The full economic impact of Amazon’s new Northern Virginia-based headquarters is still being realized. A report that was released earlier this month estimates that the new Amazon HQ will bring $15 billion in new economic activity to Northern Virginia in the next 12 years. It also projects that the new headquarters will bring 62,000 new jobs to Northern Virginia and the D.C. area by the year 2030.
Annual breakdown of Virginia Amazon HQ’s economic impact
The report breaks down the annual economic impact of the new Amazon headquarters, estimating that the new Amazon offices will bring in an additional $6.4 billion to the area annually, supporting close to 28,000 jobs each year between 2019 and 2030.
These numbers only account for job growth directly tied to the new Amazon offices. The impact of spinoff companies and businesses that are developed as a result of the new HQ and to support the additional employees and residents is projected to be nearly double what the offices will bring in.
Who will benefit?
Virginia will be the largest benificiary of the incoming money, according to the report. The study says that Virginia will reap benefits through individual income and sales tax, totalling $14.2 billion in economic activity. That includes 59,000 new jobs in Virginia and over $1.8 billion in new revenue from state taxes.
The study was not all-encompassing. It didn’t include the $1.1 billion Virgina plans to spend to expand and advance technology education state-wide. This expansion includes a new Virginia Tech graduate school campus (located a convenient two miles from the site of the new Amazon offices).
While the full impact of Amazon’s new offices will only be realized over the course of the next few years, it’s safe to say that it will have a huge impact on Virginia’s economy and job growth. The future is brighter than ever for people living in and near Tysons, especially those who are in the tech industry or are planning on getting a tech-related degree.