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King George County, Virginia

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King George County, Virginia King George County, Virginia VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP www.YesVirginia.org Community Profile King George County State Map Only a few locations can guarantee the right combination of resources that are crucial to your business’s success. Virginia’s premier location offers excellent domestic and international access. Centrally located on the U.S. East Coast, 40 percent of the U.S. population is within a day’s drive, and our integrated transportation system of highways, railroads, airports and seaports ensures that you can reach every one of your markets efficiently. Close proximity to Washington, D.C. facilitates contact with policy makers and the federal government system. Virginia continues to rank among America’s leading states for business by CNBC and Forbes.com. Business-first values, easy access to markets, stable and competitive operating costs, and a talented workforce all drove Virginia to the top. This unique combination of assets has encouraged businesses to prosper here for more than 400 years. Like you, they searched the world over for that convergence of resources that would help ensure their prosperity. For them, their search ended here. Chances are yours will too. • AAA bond rating- Virginia has maintained a AAA rating since 1938, longer than any other state. • Right-to-work law allows individuals the right to work regardless of membership in a labor union or organization. • Corporate income tax rate of 6% has not been increased since 1972. • Headquarters to 37 Fortune 1000 firms. • Headquarters to 52 firms each with annual revenue over $1 billion. • More than 17,300 high-tech establishments operate in Virginia. • More than 700 internationally-owned businesses from 45 countries are located in Virginia. • Ranks third among the 50 states as a recipient of federal R&D funds. • Streamlined permitting process. • Recruitment training programs to help new businesses become operational faster. • Programs at little or no cost to help businesses increase international sales. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 1 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County Location King George County, located in central Virginia, is approximately 83 miles King George County is located within the southeast of Washington, DC; 60 miles north of the state capital Richmond; Greater Fredericksburg Region which and 143 miles northwest of Norfolk. Bounded by the Potomac River on the has a total population of 328,000. north and the Rappahannock River on the south, King George is the gateway to Virginia's historic Northern Neck peninsula. The county is served by two major transportation routes, I-95 and Route 301, providing easy access to major markets both north and south in a day’s drive. Route 3, a four-lane, state maintained route, gets vehicles to I-95 in 25 minutes and to Route 301 in 10 minutes. Finally with direct access to CSX rail, businesses can move products and supplies by rail to major population centers throughout the United States in a quick and efficient manner. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 2 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County King George County King George County King George, Virginia is strategically location in the Mid-Atlantic region with easy access to major transportation routes leading to markets in the north, south and western regions of the country. It maintains a very diverse mix of economies with business representation from light industrial to high tech. The King George Industrial Park is home to many of the county's light industrial and manufacturing operations while the vast majority of the county's high technology, software, and engineering firms are located near Naval Support Facility-Dahlgren. This naval weaponry base is the County's largest employer with over 7500 military, federal, and civilian jobs and is home to seven major commands, including Naval Surface Warfare Center Dahlgren Division, a critical component of the largest research and engineering organization for the Department of Defense. King George County located in the Fredericksburg Region VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 3 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County Labor Market Population Gender Distribution (2016) Male Female King George County 50.5% 49.5% Race/Ethnicity (2016) Profile Extended Classification Area Labor Area White 20,184 922,327 Black 4,301 849,932 Two or More 922 66,539 Asian 385 101,473 American Indian or Alaska Native 165 19,187 Pacific Islander 27 3,461 Hispanic (may be of any race) 1,267 16,471 Median Age (2016) 38 years Civilian Labor Force (2016) King George County 12,268 Extended Labor Market Area 1,024,991 Total 1,037,259 Labor Force Participation (2011-2015) King George County 68.7% Extended Labor Market Area 70.3% Unemployment Unemployment Rate (June 2017) King George County 3.9% Extended Labor Market Area 4.1% Statewide 3.9% Unemployed (2016) King George County 512 Extended Labor Market Area 42,218 Total 42,730 Underemployed (2ndQuarter 2017) King George County 1,416 Extended Labor Market Area 105,244 Total 106,660 VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 4 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County Labor Market Commute Time (2011-2015) Naval Support Facility-Dahlgren is home Worked from home 392 3.2% to seven major commands, including Under 15 minutes 2,173 18.3% Naval Surface Warfare Center, Navy Air 15-24 minutes 2,897 24.4% and Missile Defense Command, Aegis 25-34 minutes 2,256 19.0% Ballistic Missile Defense Program, and 35-44 minutes 914 7.7% Joint Warfare Analysis Center. 45-59 minutes 1,057 8.9% Over 60 minutes 2,576 21.7% Mean Travel Time to Work (minutes) 36 Additional Labor Resources High School Graduates Not Continuing (2015-2016) 27 Two-Year College Graduates (Spring 2016) 3,036 Two-Year College Enrollees (Fall 2016) 30,444 Other College and University Graduates (Spring 2016) 1,161 Total 34,668 VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 5 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County Labor Market Career Readiness Certificate (01/01/2015-05/31/2016) Virginia continues to rank among Virginia’s Career Readiness Certificate (CRC) assists employers by America's leading states for business by certifying that a recipient possesses core skills in applied math, reading for CNBC and Forbes.com. information, and locating information. The CRC certification is based on established Workeys ® assessment tests. Virginia uses a three-tiered approach (bronze, silver, gold) to credentialing certificate holders that is based on the recipient’s level of development skills. King George County 10 Extended Labor Market Area 460 Total 470 Educational Attainment On-Time Graduation Rate (Class of 2016) 94.8% Percentage of King George County population age 25+ who are high school graduates (2011-2015) 92.7% Percentage of King George County population age 25+ who have earned a Bachelor's Degree or higher (2011-2015) 32.3% VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 6 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile King George County Labor Market Employment by Sector* (4th Qtr. 2016) The County currently enjoys “A1 / AA / Agriculture Forestry Fishing and Hunting 99 0.9% A+” ratings from Moody’s, Standard & Mining Quarrying and Oil and Gas Extraction N.D. N.D. Poor’s, and Fitch, respectively. Standard Utilities N.D. N.D. & Poor’s upgraded their rating in June of Construction 330 2.9% 2009. Manufacturing 79 0.7% Wholesale Trade 149 1.3% Retail Trade 841 7.4% Transportation and Warehousing 115 1.0% Information 94 0.8% Finance and Insurance 160 1.4% Real Estate and Rental and Leasing 61 0.5% Professional Scientific and Technical Services 2,120 18.5% Management of Companies and Enterprises N.D. N.D. Administrative and Support and Waste Management 314 2.7% Educational Services 11 0.1% Health Care and Social Assistance 347 3.0% Arts Entertainment and Recreation 18 0.2% Accomodation and Food Services 444 3.9% Other Services 298 2.6% Total Government 5,854 51.2% Federal Government 4,740 41.5% State Government 69 0.6% Local Government 1,045 9.1% Unclassified 8 0.1% Total 11,433 100.0% N.D. - Not Disclosed *By Business Establishment VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 7 Every reasonable effort has been made to assure the accuracy of this report through the use of standardized, reliable data sources, including the community.
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