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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Fairfax County Economic Development Authority
Releases 1996 Annual Report
Fairfax County, Virginia, March 20, 1997 — Fiscal year 1996 was another banner year for economic development in Fairfax County, according to the recently released Fairfax County Economic Development Authority's (FCEDA) Annual Report. The report includes statistics on the increased number of new businesses in the County, job growth, and office vacancy rates as well as the activities of the FCEDA. Patricia M. Woolsey, Chairman of the FCEDA, will deliver the report to the Fairfax County Board of Supervisors on March 24, 1997.
"During 1996 the Fairfax County Economic Development Authority achieved many successes in its mission of fostering and promoting Fairfax County as a world-class 21st Century business center and the global capital of the knowledge industry," said Mrs. Woolsey. "Fairfax County is truly one of the world's premier business locations. The FCEDA plans to become even more competitive in the regional, national, and international markets as we approach the turn of the century."
The following are among the highlights of fiscal year 1996 (July 1, 1995 to June 30, 1996):
- More than 100 businesses relocated, expanded or started-up in Fairfax County in 1996. These announcements added 5,800 new jobs to the economy.
- Fairfax County now has more foreign-owned companies than any other jurisdiction in the Washington Metropolitan area. Four more foreign-owned firms relocated to the County in 1996 bringing the total number to 111 and total employment by those firms to 8,200.
- The unemployment rate was 2.6 percent during 1996 and continues to drop. The Fairfax County unemployment rate in January 1997 was 2.3 percent.
- The number of jobs in Fairfax County reached its highest level ever with more than 419,000 workers employed by Fairfax County firms.
- The vacancy rate in the County's commercial office space inventory was 6.9 percent, the lowest level in more than a decade.
The Fairfax County Economic Development Authority assists businesses by identifying possible sites and facilities, providing information for employees relocating to the County and assisting in the process of permit issuance and in obtaining responses to tax or regulatory questions. The Authority also provides up-to-date demographic and economic information and promotes the business climate of the County. For more information on programs and services provided by the Authority, visit their Web page at www.FairfaxCountyEDA.org.
Note to the media: Mrs. Woolsey's presentation to the Board of Supervisors will take place on March 24 at approximately 10:00 a.m. in the Board of Supervisors Auditorium, Fairfax County Government Center, 12000 Government Center Parkway. Mrs. Woolsey will be available after her presentation to meet with the media.
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