Fairfax County is a place where all people, businesses and places are thriving economically.
Each priority area includes the following:
Fairfax County is well known for its world-class public schools, high median income, low unemployment, community safety, concentration of corporate headquarters and other key indicators of community health and economic prosperity. The county’s competitive advantage is routinely confirmed by regional, state and national data measures. However, the COVID-19 pandemic has severely exacerbated the pre-existing economic challenges of the many people, businesses and places that lack the resources to address basic needs, realize economic growth, and achieve sustained prosperity within our community.
On an individual level, many highly paid workers in technology and other white-collar jobs were able to quickly pivot to telework, and already had access to more resources to offset any financial setbacks. For others, especially those who work in the service industry (hotels, restaurants, and most retail businesses) job loss has been compounded by the lack of a financial “cushion,” resulting in a loss of economic self-sufficiency or further descent into poverty. In addition, many front-line workers experienced significant health risks while also trying to locate safe and affordable childcare for their families.
More than ever, it is clear that full economic recovery from COVID-19 and continued prosperity into the future requires the stability of all people, businesses, and places throughout Fairfax County. These strategies, in alignment with the county’s proposed Economic Recovery Framework, seek to accelerate our economic recovery, improve upward mobility for all residents, support the resilience and rebuilding of small businesses, and continue to support actions that make Fairfax County the premier place to live, work, and play.
1. How can we continue to transform Fairfax County into an innovative economic center that can successfully compete nationally and globally?
2. How can we ensure all workers are well-positioned to attain the skills that will be needed to meet the requirements of the jobs of the future?
3. How do we continue to expand non-federal sectors of the local economy?
4. How do we position ourselves to best compete in, collaborate with and maximize economic opportunity within the regional economy?
5. How do we continue to support a culture of entrepreneurship and small business development where all have opportunities to thrive?
6. How will we cultivate the full economic potential of all community members and places across all areas of the county, leveraging diversity as a competitive advantage for our economy?
1. Business Health and Industry Diversification
2. Personal/Family Economic Stability and Mobility
3. Workforce Readiness
4. Economic Innovation
5. Economic Vibrancy of Communities
Indicator: Business Health and Industry Diversification
• # of jobs created by businesses in Fairfax County
• # of jobs created by Fairfax County as a result of county contracts
• # of businesses located in Fairfax County, broken down by size, industry and ownership demographics
• # of businesses relocating to Fairfax County and the corresponding # of new jobs created
• % of businesses participating in Fairfax County business support programs or services that report high satisfaction with those programs or services
Indicator: Personal/Family Economic Stability and Mobility
• % of households with income at or below federal poverty level
• % of individuals/families whose hourly wages meet or exceed the MIT living wage definition for their family size
• % of residents who are employed
• % of Census Designated Places in Fairfax County that have a median income equal to or greater than the countywide median income
• # and % of participants in Fairfax County-supported personal financial capability programs who achieve a positive financial capability-related outcome
• % of participants in Fairfax County-supported economic opportunity services who report that those services meet expectations
Indicator: Workforce Readiness
• % of residents with a post-secondary degree/certification
• # of jobs in Fairfax County that remain unfilled for more than six months
• # of individuals participating in Fairfax County-supported internships
• # and % of participants in Fairfax County-supported employment programs who achieve a positive employment-related outcome
Indicator: Economic Innovation
• # of patents issued to Fairfax County-based inventors
• # of businesses located in Fairfax County owning intellectual property
• # of new startups located in Fairfax County, broken down by industry
• # of dollars of new capital investment in Fairfax County-based businesses
• Return on county investment in innovation-related activities (e.g., Economic Opportunity Reserve projects, etc.)
• # of new jobs created by high-growth startup businesses participating in Fairfax County programs
• # of dollars invested by Fairfax County in partnerships that advance innovative initiatives
• % of county-supported initiatives aimed at assisting high-growth start-up businesses that achieve their specified performance targets
Indicator: Economic Vibrancy of Communities
• % of vacant commercial/industrial space
• % of working-age residents who both work and live in Fairfax County
• Ratio of assessed value of non-residential real estate to residential real estate
• # of dollars of Fairfax County investment in targeted activity areas and centers
• % of land development projects that exceed benchmark review time goals, broken down by project types in the land development process and benchmarked against industry norms
• % of administrative review requests/applications related to land development completed within 30 calendar days
Improve Access to Employment Supports
Promote an Agile Policy and Regulatory Environment
Attract and Support Businesses
Leverage Partnerships, Collaboration and Competition
Build a Strong Workforce and Support Competitive Skills Attainment for Residents
12000 Government Center Pkwy
Fairfax, VA 22035