Prince William County Logs $1.5 Billion in Capital Investment in FY2019

<span>July 15, 2019 &ndash; Prince William County, Va. &ndash; The Prince William County Department of Economic Development today announced $1.53 billion in capital investment and 227 new jobs in Fiscal Year 2019, stemming from 13 targeted industry projects. The results marked yet another twelve-month period within which the County has logged over half a billion...</span>
Prince William County Logs $1.5 Billion in Capital Investment in FY2019

July 15, 2019 – Prince William County, Va. – The Prince William County Department of Economic Development today announced $1.53 billion in capital investment and 227 new jobs in Fiscal Year 2019, stemming from 13 targeted industry projects. The results marked yet another twelve-month period within which the County has logged over half a billion dollars in economic development projects.

During the year, the County further solidified its position as a major player in the world’s largest data center market with the completion of 6 data center projects, including COPT’s two new data centers in Innovation Park, and celebrated notable achievements of some of its fastest-growing companies. Mu-Del Electronics LLC, a leading manufacturer of high-performance radio frequency and microwave-based systems, relocated to a $5 million custom-built operations center at Merritt I-66 Business Park. A move that could spur a doubling of the company’s local workforce.

The County sharpened its focus on small business and entrepreneurs and took steps to ensure the necessary services are now in place for them to succeed. The result has been a notable increase in service offerings administered by a more integrated network of development agencies with the County and partner organizations. The Department of Development Services has instituted a small business project management program to facilitate the permitting process for small businesses. Most recently, the County signed a collaborative agreement with George Mason University’s Small Business Development Center (Mason’s SBDC) to deliver small business assistance free-of-charge to small businesses and entrepreneurs within the County. The office space will also be used by the Department of Economic Development for our Small Business and Redevelopment programs. Small Business owners will now have the convenience of meeting with a Mason SBDC Counselor near the I-95 corridor in Prince William County, a growing hub of federal contractors, co-working spaces and a large variety of businesses. New clients are encouraged to register here.

Along with the Brickyard Co-working space that is scheduled to open at Neabsco Commons this fall, all of these efforts serve to maximize the Prince William Board of County Supervisors’ investment in small business assistance, including the Virginia Serious Game Institute and the Prince William Science Accelerator.

“Prince William County has long recognized the importance of our existing small businesses and the pivotal role they play in setting the foundation of the County’s robust economy. Without question, we are excited to be able to provide services that will allow them to continue to thrive,” said Chris M. Price, Prince William County Deputy County Executive and Interim Executive Director, Department of Economic Development.

“This has been an eventful year and, at the same time, one of sustained progress. We are excited for the future as we look forward to welcoming Christina M. Winn as the new Director of Economic Development,” Price added.

Medliminal’s recent growth and success in the County led it to relocate and expand its corporate headquarters to Innovation Park and invest $2.4 million with plans to hire up to 70 more, as it grows. Other Life Sciences and Biotechnology enterprises – Transcendent Pathology, Venkor Pharmaceuticals, Inc. and Bioproximity also contributed a combined $800,000 in capital investment and 7 new jobs for the County as the latest tenants to the Prince William Science Accelerator.

In other strategic initiatives the Department was instrumental in:

  • facilitating a $50,000 grant for a Medical School Feasibility and Planning Study by George Mason University, with results anticipated in early fall;
  • facilitating a $725,325 grant towards a public-private partnership to ensure the continued operations of 12 marine-related existing businesses and retain 50 jobs along the Neabsco Creek Inlet Channel, which reopened in June;
  • conducting the County’s Targeted Industry Study, which reaffirmed Prince William County as a choice location for the following targeted industries: Information Communications Technology; Life Sciences; Federal Government Contracting; Corporate and Federal Facilities; Logistics and Supply Chain; Opportunity Zones and Redevelopment Areas; Destination and Tourism Venues; and Entrepreneurial Ventures; and
  • launching a new economic intelligence online tool to aid as a prospective client’s resource and promote the County for business investment, relocation and expansion.

Other economic development achievements and milestones included:

  • at-place employment was 131,429 as of Dec. 2018, up by 3,537, an increase of 2.8% from Dec. 2017, when it stood at 127,892;
  • the County’s unadjusted unemployment rate was 2.8% - 0.9% lower than the national rate of 3.7%;
  • 4.3 million unique page visits in earned and paid media coverage;
  • over 164,785 subscriber emails issued;
  • 67,000 unique website visits, a 32% increase over last year;
  • 21,000 instances of existing business outreach;
  • more than 1,000 Economic Intelligence data queries fielded;
  • 288 new followers on Twitter and Facebook; and

Want more Prince William County? Check out our latest video, sign-up for newsletters or visit us at: www.PWCEconDev.org or @PWCDED.

NOTES TO EDITORS:

  • Located less than 20 miles from the nation’s capital, Prince William County encompasses a total area of 348 square miles.
  • 75% of Northern Virginia’s 2.1 million workers live within a 30-minute one-way commute to the center of Prince William County during rush hour.
  • Prince William County provides access to an outstanding talent pool of highly-skilled, culturally diverse labor; 44% of the workforce has 4-year degrees.
  • Prince William County’s favorable blend of large land parcels, multi-use zoned sites, incentives, reliable power and ample fiber optic availability coupled with the lowest programmable computer taxes in the region, make it an ideal location for businesses seeking a location in the Mid-Atlantic region.
  • Prince William County carries a AAA bond rating from all three of the major credit ratings agencies (Fitch, Moody’s and S&P).

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Source: www.pwcecondev.org