Virginia’s Star Continues to Rise, Northern Virginia Drives its Economic Growth

Virginia has been named 2024 State of the Year by Business Facilities, marking a historic third time the Commonwealth has received this top honor from the magazine. This recognition reflects Virginia having one of the strongest business climates, due in part to its strategic location, skilled workforce, and pro-business policies.

“Virginia’s recognition as Business Facilities’ 2024 State of the Year is a testament to its strong economic foundation,” said Victor Hoskins, President and CEO of the Fairfax County Economic Development Authority. “I believe this achievement highlights the State’s commitment to fostering innovation and growth. For Fairfax County, it further supports our position as the premier destination for businesses seeking to succeed. We are proud to be part of a state that continues to create opportunities for our economy.”

As Virginia’s Star continues to rise, Northern Virginia drives its economic growth with a GDP surpassing $300B.

Northern Virginia (NOVA) is the economic driver of the Commonwealth of Virginia with a GDP of $302 billion, representing a 9% growth year over year and 42% of the state’s GDP. The NOVA economy is also larger than those of 24 U.S. states, the District of Columbia, and if a country, it would be the 47th largest economy in the world.

Fairfax County continues to be the key contributor to the growth of the NOVA economy with a GDP of over $167B, representing annual growth of 9.3%, outpacing that of the region and the nation.

Read More About the NOVA Powerhouse Economy

Business Headlines and Contract Wins

• GDIT wins $5.57B contract to upgrade military communications system (Virginia Business)
• Making AI a Team Sport: Empowering Federal Agencies in AI Integration (FEDGOV Today)
• GMU to help Fairfax County adopt AI tech for 911 call center (FFXNow)
• VMD, SureScan, The Chertoff Group Launch Aviation Security-Focused Joint Venture (GovConwire)
• Leidos secures $987 million F-16 support contract (Investor.com)
• Reston’s Silent Push raises $10M to grow local office and expand internationally (Washington Business Journal)
• Herndon data security firm Exostar acquires two companies (Washington Business Journal)

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