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Economy

A pro-business climate, desirable location and easy access to major markets make the Fredericksburg Region attractive to potential investors. Prime office, commercial, and industrial spaces are available, as are large tracts of land for new buildings that are ideal for communications and electronics companies and high-tech manufacturing. Local colleges offer traditional degrees, career development programs, technical and customized training – creating a diverse skilled workforce.

Corporate executives relocating or expanding in the area have access to a strong labor pool. The Fredericksburg Region has a local workforce of 125,000 workers. Almost one million commuters reside within a 40-mile radius of the region. Half the region’s workers commute long distances, but most would prefer comparable positions closer to home.

Education levels surpass the national average. More than 70 percent of area workers are college-educated and have managerial, professional and technical skills. The region has one of the country’s highest concentrations of Ph.D.s.

The $35 million Stafford Regional Airport, designed for cargo and corporate jet traffic with wingspans of up to 80 feet, has provided a big boost to the area economy. It is convenient to commuter rail, and adjacent land is ready for building. The full-service airport has foreign trade zone capability and the potential to expand its 5,000-foot runway an additional 1,000 feet, allowing for larger planes and more flights.

The Fredericksburg Region’s existing infrastructure includes a high-speed fiber optics telecommunications system that is part of an 18,000-mile national system. It creates the potential for a telecommunications park at the site of the system’s amplifier.

To create a hospitable business environment, state and local governments offer tax credits, free counseling, and financial and technical assistance for start-ups, expansions, and relocations. Economic development professionals acquaint prospective businesses with the area and provide incentives to encourage corporate investment.

The Fredericksburg Regional Alliance is one of the area’s leading economic development organizations. It is a public/private partnership that aggressively markets the region, recruits new industry and helps existing businesses expand. FRA works closely with private industry and area educational institutions to provide the best training possible to the area workforce.

The Fredericksburg Regional Chamber of Commerce is a networking, marketing and advocacy resource that provides many benefits to businesses. The Chamber responds to community and business needs as they develop, prepares businesses for future changes in the workplace and advocates for a continued strong business environment.

With a long tradition of cooperation among the localities, businesses can rely on community leaders to think regionally and consider everybody’s success. Through shared resources, the strengths of each locality become available to businesses throughout the entire region.

A newer project called Celebrate Virginia will enhance the region’s economy. Celebrate Virginia is a tourism and corporate campus with a convention-exposition center, hotels, restaurants, shops, historical and cultural attractions, golf resorts and an eco-tourism center on 2,500 acres along the Rappahannock River. The U.S. National Slavery Museum will be located on a 38-acre site adjacent to Celebrate Virginia. Other new retail projects underway include Cosner’s Corner and Harrison Crossing in Spotsylvania County.