Loudoun Already Shatters Record for New Commercial Investment

Brian Tinsman
Digital Properties Manager

In just six months, Loudoun Economic Development has already broken all previous records for new commercial investment. The department has already won more than $3.6 billion in new commercial investment, which is counted when businesses choose to locate in Loudoun, or to stay and expand in Loudoun.

This level of investment surpasses the record $3.3 billion won in fiscal year 2017, which was a huge increase from the $2.3 billion in FY16 and the $1.6 billion in FY15.

In addition to the dollar investment, the wins represent 2,555 jobs. This builds on the more than 10,000 jobs that have resulted from the department’s efforts over the three previous fiscal years.

Data centers remain Loudoun County’s top industry, and have driven the fourth consecutive year of record commercial growth. The industry’s enormous investment through the first months of this fiscal year has allowed the Board of Supervisors to consider another drop in the personal property tax rate on Loudoun homeowners.

Although data centers dominate the amount of corporate tax revenue brought into the county, nearly 85 percent of wins in the first six months of FY18 came from businesses outside of the data center industry.

Eleven non-data center IT companies located or expanded in Loudoun, thanks in part to the county’s tech-savvy workforce.

Eighteen wins are in the agricultural sector, which is based primarily in the western part of Loudoun. Of those projects, 12 were additions or expansions to Loudoun’s booming craft beer industry.

Loudoun’s international footprint also expanded in the first six months of FY18, with five foreign-owned firms locating or expanding in the county.

Each of the department’s nine areas of focus had wins in the first half of FY18, which helps to further diversify Loudoun’s economy. Additional non-data center wins are expected to be announced soon. All these projects help pay for county services such as schools and public safety personnel, and offer job opportunities to Loudoun residents.

For the latest info about new businesses opening or expanding in Loudoun, follow us on Twitter, like us on Facebook and join our community on LinkedIn.

 

Join the discussion 2 Comments

Leave a Reply