Montgomery County, Virginia VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP www.YesVirginia.org Community Profile Montgomery 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 Montgomery County Location Montgomery County, Virginia is strategically located in the mid-Atlantic region The County has a land area of 393 of the United States. With direct access to I-81 and close proximity to square miles and lies in the broad interstates 77 and 64, the county is within a day’s drive of two-thirds of the picturesque area between the nation’s population. Montgomery County is located just 40 miles from Appalachian Plateau and the Blue Ridge Roanoke, 160 miles of Charlotte, 275 miles from Washington, D.C., 200 miles Mountains. from the Research Triangle Region of N.C., and 291 miles from the Port of Virginia in Norfolk. 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 Montgomery County Montgomery County Montgomery County Montgomery County, Virginia, Home to Montgomery County is a progressive, technology-driven community with an Virginia Tech and the Towns of Blacksburg abundance of outdoor amenities. Our small-town charm, natural beauty and and Christiansburg urban appeal make us an attractive place for families, young professionals, and active retirees. Blacksburg and Christiansburg offer all the luxuries you would expect to find in a metropolitan area. There’s great shopping and dining, an emerging arts and music scene, vibrant neighborhoods, and an award-winning transit system. Numerous quaint villages surrounding the towns offer the beauty and serenity of the Montgomery County countryside with all the conveniences of an urbanized area nearby. Virginia Tech, an internationally renowned research university is located in downtown Blacksburg. The Virginia Tech Corporate Research Park provides a catalyst for the region's high tech industry cluster. The 230-acre park is home to over 180 research, technology, and support companies, which collectively employ more than 3,000 workers. www.YesMontgomeryVA.org 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 Montgomery County Labor Market Population Gender Distribution (2016) Male Female Montgomery County 52.2% 47.8% Race/Ethnicity (2016) Profile Extended Classification Area Labor Area White 85,423 361,130 Asian 6,454 7,986 Black 4,128 46,934 Two or More 2,273 7,937 American Indian or Alaska Native 275 1,364 Pacific Islander 49 214 Hispanic (may be of any race) 3,101 37,212 Median Age (2016) 29 years Civilian Labor Force (2016) Montgomery County 49,782 Extended Labor Market Area 207,829 Total 257,611 Labor Force Participation (2012-2016) Montgomery County 58.6% Extended Labor Market Area 59.4% Unemployment Unemployment Rate (December 2017) Montgomery County 3.0% Extended Labor Market Area 3.5% Statewide 3.4% Unemployed (2016) Montgomery County 2,006 Extended Labor Market Area 9,045 Total 11,051 Underemployed (3rd Quarter 2017) Montgomery County 3,908 Extended Labor Market Area 14,753 Total 18,661 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 Montgomery County Labor Market Commute Time (2012-2016) Virginia Polytechnic Institute and State Worked from home 1,551 3.4% University in Blacksburg is the largest Under 15 minutes 19,200 43.6% employer with over 10,000 employees. 15-24 minutes 13,960 31.7% 25-34 minutes 5,637 12.8% 35-44 minutes 2,026 4.6% 45-59 minutes 1,585 3.6% Over 60 minutes 1,629 3.7% Mean Travel Time to Work (minutes) 19 Additional Labor Resources High School Graduates Not Continuing (2015-2016) 88 Two-Year College Graduates (Spring 2016) 2,337 Two-Year College Enrollees (Fall 2016) 13,622 Other College and University Graduates (Spring 2016) 11,600 Total 27,647 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 Montgomery County Labor Market Career Readiness Certificate (01/01/2016-08/31/2017) Virginia is the northernmost right-to-work Virginia’s Career Readiness Certificate (CRC) assists employers by state on the East Coast. certifying that a recipient possesses core skills in applied math, reading for 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. Montgomery County 45 Extended Labor Market Area 542 Total 587 Educational Attainment On-Time Graduation Rate (Class of 2017) 92.8% Percentage of Montgomery County population age 25+ who are high school graduates (2012-2016) 91.3% Percentage of Montgomery County population age 25+ who have earned a Bachelor's Degree or higher (2012-2016) 46.0% 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 Montgomery County Labor Market Employment by Sector* (2nd Qtr. 2017) Virginia continues to rank among Agriculture Forestry Fishing and Hunting 98 0.2% America's leading states for business by Mining Quarrying and Oil and Gas Extraction N.D. N.D. CNBC and Forbes.com. Utilities N.D. N.D. Construction 929 2.2% Manufacturing 5,290 12.4% Wholesale Trade 392 0.9% Retail Trade 5,047 11.9% Transportation and Warehousing 291 0.7% Information 425 1.0% Finance and Insurance 555 1.3% Real Estate and Rental and Leasing 855 2.0% Professional Scientific and Technical Services 2,337 5.5% Management of Companies and Enterprises 130 0.3% Administrative and Support and Waste Management 1,982 4.7% Educational Services 431 1.0% Health Care and Social Assistance 4,203 9.9% Arts Entertainment and Recreation 383 0.9% Accomodation and Food Services 4,494 10.6% Other Services 990 2.3% Total Government 13,479 31.7% Federal Government 211 0.5% State Government 9,005 21.2% Local Government 4,263 10.0% Unclassified 77 0.2% Total 42,490 100.0% 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. However, the Partnership provides this information “as is,” and therefore, assumes no liability arising from the use of this report or data. Community Profile Montgomery County Labor Market Major Employers The population of Montgomery County is Manufacturing projected to top 100,000 by 2020. Company Product/Service BAE Systems Explosives Comprehensive Computer Solutions Computer solutions Comprehensive Computer Solutions Industrial computer design and mfg.