America's Hometown for Corporate Headquarters

CarMax, Goochland County

Booz Allen Hamilton, Fairfax County

Lidl U.S., Arlington County

The last few decades have solidified Virginia’s position as America’s hometown for corporate headquarters. In just the past 10 years, more than 500 companies have relocated to or expanded their headquarters offices in Virginia, attracted to its combination of diverse, world-class talent, exceptional quality of life, stable business climate, and competitive costs.

With the 5th-highest number of Fortune 500 and the 8th highest Fortune 1000 company headquarters in the U.S. in 2023, Virginia represents a diversified ecosystem of more than 800 corporate headquarters in a broad cross-section of industries including technology, defense, food and beverage, and many others such as finance and hospitality and tourism.

America’s Top State for Talent

Ranked No. 1 in the U.S. for Education by CNBC, Virginia has one of the best higher education systems in the world (No. 2 in the U.S. according to SmartAsset). Virginia is home to almost one million professionals in corporate headquarters occupations (e.g., finance, accounting, computer science, data science, HR, and marketing).

Virginia also ensures that new headquarters can quickly attract and onboard high-quality employees by offering a world-class, customized talent acquisition and training solution through the Virginia Talent Accelerator Program. As an alternative, Virginia Jobs Investment Program (VJIP) grants are available for companies that prefer to manage their own recruitment and training. Virginia Talent Accelerator Program clients span industries as diverse as manufacturing (The LEGO Group), aerospace (Rocket Lab), pharmaceutical manufacturing (Civica Inc.), and headquarters (CMA CGM Group).

When we thought about relocating our headquarters, it was really about finding the right location that gave us access to the right talent and the right kind of infrastructure we needed to succeed for the next 100 years, and that turned out to be Virginia. What we found in Northern Virginia is the talent we need to win, and it’s exceeded our expectations.

STEVE PRESLEY Chief Executive Officer, Nestlé Zone North America

The Nestlé USA Headquarters Ripple Effect

When Nestlé USA, a subsidiary of Nestlé S.A., began searching for the site of its new U.S. corporate headquarters, the company’s criteria focused on location and talent. In 2017, following an arduous selection process that spanned 20 cities, Nestlé USA announced plans to invest $39.8 million to establish its U.S. headquarters in Arlington County.

Virginia offered Nestlé an ideal central location within a few hours of many of its operations, and Arlington County offered proximity to decision-makers and key regulatory groups on Capitol Hill to facilitate conversations about U.S. food and beverage products.

Northern Virginia’s robust and diverse workforce was another critical decision factor. With an unrivaled quality of life and assets strong enough to draw a

global workforce, Nestlé USA employees have access to an extensive transportation network as well as access to one of the best public school and higher education systems in the U.S.

Just one year after Nestlé USA’s decision to relocate its U.S. corporate headquarters, Nestlé S.A. subsidiary Gerber Products Company announced plans to move its headquarters from New Jersey to its sister company’s new office in Rosslyn.

The headquarters relocation of two iconic global brands is a powerful testament to the advantages of Virginia’s strategic location, infrastructure, and top-rated talent, and reaffirms that the Commonwealth is a prime location for headquarters operations.

Nestlé USA, Arlington County

Virginia: The Prime Location

for HQ2

After a 14-month competitive site selection process during which Amazon received 238 proposals from communities across North America, the tech giant announced plans in 2018 to invest approximately $2.5 billion to establish a major new headquarters (HQ2) in Virginia, creating more than 25,000 high-paying jobs.

Tech talent represents one of Virginia’s greatest assets as well as its No. 1 opportunity for job growth, and the Commonwealth devised a plan to bridge the gap and build for the future: Virginia’s Tech Talent Investment Program (TTIP).

Virginia committed $1.1 billion to more than double the annual number of graduates in computer science with bachelor’s and master’s degrees in computer science and related fields, ultimately resulting in more than 32,000 additional graduates in excess of current levels. This pipeline will benefit not only Amazon, but also represents a critical source of tech talent for hundreds of existing Virginia employers such as Alarm.com, Appian, Capital One Financial Corporation, CGI Group Inc., and Northrop Grumman.

Fifteen Virginia universities will share state funding over the next two decades for the expansion of their degree programs and construction of new facilities, training the next generation of tech talent in the Commonwealth. The investment is a multi-pronged approach, providing performance-based assessments for bachelor’s and master’s degrees, supporting the associate’s tech degree pipeline in community colleges, and investing $50 million over 20 years in K-12 STEM education and internship programming to connect students to tech jobs, fueling a robust talent pipeline for years to come.

TTIP will also position communities across the Commonwealth for healthier, more diversified economic growth. In addition to the 25,000 direct jobs Amazon will create, the Commonwealth estimates the creation of more than 22,000 permanent direct and indirect jobs in Virginia. Roughly half of the employment is expected to be in tech positions, with a particular focus on software development, engineering, machine learning and artificial intelligence, user experience design, and user interface design.

Virginia Tech Innovation Campus rendering, Alexandria

Amazon HQ2, Arlington County

We were particularly impressed by the dedication to higher education and the K-12 talent pipeline [in Virginia]. The investments the local community and the state are going to make are really going to augment the great talent pipeline, which is a primary reason why we chose the Commonwealth for this new headquarters.

HOLLY SULLIVAN Vice President of Worldwide Economic Development, Amazon

If I look at the future, in terms of how we might shape that future through the Innovation Campus, there are some huge opportunities ... It’s really important to get into the ethics, the policy piece, and doing it in the vicinity of the nation’s capital in all that tech concentration, Northern Virginia.

TIM SANDS President, Virginia Tech

State

Virginia has one of the most diverse talent pools of corporate professionals in the country, ranking among the top 10 states for the percentage of corporate professionals who are Black or Asian American, and among the top 15 states for the percentage of professionals who are Hispanic. Virginia’s corporate headquarters talent also stands out for its international character, ranking 9th in the country for its share of foreign-born employees.

Virginia maintains an ongoing commitment to diversity and inclusion through numerous government, industry, and non-profit initiatives. For example, Virginia was the first state in the Southeast to extend workplace protections to LGBTQ+ professionals.

Appian, Fairfax County

In 2020, Virginia became the first state in the South to extend workplace antidiscrimination protections to the LGBTQ+ community. The Virginia Values Act (VVA) expanded the Virginia Human Rights Act by including the LGBTQ+ community and by increasing the number of employers subject to the law. Before this expansion, the Virginia Human Rights Act was only applicable to small employers, but these new changes extended the law’s protections for non-age-related discrimination to any employer with more than five employees.

Old Town Alexandria Waterfront

Virginia Pride’s PrideFest, Richmond

Lewis Ginter Botanical Garden, Henrico County

Torc Robotics, Montgomery County

Leidos, Fairfax County

CACI International, Fairfax County

Attractive, Stable, and Predictable Operating Environment

Ranked one of America’s top states for business, Virginia is frequently recognized for its favorable regulatory climate and consistently rated one of the best-run states in the country. The Commonwealth also offers low and stable business taxes, as well as favorable salaries and corporate lease rates, providing headquarters operations with stable, competitive, and predictable costs for the long-term.

Virginia has had a stable 6% corporate income tax rate, one of the lowest in the nation, since 1972.

Virginia’s metro areas offer a lower average lease cost for Class A office space than many popular headquarters locations in the United States.

Sound economic policy and prudent financial management has earned Virginia an AAA credit rating since 1938 — longer than any other state.

From highly urbanized areas to medium metros and rural areas, Virginia’s construction costs fall below the national average by 5% to 15%.

Illustrative Examples

Strategic Location that Enables Global Connectivity

Virginia’s location at the center of the East Coast offers headquarters proximity to key economic hubs, including critical customer markets like the federal government, Northeast corridor, and Southeast metro areas. Virginia also offers an easily accessible base of operations for international companies expanding their footprint into North America by placing headquarters locations in the Eastern Time Zone.

Our location in the Mid-Atlantic area puts us in the middle of our eastern customer base. We can drive to all of the East Coast in less than a day. The East Coast time zone also facilitates communication with our European and West Coast colleagues.

DENISE WOERNLE Vice President, Framatome, Inc.

Volkswagen Group of America Drives Jobs and Investment in Virginia

In 2007, Volkswagen Group of America, a wholly owned subsidiary of Volkswagen AG, one of the world’s leading automobile manufacturers and the largest carmaker in Europe, announced the relocation of its U.S. headquarters to Fairfax County, representing a $118 million capital investment and 401 new jobs.

In the search for a new U.S. headquarters operation, the leading global brand sought a location that offered enhanced connectivity to its customers, a robust workforce, and an ecosystem of innovation. Fairfax County was the company’s choice, providing access to highly skilled talent, an international gateway to Europe and the world through Washington Dulles International Airport, and a high quality of life for employees.

In 2012, the company expanded with a $2 million capital investment and the creation of an additional 130 jobs. Satisfied with its success in Northern Virginia, Volkswagen recently signed a new 20-year lease for a 196,000-square-foot facility to retain its U.S. headquarters in Fairfax County and bring its family of brands under one roof. The new state-of-the-art office in Reston Town Center will house the U.S. operations of a worldwide family of distinguished brands, including Audi, Bentley, Bugatti, Lamborghini, and Volkswagen, as well as VW Credit, Inc. and Electrify America — the largest open ultra-fast charging network in the U.S. Ranked No. 15 on the Fortune Global 500 in 2023, Volkswagen is one of the bestknown worldwide brands and one of the many international businesses that have chosen to establish their headquarters in Virginia.

Robust Global and Local Connectivity

Corporate travelers have access to world-class, global flight service from Northern Virginia’s airports, as well as frequent direct flights to key markets such as Boston, Chicago, Los Angeles, New York, Philadelphia, Charlotte, Atlanta, and other hubs from airports located throughout the Commonwealth.

Virginia’s network of public transit via rail, metro, and bus system offers headquarters talent access to environmentally friendly transportation solutions, ranking No. 1 among Southeastern states for public transit usage.

Virginia also provides ubiquitous access to broadband for headquarters in large and small metro areas and boasts the No. 3 fastest internet speed in the country according to WalletHub.

16 commercial airports serve Virginia with direct flights to 100+ domestic and 50+ international destinations

47% of the U.S. population located in the Eastern Time Zone

$36.6 billion committed for transportation projects over the next six years

# 1

among Southeastern states for public transit usage

# 3

fastest internet speed in the country according to WalletHub

We have chosen Fairfax County, considered the East Coast center of technology innovation, for its proximity to the nation’s capital, a vibrant business community, access to several international airports and Metro’s Silver Line, and an incredibly diverse and highly educated workforce.

MICHAEL J. SAYLOR Executive Chairman and Founder, MicroStrategy

We serve the U.S. market and export to over 80 countries from our location in Virginia Beach. The Port of Virginia was one of the reasons we chose this location more than 45 years ago, and as we have grown, the port has become integral to our success.

MicroStrategy, Fairfax County STIHL Incorporated, Virginia Beach

BJOERN FISCHER President, STIHL Incorporated (2016–2021)

Exceptional Quality of Life

With a competitive cost of living, a mild four-season climate, and a diverse range of natural and cultural attractions, Virginia offers an exceptional quality of life. Vibrant urban centers and picturesque small towns are alive with arts, culture, history, and stunning landscapes. Outdoor enthusiasts are within easy driving distance to the scenic shorelines of Virginia’s beaches and rivers as well as hiking trails and mountain vistas. For these reasons and many others, Forbes ranked Virginia No. 1 in the U.S. for Quality of Life.

Tinker Cliffs, Botetourt County

Virginia Creeper Trail, Washington County

The Omni Homestead Resort, Bath County

Smith Mountain Lake, Bedford County

Arlington County

Sandbridge, Virginia Beach

Carpenter Theatre, Richmond

The James River is a popular destination for water activities, particularly near the fall line, which passes through downtown Richmond. The rapids there are billed as the only urban Class III-IV rapids in the United States.

Expertise • Collaboration

Solutions

The Virginia Economic Development Partnership’s team of dedicated and knowledgeable professionals is committed to Virginia’s economic success, and connects industry-leading businesses to the resources they need to make relocations and expansions successful. From site selection, customized research, cost analysis, and coordination with public and private partners, to discretionary incentives and workforce solutions, VEDP’s services are tailored to companies’ unique requirements.

To learn more about VEDP’s expertise and resources, visit VEDP.org.

© August 2023