Raytheon, Boeing HQ Announcements Show Why Companies Choose Arlington
June 9, 2022 | By Cara O'Donnell
The recent news of Raytheon moving its global headquarters to Arlington, and Boeing’s similar announcement last month, it’s brought the question as to why these Fortune 100 companies are choosing our community as their corporate home?
On the surface, many speculate it’s due to the proximity to D.C. and the Pentagon. Of course, those factors play a big role in the decision, but the reasons companies choose Arlington as their global address go much deeper.
First, Arlington is fortunate to have one of the most highly-educated workforces in the nation. About 75% of working Arlingtonians have at least a bachelor’s degree; more than 40% have graduate or other advanced degrees as well. That’s significantly higher than the national average of 23.5% of adults with bachelor’s degrees and less than 15% with advanced degrees. Simply put – we have lots of talented, skilled workers in our midst. More than 225,000 tech workers live in the greater D.C. region. That means a great talent pool for companies.
And speaking of that talent, Arlington and Virginia’s commitment to a long-term tech talent pool also factors into the decision. Virginia has invested $2 billion in the tech talent pipeline, and it’s been ranked as the state with the Top Tech Talent Pipeline by Business Facilities Magazine. Our region already produces more than 55,000 graduates per year, and nearly a quarter of those degrees are in tech fields. And those numbers will continue to grow, as local ventures such as the Virginia Tech Innovation Campus and George Mason Institute for Digital Innovation promise to increase that talent pool.
Arlington and Virginia have been recognized as top places to do business for many years, and it is easy to see why. Here in Arlington, we offer not only a stable government structure with a solid Triple-AAA bond rating but also a statewide corporate income tax rate of 6% (lower than the national median of 6.5%) that has remained unchanged for 50 years. It means stability in community and stability for businesses, which all translate into a favorable location for a company’s headquarters. Our community is diverse, centrally located and well connected – all factors that check the boxes when companies are considering where to locate.
We’re proud to welcome Raytheon and Boeing’s global headquarters to our community and look forward to having them and the many other companies who’ve chosen Arlington as partners in our business community.