News of business and economic development across Fairfax County:
WEEKLY WAGES HEAD HIGHER IN FAIRFAX: Fairfax County’s average weekly per-capita wage continues to rise, even though the year-over-year growth was somewhat lower than the national average, according to new federal data.
The average weekly wage during the first quarter of 2019 for those who are employed in Fairfax (wherever they live) was $1,837, according to figures reported by the federal Bureau of Labor Statistics on Aug. 21.
Fairfax’s year-over-year growth rate of 2 percent was below the 2.8-percent growth rate reported nationally, where the average weekly wage of the 355 largest counties in the nation stood at $1,184.
Average wages were higher in 325 of the 355 largest counties (figures also include Virginia’s independent cities).
For the quarter, San Francisco had the highest first-quarter year-over-year gain, with average wages up 10.2 percent to $2,759. But that only ranked second in dollar amount, behind New York County (Manhattan), N.Y., at $3,153 per week, up 2.1 percent.
Also running above $2,000 per week for the quarter:
• San Mateo County, Calif., $2,765, up 1 percent.
• Somerset County, N.J., $2,139, up 2.5 percent.
• Suffolk County, Mass., $2,270, up 0.2 percent.
• Fairfield County, Conn., $2,070, up 4.3 percent.
Among Virginia localities, average weekly wages stood at $1,966 in Arlington, up 2 percent; $1,508 in Alexandria, up 1.3 percent; $1,331 in Loudoun County, up 3.4 percent; $1,298 in Richmond, down 0.6 percent; $1,133 in Henrico County, up 1.9 percent; $1,074 in Norfolk, up 1.1 percent; $1,073 in Newport News, up 3.6 percent; $938 in Prince William County, up 0.4 percent; $937 in Chesterfield County, down 1.6 percent; and $864 in Chesapeake, up 1.9 percent.
Full data can be found on the Website at www.bls.gov.
FAIRFAX TOPS REGION IN ‘INC. 5000’ RANKING: Fairfax County is home to 116 on the updated “Inc. 5000” list of the fastest growing businesses in the nation, representing 37 percent of businesses (and 73 percent of annual revenue) from across the Washington region.
“For one county or city to have a third of all the ‘Inc. 5000’ companies in the region, and 40 percent of the state total, illustrates that entrepreneurial business leaders value the highly educated workforce and quality of life of our location,” said Victor Hoskins, president and CEO of the Fairfax County Economic Development Authority.
“These companies are already generating $9 billion in economic activity for the region, and our goal is to assist them and others in continuing their growth,” said Hoskins, who recently arrived from a similar position in Arlington.
Inc. Magazine ranked Urgent.ly, a Tysons-based transportation and logistics company, as the 12th-fastest-growing company in the nation and the highest-ranked company in the Washington area. Other top performers among Fairfax firms include B3 Group, Herndon (ranked 109); Ridgeline International, Tysons (129); Alpha Omega Integration, Tysons (143); and Take2 Consulting, Tysons (275).
Fairfax County companies accounted for $9.25 billion of the $12.68 billion in 2018 revenues for firms in the Washington area. Fairfax County’s most-represented industry sectors were government services (42 percent), IT systems development (14 percent), IT management (12 percent), business products and services (7 percent), and software (7 percent). These sectors account for 82 of the county’s 116 companies on the ranking.
Across Virginia, 288 companies were included in the current “Inc. 5000” list.
FAIRFAX REAL ESTATE IN MIDDLE OF PACK IN TERMS OF TIME ON THE MARKET: For the first seven months of 2019, Alexandria led all local jurisdictions in quickest trip between a home being placed on the market and a sales contract being ratified.
The median days on the market of just 12 days for Alexandria was one lower than Arlington and five lower than Fairfax County, according to data from MarketStats by ShowingTime. Lagging slightly were Loudoun County (20 days), Falls Church (22 days) and Prince William County (28 days).
Both Arlington and Alexandria are contending with what has come to be known as “the Amazon effect” – dealing with low inventory as some prospective sellers hold their homes off the market in hopes of getting a bigger windfall later. As a result, inventory in each jurisdiction is less than half of what it was a year before, according to market data.
In July, Arlington had the most brisk trip between listing and contract – just nine days – followed in the local region by Alexandria (10), Fairfax County (17), Falls Church (20), Loudoun County (23) and Prince William County (24).
Median days on the market marks the point at which half of homes pick up a ratified sales contracted. When looking instead at average days on the market, Alexandria had the lowest number (30 days) for the first seven months of the year, followed by Fairfax County (37), Arlington and Loudoun (40), Prince William County (44) and Falls Church (46).