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Contact: Alan Fogg, afogg@fceda.org,
703-790-0600 (office) or 571-213-5065 (mobile)
New report highlights Virginia's strengths in technology
Fairfax County leads the state in concentration of high-tech employers, jobs and capital investment
Fairfax County, Virginia USA, April 2, 2008 – The American Electronics Association (AeA), the nation’s largest technology trade association, today released its 11th annual Cyberstates report detailing national and state trends in high-tech employment, wages and other key economic factors. According to the report, Virginia's tech industry grew by four percent, adding 9,800 jobs for a total of 270,800 in 2006, the most recent year available. Fairfax County is home to more than 5,400 technology companies and can lay claim to 135,000 technology jobs, according to the Virginia Employment Commission.
The AeA report, Cyberstates 2008: A Complete State-by-State Overview of the High-Technology Industry, covers all 50 states, the District of Columbia and Puerto Rico.
This is the third consecutive year Virginia ranks among the top five states for tech job growth. That growth helps solidify Virginia's placement as the state with the highest concentration of technology workers, with 9.1 percent of its private sector workforce in the tech industry. These jobs pay nearly twice as much as the average private sector job in Virginia.
Venture capital investments in Virginia rose by 16 percent for a total of $463 million in 2007, up from $400 billion in 2006, according to the Cyberstates report. The state ranks 13th nationwide in this metric.
Companies in Fairfax County, just outside Washington, D.C., have received almost $4 billion in private equity funding since the Fairfax County Economic Development Authority (FCEDA) began its Capital Attraction Program in 1997 to link entrepreneurs with possible funding sources. In 2007, almost 60 percent of all venture capital investments in Virginia went to Fairfax County companies. More than 30 venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
“Fairfax County recognizes its role in building the state and regional economies, and our leadership in a technology-focused economy,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “Even as we foresee slower job growth in the region and the country, we will continue to see net increases in technology employment in Fairfax County.”
What Does High Tech Mean for Virginia?
- 270,800 high-tech workers (5th-ranked cyberstate)
- 9,800 jobs added between 2005 and 2006
- High-tech firms employed 91 of every 1,000 private sector workers in 2006 – ranked 1st nationwide
- High-tech workers earned an average wage of $86,400 (6th-ranked), or 98 percent more than Virginia's average private-sector wage
- A high-tech payroll of $23.4 billion in 2006 – ranked 4th nationwide
- 14,800 high-tech establishments in 2006 – ranked 6th nationwide
- Venture capital investments of $463 million in 2007, up 16 percent from $400 billion in 2006 – ranked 13th nationwide
- R&D expenditures of $7.9 billion in 2004 – ranked 13th nationwide
Virginia’s National Industry Sector Rankings:
- 2nd in computer systems design and related systems employment with 119,100 jobs
- 4th in engineering services employment with 51,500 jobs
- 5th in Internet services employment with 19,300 jobs
(Source: Cyberstates 2008. Data are for 2006 unless otherwise note; 2006 state data are the most current available for employment, wages, payroll, business establishments and industry-sector jobs.)
Business growth helps Fairfax County fund public services, such as the nation’s top-rated school system, that contribute to the quality of life of its residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to domestic and international markets through Washington Dulles International Airport, and a well-educated workforce.
The Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA maintains worldwide marketing offices in San Francisco, Bangalore, Frankfurt, London, Seoul and Tel Aviv.
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