Presentation to

Planning

Commission

May 20, 2015

• Goals and Mission of Economic Development

• BOCS Adopted Economic Development Strategies

• Targeted Sectors

• Dept. of Economic Development Organization, Activities & Outcomes

• Prince William Economic Development Value Proposition

• Economic Development Tools

• Market Trends and Opportunities

Overview

County Goal:

The County will provide a robust, diverse economy with more quality jobs and an expanded commercial tax base.

DED Mission:

To improve the County’s economic base by encouraging new businesses to locate in Prince William County, retain existing businesses and encourage existing businesses to expand.

Strategic Plan Goals

BOCS Economic Development Strategies

Assess competitive market position and affirm targeted industries

Advance Prince William County as a life sciences center

Develop and implement, in coordination with GMU, next generation

strategies for Innovation Park

Strengthen relationships with key development partners

Enhance the marketing program to maximize County’s competitive position

Conduct and implement a brand identification initiative

Operationalize regional, national and international marketing outreach

Implement strategies that grow small business and encourage

entrepreneurship

Increase proactive aspects of business retention

Foster community based redevelopment initiatives that include marketing

and potential incentives, and the review of land use policies.

Update the Economic Development Chapter of the Comprehensive Plan

Targeted Industry Sectors

Targeted Industry Sectors

• Life Sciences

• Information Technology

• Defense/Federal Agencies

• Advanced Logistics • Advanced Manufacturing

DED Organization

BUSINESS DEVELOPMENT • Lead

Generation • Project

Management • Target Industry

Expertise • Regional &

National Events & Trade Shows

MARKETING & RESEARCH • Marketing • Events • Website • Media

Relations • Branding • Marketing

Materials • Research • Social Media

BUSINESS RETENTION • Existing

Business • Business

Survey • Workforce

Development • Business

Assistance & Consultation

Business Retention: Jan. – Dec. 2014

During 2014, existing business outreach consisted of 2,142 instances of outreach including:

63 visitations to existing companies to understand both their

unique and specific business challenges as well as to identify

other ways to encourage business expansion within Prince

William County

443 instances of consultation services to businesses

783 resolutions to queries from businesses within the County

63 visitations

443 consultations

783 resolutions

Nationwide Marketing Outreach Campaigns:

Jan. – Dec. 2014

Virginia Serious Game

Institute - Ribbon Cutting,

March 2014

First tenant installed in

Science Accelerator – ISO

Thrive LLC., May 2014

Prince William Science

Accelerator - Launch &

Ribbon Cutting, June 2014

Bisnow: “Prince William

County – Harnessing

Innovation” – September

2014

2014 Top Economic Development Highlights

2014 Top Economic Development Highlights

(cont.) Potomac Communities

Brochure - The Department &

Planning Office received an

IEDC Excellence in Economic

Development Award for the

Potomac Communities

brochure

Expanded Targeted

Industries

(Advanced Manufacturing,

Logistics)

Surpassed 2 million sq. ft. of

total data center space

Launched the development of

a New Website

Capital Investment & Jobs: Jan. – Dec. 2014

o Closed 19 projects

o Top 5 projects in Life Sciences &

Information Technology industry

sectors

o 4th year in 18-year history to

exceed half a billion dollars in capital investment

Total Jobs: Jan. – Dec. 2014

469 New Jobs

100 Retained Jobs

Intended Capital Investment: Jan. – Dec. 2014

20 32

603

662

67 103

465

75

261

205 166

326

62

412

77

414

1004

513

304

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

0

200

400

600

800

1000

1200

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Investment Historic Average At-Place Jobs

Investment Jobs

Note: Intended capital investment – capital expenditure expected to be undertaken by closed

Prince William County Snapshot

Less than 20 miles from Washington, DC

Access to 75% of Northern VA’s 1.1M workforce - within a

short commute

20 minute drive from Dulles International Airport

Reverse commute along two interstates I-95 & I-66

Home to Marine Corps Base Quantico

Population median age of 33.7 years

$95,268 Median household income

Low Unemployment rate – (4.1% as of Dec. 2014)

122,402 At-place employment (as of 2nd Quarter 2014)

#8 Nationwide for job growth (CNN Money 2013)

Virginia’s 2nd largest and 4th fastest growing county

437,686

Population*

339,800

• Cost competitive in the National Capital Region

• Existing office, flex, industrial and data center facilities

• Available large acreage sites for development

• Redevelopment opportunities along I-95 corridor and in

Innovation Park

• 7 commuter rail stops on two rail lines

• Quick access to Dulles International, Reagan National and

Manassas Regional Airports

• I-95 corridor bookended by Marine Corps Base Quantico to

the south and Ft. Belvoir to the north

Versatile & Cost-effective Location Options

Prince William County – Educated Workforce

Source: Virginia Employment Commission

0%

5%

10%

15%

20%

25%

Some College Associate's Degree Bachelor's Degree Graduate of Professional Degree

PWC

PWC

PWC

PWC

VA

VA

VA

VA

USA

USA

USA

USA

• 6% corporate income tax rate unchanged since 1972

• Third lowest average workers compensation cost in US

• Building costs in Northern Virginia are 93% of the national average

• State & Local taxes per $1,000 in income equal $83; $17 less than US average

• Right to Work State: Third lowest unionization rate in the US.

Virginia: Best State for Business

• County:

– Economic Development Opportunity Fund

– Expedited Plan Review and Fee Reduction

– Lowest Business Personal Property Tax on Data Centers

in Northern Virginia (50% Depreciation Year One)

Prince William County Incentives

Northern Virginia Community College

Woodbridge Campus

NOTE: Not all projects will be eligible for fast-track permitting. Targeted Status is awarded at the

discretion of the Department of Economic Development and the Board of County Supervisors

based on board-adopted eligibility guidelines.

Fast-Track Permitting for Targeted Projects

Reduced Site Fees • 50% reduction in site fees available for eligible projects.

Fast-track permitting

• Priority status ensures site plan and building plan reviews are expedited.

Dedicated Project Manager

• A project manager is assigned by development services to guide you through the County’s development processes and assist you with your project needs.

• More than simply a liaison or point-of-contact, your project manager integrates the efforts of your team and the County’s team with the shared goal of a successfully completed project.

Market Trends: Top 10 Site Selection Factors

1. Highway Accessibility 2. Available Skilled Labor 3. Labor Costs 4. Expedited or Fast Track Permitting 5. Available Land 6. State and Local Incentives 7. Energy Availability & Costs 8. Proximity to Major Markets 9. Occupancy or Construction Costs 10.Tax Exemptions

Source: Area Development - 2014 Annual Survey of Site Selection Consultants

Market Trends

• Reduction in corporate demand for office space • “Hoteling” and office sharing • Teleworking • Increased use of temporary contractors

• Reduction in federal government demand for office space • “Freeze the Footprint” mandate to Federal Agencies • Large federal office leases require location w/in half mile of

Metro • Sequestration and decline in size of federal workforce

• Corporate office users want vibrant mixed use environments to attract and retain young talented workforce

Market Trends

• Re-Purposing of older class B & C office buildings • Redevelopment of suburban office parks into mixed use

communities • Movement to “Cloud” computing and growth of “Big Data

Analytics” is driving continued demand for data centers • Growing need for electrical substations and power lines

• E-commerce is increasing demand for distribution centers close to large populations for same day and overnight delivery

• Clustering of food and other distribution centers around I-66/Gainesville/PWC Parkway

• Need to ensure ample supply of M-1 and M-2 zoned land

Opportunities

• Technology Corridor along Route 28 from Prince William to Dulles & Reston

• Defense corridor on I-95 from Ft. Belvoir to Quantico • Parkway Employment Center • Vacant county owned land at Innovation • George Mason Science and Technology Campus • Redevelopment of vacant and underutilized land and buildings

along Route 1 and in Potomac Communities • Build on positive “customer friendly” perception of PWC building

and land development staff and process • Conversion of older retail stores to distribution centers • Transit Oriented Development (TOD) to promote VRE and VRE two-

way service