the 10 largest venture capital firms based in the Washington area are located in Fairfax County. (Washington Business Journal)

Real Estate

•   With 103.5 million square feet of office space, Fairfax County is the largest commercial office market in metropolitan Washington, D.C., and the largest office space market in Virginia. (Fairfax County Economic Development Authority)

•   Tysons Corner, Fairfax County's downtown, has 25.7 million square feet of office space and is home to the headquarters of Booz Allen Hamilton, Capital One Financial, Freddie Mac and Gannett Corporation. (Fairfax County Economic Development Authority)

•   Tysons Corner Center is the largest mall in the Washington area and one of the largest malls in the U.S. It has more than 290 stores, over 2.4 million square feet of space and is anchored by Bloomingdale's, Macy's, L.L.Bean, Lord & Taylor, and Nordstrom. (Tysons Corner Center)

Demographics

•   With a median family income of $90,154, Fairfax County ranks first in the nation among large U.S. counties. (U.S. Census Bureau)

•   The civilian labor force in Fairfax County is 595,000 and the number of jobs located in the county is 533,562 enough jobs to employ everyone living in Wyoming. (Virginia Employment Commission and U.S. Census Bureau)

•   Fifty-two percent of employed Fairfax County residents work inside the county. (Fairfax County Department of Systems Management for Human Services)

•   More than 64 percent of Fairfax County women are in the labor force, one of the highest percentages in the country. (Fairfax County Department of Systems Management for Human Services)

•   More than 57 percent of persons 25 and older in Fairfax County have a college degree, one of the highest percentages in the United States. (U.S. Census Bureau)

•   Seventy-nine percent of Fairfax County households have a personal computer with Internet access in their homes. (Fairfax County Department of Systems Management for Human Services)

•   With 1 million residents, Fairfax County is the most populous county in Virginia. Fairfax County's population is larger than that of seven states Alaska, Delaware, Montana, North Dakota, South Dakota, Vermont and Wyoming. (U.S. Census Bureau)

Fairfax County

•   Fairfax County is the number one digital county for jurisdictions with populations over 500,000, according to the Center for Digital Government. The county was cited for its e-government initiative government without walls, doors or clocks. (National Association of Counties and the Center for Digital Government)

•   Fairfax County has triple-A bond ratings from Standard & Poor's, Moody's Investor Service and Fitch Investors Service. Only 23 counties in the U.S. received triple-A ratings from all three investor services. (Fairfax County Economic Development Authority)

•   More than 27 million people used Washington Dulles International Airport in 2005, including 4.9 million international passengers. (Metropolitan Washington Airports Authority)

•   Washington Dulles International Airport offers daily nonstop service to 77 U.S. cities and 37 international locations. (Metropolitan Washington Airports Authority)

•   Fairfax County is the only county in the U.S. with five overseas marketing offices: Bangalore, Frankfurt, London, Seoul and Tel Aviv (Fairfax County Economic Development Authority)

Quality of Life

•   Money Magazine named the Town of Vienna, located in the heart of Fairfax County, as the fourth best place to live in America. (Money Magazine)

•   Inova Fairfax Hospital was named one of America's Best Hospitals by U.S. News and World Report. The highly respected list cited Inova's excellence in the following specialties: heart and heart surgery, cancer, gynecology, digestive disorders, geriatrics and hormonal disorders. (Inova Health System)

•   The Fairfax County Public Library is the largest free library system in the Commonwealth of Virginia and the sixth largest in the nation. Patrons check out more than 11 million books and other items a year. (Fairfax County Public Library)

•   Fairfax County has 30,000 acres of public parkland that includes several lakefront parks, eight municipal golf courses, five nature centers and hundreds of recreation areas. (Northern Virginia Regional Park Authority)

•   The National Air and Space Museum's Steven F. Udvar-Hazy Center is located near Washington Dulles Airport and is one of the most visited attractions in Virginia. The museum is home to the Enola Gay, an SR-71 Blackbird, a Concord and the Space Shuttle Enterprise, among other air and space craft. (Steven F. Udvar-Hazy Center)

•   Wolf Trap National Park for the Performing Arts, America's only national park for the performing arts, is located in Fairfax County. (Wolf Trap National Park for the Performing Arts)

•   George Washington's Mount Vernon Estate and Gardens, located along the banks of the Potomac River, is one of the most popular private homes in America with more than 1 million visitors annually. (Mount Vernon Estate and Gardens)

•   Gunston Hall is the ancestral home of George Mason, author of the Virginia Constitution and the Virginia Declaration of Rights the basis of the U.S. Bill of Rights. (Gunston Hall)

•   Mason Neck National Wildlife Refuge was the first national refuge established for bald eagles. The 2,000-acre park is located along the banks of the Potomac River. (Mason Neck National Wildlife Refuge)

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Once a farming community neighboring the nation's capital, today Fairfax County is a major business center in the Washington, D.C. area. The county is the largest jurisdiction in the Washington area and contains some of its most desirable residential communities. 

With thousands of technology companies doing business in Fairfax County in homeland security, Internet, e-commerce, software development, telecommunications, systems integration and aerospace, employment opportunities are numerous. In fact, we like to say you come to Fairfax for a job but stay for a career.  

Most tech companies post job openings on their Web sites. A selected list of technology companies located in Fairfax County is available at www.fairfaxcountyeda.org. Many employers also list job opportunities on Web sites such as Careerbuilder.com, Hirestrategy, Monster.com, and WashingtonPost.com.  

The Northern Virginia Workforce Investment Board is a group of private and public sector partners who work together to promote economic prosperity and long-term growth of Northern Virginia. The board's Web site www.myskillsource.org is a on-line job center for those interested in working in northern Virginia. Other workforce training programs include an apprentice-based program and a workforce services program. 

The Northern Virginia Technology Council maintains a list of member companies with employment opportunities. The Northern Virginia Community College's CareerStart offers employers a range of services and its Workforce Development Division assistants employers with training. George Mason University also offers assistance to employers.  

The Fairfax County Economic Development Authority posts its job openings in the Career Opportunities section of this Web site. The Fairfax County Government has an extensive listing of job openings. 

For businesses Fairfax County is one of the premier centers of commerce and technology in the United States, providing businesses the environment needed to compete in the 21st century. When compared to other similar areas of the country, Fairfax County stands out as an excellent business location. Northern Virginia has added tens of thousands of jobs in the last year, while other areas of the country have lost jobs.  

Northern Virginia boasts many top defense contractors including: Anteon Corporation in Fairfax; CACI International with headquaarters in Arlington; Computer Sciences Corp. with offices in Arlington and Falls Church - Fairfax County's eight largest employer; Electronic Data Systems Corp, or EDS with offices in Herndon - the county's 22nd largest employer; Exxon Mobil with it's Fairfax offices is the county's 14th largest employer; General Dynamics in Falls Church employees 72,700 people; Hensel Phelps Construction in Chantilly has received over $400.8 million in Defense Department contracts over the past 2 years; Kellogg, Brown & Root of Arlington is a subsidiary of Halliburton; Lockheed Martin employes 135,000 in its Arlington, Manassas and Springfield offices; Northrop Grumann with offices in McLean, Reston and Herndon is the county's third largest employer; and, Rayheon is the county's 10th largest employer with 9,000 workers. 

In Fairfax County, businesses find:

a highly educated and trained workforce; 
a dynamic network of technology firms and services; 
strategic access to international airports and Washington, D.C.; 
superior digital infrastructure, including Internet backbone connectivity; 
a competitive tax structure; 
affordable, flexible and attractive real estate options; 
a multi-modal transportation network; and 
excellent public schools, colleges and universities. 
Marketing managers with the Fairfax County Economic Development Authority specialize in assisting individuals and companies interested in doing business in Fairfax County. 

Business taxes generated by commercial development fund some of the finest public services in the country.  

BUSINESS STATISTICS Business Demographics Payroll Establishments 29,995 
Number of jobs 564,520 
Civilian Labor Force 598,597 
Technology Jobs 119,000 
Residents working in Fairfax County 52.1% 
Unemployment Rate 2.4% 
Business Community 
Foreign-owned firms 325 
Technology firms 4,900 
Associations 285 
Commercial Real Estate 
Office Space 103.5 million square feet 
Vacancy rate 9.7% 
Procurement Spending 
Federal procurement spending in Fairfax County (FY04) $12.8 billion  


Fairfax County Employment by Industry

Professional, Scientific and Technical Services 21% 
Retail 10% 
Health and Social Services 8% 
Accommodation and Food Services 7% 
Education 7% 
Information/Telecommunications 7% 
Management and Administrative Services 7% 
Construction 6% 
Finance and Insurance 4% 
Public Administration 4% 
Other 18%  

Source: Virginia Employment Commission