PRINCE WILLIAM COUNTY, VANAIOP I‐95/ ROUTE 1 CORRIDOR PROGRAM, SEPTEMBER 2012

PRESENTED BY: JEFFREY A. KACZMAREK, EXECUTIVE DIRECTOR, PWCDED

Prince William County, Virginia

|2|

Dulles Intl. Airport

Reagan National Airport

Manassas Airport

Loudoun County, VA

Stafford County, VA

Fairfax County, VA

Montgomery County, MD

Prince George's County, MD

Virginia Railway Express Station

Major Highway

Interstate Highway

HOV lanes

Commuter Rail Line

Ft. Belvoir

Quantico

• AAA bond rating from all three rating agencies

• #1 in VA, #3 Nationwide for Job Growth (BLS, Oct, 2011)

• 7th wealthiest County in the nation by median household income

• One of the 100 Best Communities for Young People for the second year in a row according to America’s Promise Alliance

• Named to CNN Money’s “Where the Jobs Are” four of the last five years

PWC Snapshot

|3|

Population / Workforce• Population: 413,396

• Labor force: 237,548

• Jobs Added Last 12 Months: 5,346

• Establishments: 7,824

• Est. Added Last 12 Months: 405

• At-place employment: 110,758

• Unemployment : 4.9% (July)

• Median Household Income: $95,416

• Adults w/ College Degree: 43.7%

Boston

New YorkDetroit

PittsburghChicago

Atlanta

200 mi400 mi600 mi800 mi

Dulles Intl.Airport

Prince William County

Washington, DC

10-Year Growth Trends• Avg. of 2,700 jobs added annually

• 43% population growth

• 57% business growth

• 37% at-place job growth

• 48% growth in avg. weekly wages

• 59% growth in CRE inventory

“Prince William County likes to give companies the royal treatment, and it shows.”  ‐‐CNN Money

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Q12002

Q12004

Q12006

Q12008

Q12010

Q12012

# of Establishments Over Time

Growth Sectors

|4|

Professional Scientific and Technical Services• 76% employment growth and 96% establishment growth • high-skill, high-wage employment opportunities• well aligned with PWC’s labor force profile and broader labor shed• federal market remains an important driver of this growth, but not the

sole driver

Healthcare• 65% employment growth rate• healthcare sector is, and will continue, to drive growth nationwide• PWC offers advantages here in infectious disease research and

bioinformatics

Public Administration• 50% employment growth • federal market has been a driver in sector growth in PWC with FBI

Northern Virginia Resident Agency and growth in on-post employment at MCBQ

Transportation and Warehousing• 27% employment growth, 40% establishment growth • location in National Capital Region, 66/95, and availability of industrial

space are key drivers in sector growth

* Growth rates are for last 10 years

Business Proposition

|5|

Workforce Center of Northern Virginia• 75% of Northern Virginia’s 1.5 million workers are within a 30-minute

one-way commute to the center of Prince William County during rush hour

• Rapidly growing, highly-skilled labor force

Transportation & Accessibility• Two interstates (I-66 / I-95), HOT and HOV lane access and robust intra-

county road system• 7 VRE stops on two rail lines• Quick access to Dulles International, Reagan National and Manassas

National Airports

Defense Market Access• I-95 Corridor bookended by Marine Corps Base Quantico to the south

and Ft. Belvoir to the north• Home to over 150 federal contractors

Versatile and Cost-effective Location Options• Cost competitive in the National Capital Region• Existing office, flex, industrial and data center facilities• Available large acreage sites for development

Location Incentives

|6|

Fast-track Permitting• Companies within targeted industries may be eligible for fast-track

permitting, which guarantees the County’s review time for site or building plans will not exceeded 30-days.

County Opportunity Fund• The County’s Economic Development Opportunity Fund can be used at

the discretion of the Board of County Supervisors to offer project incentives tailored to a company’s needs. These funds are usually used to secure matching funds from the Commonwealth.

Governor's Opportunity Fund• The Governor's Opportunity Fund (GOF) is a discretionary incentive for

businesses locating or expanding in Virginia. Grants are awarded tolocalities on a local matching basis.

Other Incentives• County - Low programmable and computer equipment taxes, Hub Zone

location opportunities• Commonwealth - Virginia Economic Development Incentive Grants,

Rail Industrial Access Program, and others.

|7|

Major Real Estate Submarkets

I-66 Submarket• Rapid CRE development in recent

years

• Available large acreage sites unique in the NCR

• Good mix of office, flex & industrial product

• Strong data center market here with $2.5b in new projects since 2000

Innovation• Premier business park in PWC

• Home to over $700m in new investment during the last 15 years

• Future plans call for town center development

I-95 Submarket• Bookended by Marine Corps Base

Quantico and Ft. Belvoir

• Key job generator for PWC historically

• Federal market a major driver• More development needed to

meet demand for office space if present trends persist

Belmont BayPrince William Commons

Catons Crossing

Stone Bridge Potomac Center

County Center

Neabsco Commons

Quantico Center

Quantico Gateway

Potomac Shores

Featherstone Industrial Park

Devil’s ReachReid’s Prospect

Parkway Emp. Cntr.

Interstate Overlook

|8|

Submarket Overview• Most mature major submarket in PWC

• Characterized by historically strong demand yet exhibits a slower rate of new commercial development due to density of existing development

• Desirability of this submarket for federal contractors has led to continued interest even during the economic downturn

• Redevelopment and new mixed-use product continue to provide growth opportunities

I-95 Submarket Overview

NOVA Woodbridge Campus

Sentara NOVA Medical Center

Cherry Hill Station (planned)

Quantico Station

Woodbridge StationWoodbridge Station

Rippon Station

Buildings w/ significant available space

Development sites

Key assets

VRE Stations

|9|

Follow us on Twitter@PWCDED

Sign‐up for our Newsletterwww.PwcEconDev.org

PwcEconDev.org