According to the Nobel Prize winning economic Center for Regional Analysis in Fairfax, Fairfax County’s economy is stable and flourishing, with high job growth and an unemployment rate of only 2 percent. In April of 2004, the U.S. Bureau of Labor Statistics (BLS) found that job growth in Northern Virginia surpassed that of any other American region over the last year, with 50,000 new jobs created. Additionally, only two entire states reported a larger degree of job growth!
The Northern Virginia Association of Realtors cites brisk housing appreciation rates as a further indicator. Office building and home prices are both officially “hot” and condominiums are selling rapidly as well. Prices rose 22 percent on residential properties between July 2003 to July 2004, and the rate remains on the increase as people continue to relocate to this job rich region.
In 1990 average homes sold for around $238,000. By 2003, average home prices had risen to around $365,000 and by 2004 they reached $454,000.
Technology businesses make up Fairfax County’s primary sector; industries include systems integration, software programming, computer and data services, engineering services, technology management, telecommunications, Internet and e-commerce, biotech and biomedical research and development, energy and environmental companies, and the aerospace and defense industry. Retail is another thriving sector.
Primary aerospace employers include Airbus Industrie, BAE Systems, Fairchild Dornier, General Dynamics, International Launch Services, Northrop Grumman and Raytheon Systems.
Major biotech employers are Biotraces, Biovail, Cel-Sci, Covance Laboratories, PRA International, Quest Diagnostics and Quintiles.
Companies in the environmental industry include CH2M Hill, Dewberry and Kemron Environmental Services; the Exxon-Mobile Corporation is the primary energy company in the region.
Major Internet companies in Fairfax County include CareerBuilder.com, Foliofn, Road Runner Group, Streampipe.com and VeriSign (which bought Network Solutions).
Foremost Information Technology firms comprise American Management Systems, Comprehensive Technologies International, CALIBRE, Computer Sciences Corporation, CSC/DynCorp, EDS, NetCom Solutions International, LVTS, Reliable Integration Services, Science Applications International Corporation (SAIC), and Veridian.
Fairfax County has one of the nation’s biggest number of telecommunications firms, due to its high number of wireless, satellite and high-speed access lines. The federal government's judgment to deregulate the telecommunications sector brought further market opportunities and grew the industry rapidly. Telecommunications firms in Fairfax County include AT&T, MCI, Metrocall, Nextel, SAVVIS, Sprint, Teleglobe, Verizon and XO Communications.
Fairfax County Government has a demonstratably high level of focus on the local economy, undertaking in-depth analyses on a monthly basis and showing effective responsiveness to them. (These analyses continue to show widespread economic gains).
The County’s Economic Development Authority selectively assists companies to create further job growth; in the first quarter of 2004 alone this produced 995 new jobs.
While all of Fairfax County is doing well economically, Centreville is leading the pack; Money Magazine declared it the nation’s third “Hottest Town” in America this year, citing household income and population growth as primary indicators. With a median household income of $77,243 per annum, Centreville is well above the national average of $63,345.
Relevant web links:
- Center for Regional Analysis
This group of economists from George Mason University won the Nobel Prize for Economics in 2002 and produce an excellent monthly report on the economy of the Washington area and Fairfax County.
- Northern Virginia Association of Realtors
NVAR has a market statistics page with details on the region’s booming economy and rapid housing appreciation rates.
- NUMBER1EXPERTS™ 
