Friends,
Over the past month I have taken every opportunity I’ve had to tell the latest good news about the booming Fairfax County economy. I’m glad to report that our economy is stronger now than before the onset of the COVID-19 pandemic. First, as of February, more Fairfax County residents were working than before the pandemic. That good news was recently eclipsed – our total County-resident labor force is now the largest it has ever been. This is welcome news particularly when our employers are looking to fill over 70,000 jobs in the County and over 126,000 in the region. We need to keep our foot on the gas – forging partnerships with business, government and academia, increasing the affordable housing stock to attract more workers, and more.
Second, we also have a new record of employers in Fairfax County. In fact, employer establishments in Fairfax County have increased by 12% since before the pandemic! Talk about a good news story.
We are strengthening our economy through being a welcoming and inclusive place to live and work and by investing in major priorities like Fairfax County Public Schools and our high quality public services. There are many reasons people want to live in Fairfax County and businesses want to locate here, and our Board is committed to building on our economic success.
Our region is also exploring how we can continue to diversify our economy to reduce our reliance on the federal government. One way is through the collection of data on Foreign Direct Investment (FDI) to understand the impact of FDI on our regional economy. Did you know Northern Virginia is home to over 700 foreign-owned businesses? The Northern Virginia Regional Commission is looking to fill a gap in local and regional data on FDI. This work will collect and analyze data to rank
1) Total job creation and earnings emanating from FDI with the 25 largest investing countries;
2) Local revenue generated by FDI from the 25 largest investing countries;
3) The total number of foreign-owned enterprises by county;
4) and foreign-owned affiliate jobs by sector.
I am eager to see the results of NVRC’s work, and to see the next round of positive economic news! You can also check out the latest economic data provided by the Fairfax County Economic Development Authority in The Pulse.
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