Prince William County has established itself as an important part of the economic landscape of the Greater Washington D.C. metropolitan area and Northern Virginia. The County’s contributions to the Northern Virginia economy has resulted in the region singularly accounting for roughly 45 percent of the Commonwealth of Virginia’s total economic activity and 37 percent of all employment, as recently reported in the 2016 State of the Commonwealth Report.
As Virginia’s second-largest and fourth-fastest growing County, Prince William County has grown consistently and continues to expand and diversify. Last year, Site Selection, cited one of Prince William County’s Department of Economic Development projects as “…the top project in capital investment [in Virginia] for 2016, to date, is a $350 million Iron Mountain data center going into Manassas.” SmartAssets also named Prince William County among the state’s top 5 investment locations.
In the last five calendar years [2011-2015], projects closed by the Prince William County Department of Economic Development alone intend to invest a record $2.7 billion and to create 2,900 jobs. 2015 was the fifth year in the Department’s history that it logged over half of a billion dollars in capital investment, with $660 million and more than 600 new jobs.
“By concentrating in life sciences and information technology we are creating growth opportunities that are opening up new markets and new types of business opportunities, influencing other technology sectors and the region, as a whole,” said Jeff Kaczmarek, Executive Director, Department of Economic Development, Prince William County. “The County’s growth is owed in part to its strategic location and excellent competitive edge, such as a ready supply of highly-educated young professionals, affordable and available land and competitive labor costs, all of which result in a strong value proposition.”
Throughout its growth, Prince William County has distinguished itself as a premier business destination, that has made significant strides in its new role as a thriving science and technology hub.
There has also been a notable increase in employment opportunities within Prince William County. As of 2015, the County provided job opportunities for over 122,000 persons. In fact, over the period 2010-2015, job growth in Prince William County convincingly outpaced that of the Washington D.C. metropolitan area at 18% compared to 6%; as well as that of the state of Virginia which also saw a 6% increase. Similarly, the number of businesses in Prince William County increased by 20% over the same period compared to 11% growth in the Washington D.C. metro area and 12% growth for all of Virginia.
By all indications, Prince William County’s ability to generate job opportunities within its boundaries is expected to continue into the foreseeable future, based on the latest round of estimates released by the Metropolitan Washington Council of Governments. According to those projections, job growth in Prince William County is expected to outpace that of any of the other observed localities in the metro area. Over the 30-year period, 2015-2045, the County is expected to add an additional 114,000 jobs – an almost 80% increase.