Just next door to Washington, DC, Arlington, Virginia offers a number of assets to technology companies looking to start up, expand or relocate. In November 2018, Amazon.com announced it would locate its second headquarters in Arlington, Virginia, creating more than 25,000 high wage technology jobs. This announcement has catapulted Arlington and Northern Virginia in the national spotlight as a major innovation hub in the United States.
Arlington’s startup ecosystem has been rapidly expanding, which has further contributed towards the county’s recognition as an innovation hub. Since 2015, Arlington-based companies have generated 250 venture capital and merger and acquisition deals totaling over $35.7 billion covering several industries including software, cybersecurity, fintech, big data, digital media, and more (Source: Pitchbook).
The Washington DC MSA has the 3rd-highest concentration of tech workers in the United States among MSAs, with a net tech employment of over 448,000 workers, which is a net 13.3% of the overall workforce, according to Cyberstates 2020.
The Commonwealth of Virginia has the 2nd-highest concentration of tech workers, the 5th-largest net tech employment in the country and is the 5th-largest number of tech business establishments, according to Cyberstates 2020.
Home to approximately 230,000 people, Arlington has a median age of 33 and 22.9% of Arlington residents are foreign born. According to Niche.com, Arlington ranks as the 5th best city for young professionals, and the best place to live in the United States.
Arlington is the most educated county in the nation, with over 70% of adults holding a Bachelor's degree or higher, offering employers access to a talented workforce.
Arlington County has an IT labor supply of nearly 28,000 employees, which is projected to grow by 11% over the next 5 years. On a regional level, there are approximately 258,000 qualified IT professionals within a 30-minute commute of Arlington, which includes workers with the following educational achievement levels (Source: Emsi):
Arlington’s superior K-12 education system in addition to its access to a number of major universities throughout the Metro DC region make it an ideal location for information technology companies looking for access to a talent pipeline for their businesses. Within 50 miles, there are 46 public and private not-for-profit universities and colleges offering 2-year, 4-year, and graduate degree programs. Additionally, many major universities have a presence in Arlington giving companies immediate access to talent:
Arlington County’s Technology Zone incentive is a partial offset of the Business, Professional, Occupational License (BPOL) tax, a local license tax levied on business gross receipts for the prior year. Qualified technology companies receive a 50% reduced BPOL rate – from $0.36 to $0.18 per $100 of gross receipts for 10 years. To learn more, please view the following flyer.
Arlington Economic Development's Gazelle Grant is designed to be a deal-closing incentive program for fast-growing or "gazelle" technology companies considering multiple jurisdictions for a business location or expansion. The Gazelle Grant program offers a grant of $10,000 to $150,000 for select technology companies and tech catalyst organizations like business incubators, accelerators and venture funds. Companies must meet the following base criteria to qualify:
For more information on these programs and a full list of incentives offered by Arlington County and the Commonwealth of Virginia, please click here.
For more information on Arlington's tech ecosystem, please contact Adam Henry, CEcD, Business Development Manager, at (703) 228-0809 or [email protected].