The Northern Virginia Regional Commission has released a new report analyzing the effects of foreign direct investment and found that its impact is significant.
The commission calls it a first of its kind report in the commonwealth. For the purpose of its report, it included Arlington, Fairfax, Loudoun and Prince William counties and the City of Alexandria. It assessed all sectors except retail.
The report found there are 1,252 foreign establishments in Northern Virginia employing almost 51,000 people with $6.8 billion in wages annually.
Foreign direct investment in Northern Virginia accounts for 4.6% of all job creation, the report said.
The top five foreign investors in the region ranked by job creation are:
- United Kingdom — 11,980 jobs and 247 establishments
- Germany — 5,976 jobs and 101 establishments
- Canada — 4,590 jobs and 39 establishments
- Ireland — 3,986 jobs and 39 establishments
- France — 3,651 jobs and 100 establishments
Professional, scientific and technical services account for nearly half of all jobs at foreign companies with a presence in Northern Virginia.
Those establishments have an average of 40.6 employees, compared to 13.9 employees at all companies in the study.
The Northern Virginia Regional Commission completed the report with partners Go Virginia Region 7 Council, economic development authorities in all counties and Alexandria.
The full report on the impact of direct foreign investment in the region can be found on the NRVC website.