From the Governor
“As we continue to build Washington, D.C. into the capital of inclusive innovation, we are investing in the ideas and people that otherwise might not get the support they need to ensure success.” —Mayor Muriel Bowsern
Development in the District
While recent figures suggest the capital’s population and economic growth rates have been slowing, the region’s economy is still strong. Across the river, Fairfax County remains a strong driver in the metro area and is home to nearly two-thirds of the 16 Fortune 500 companies headquartered in the DC area. Mayor Muriel Bowser is now striving to ensure all residents share in the economic growth with new initiatives to improve jobs and access to affordable housing.
Qualified High-Tech Companies (QHTC): Offers tax credits to high-tech companies for training and wages paid to disadvantaged employees. Also offers sales and use tax exemptions and a reduced corporate franchise tax rate.
Creative and Open Space Modernization Grant (DC): Offers a tax rebate of up to the lesser of 10% of the total value of qualified improvements or $1 million for QHTCs that renovate or improve their offices.
Business/Professional/Occupational Licenses (BPOL) Tax Exemption (Fairfax County, Virginia): Offers exclusions and adjustments to BPOL taxes for software development companies and government computer hardware and software sellers.
Virginia Jobs Investment Program: Offers variable incentives for job creation for manufacturers, distribution centers, headquarters, inbound call centers, business IT and R&D.
Washington, D.C. Economic Partnership: wdcep.com
DC Economic Strategy: dceconomicstrategy.com
Office of the Deputy Mayor for Planning and Economic Development: dmped.dc.gov
Highlighted Program or Initiative
As the cost of living has risen dramatically in D.C., it has begun to impact recruitment and retention in some sectors. Mayor Muriel Bowser is working to identify new policies, tools and initiatives to fulfill a goal of creating 36,000 new housing units (12,000 of them affordable) by 2025.
- BAE Systems announced in October 2018 the reloca- tion of its headquarters and 350 jobs to Fairfax County.
- Ford announced in October 2018 it will construct a base of operations to test self-driving vehicles in Washington, D.C.
- IDEMIA announced in December 2018 it would relocate its North American Identity & Security headquarters from Massachusetts to Fairfax County and create at least 90 jobs.
- Education tech firm Blackboard announced in January 2019 it would relocate its global headquarters to Fairfax County.
- Cybersecurity firm FireEye announced in April 2019 it would establish a new security operations center in Fairfax county and hire 300 employees.
- Google announced in April 2019 it would expand its presence in Fairfax County.
- Aireon, LLC, announced in July 2019 it will relocate its headquarters in Fairfax County and create more than 50 jobs over the next three years.
16 Fortune 500 companies are headquartered in Washington, D.C. region:
Freddie Mac General
Hilton Worldwide Holdings
Booz Allen Hamilton
“We continue to hire the best of the best as we work to achieve this mission every day, and our growing team of tech security experts located in the Dulles Tech Corridor is an important part of everything that we do.” —Kevin Mandia, CEO, FireEye
“We are excited to bring our Metro D.C. area workforce together into a new global headquarters in the vibrant Northern Virginia tech corridor.” —Bill Ballhaus, Chairman, CEO and President Blackboard
“We are excited to be relocating our headquarters to Reston in Fairfax County…Moving to Northern Virginia will enable both close proximity to our U.S. government customers and the ability to attract world-class talent.” —Ed Casey, CEO, IDEMIA Identity & Security North America