view and - King George County Department of Economic
Transcription
view and - King George County Department of Economic
Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Welcome! Want to learn more about the businesses and events that play an integral role in King George County’s prosperity and quality of life? Welcome to the second issue of the quarterly e-newsletter from the Department of Economic Development. In each issue we will feature King George County businesses of all sizes and types and also feature tourism related items. The newsletter will also recap important economic development metrics that help measure the impact of businesses upon our local economy. Recognizing the natural synergy between economic development, tourism, parks and recreation, each issue will also highlight upcoming events scheduled through the County Parks and Recreation Department. The newsletter is free and available online to everyone. If you would like to receive the newsletter directly into your email, please contact us. We welcome your suggestions for future articles! Linwood Thomas Director, Department of Economic Development and Tourism 540.775.8524 [email protected] 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Investing in Infrastructure. Does it make sense? By Linwood Thomas, Director, King George County Economic Development In the movie Field of Dreams, Kevin Costner hears a voice tell him, “If you build it they will come.” The voice he heard was right and in many cases it is also true in economic development. Linwood Thomas Director of Economic Development This does not mean that a locality should fund every economic development infrastructure improvement. But it does mean that each project should be analyzed for the long-term return on investment potential it can bring to the locality and its taxpayers. Over a 30-year window, on average, it is estimated that infrastructure improvements made to a site or specific area will generate 29 times that return to the tax base. This average is evidenced whether the investment is made by the locality or by private investors. This potential pay-off is substantial, but it takes time for a locality to realize the return on its investment because the improvements often involve fiber, water and sewer, rail or gas. The investment can be substantial and the return may not be realized for years. Citizens and elected officials want to see an immediate return on money invested. This understandable, but not always realistic. Sometimes compromise is the best solution. A current example can be found at the King George County Industrial Park. Overall, the park is well positioned on the Eastern Seaboard, between two Metropolitan Statistical Areas, within on day’s drive of 60% of the nation’s population. The park offers low tax rates and a low cost-of-business. One would think these attributes would make our Industrial Park a prime location for major corporate investments. However, until recently, the park did not attract significant interest among potential investors. This is primarily because the Industrial Park’s lacks infrastructure, including fiber, gas and rail. These basic necessities must be in place in (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 order to attract a corporation contemplating a relocation or expansion. One example of this is fiber. Today, fiber is as important to business as electricity was in the 1930’s. Without fiber, most corporations will not consider a locality, moving on to others with site ready properties. The recent announcement about the relocation of Commercial Metals Corporation, a Fortune 500 Company, to the King George Industrial Park was a huge win for the County, not only because of the firm’s name recognition, but also because it validates the Board of Supervisors’ commitment to vital infrastructure improvements. If the Board can show the return on investment to the tax base for these infrastructure improvements over a shorter window of time, it makes the expense much more palatable. In many cases the infrastructure improvements are just as important as a major new project announcement. So what does this mean for the future of the Industrial Park? Corporations do not want to wait for promises from a locality to install critical infrastructure. They will quickly move on to another location. These critical improvements in fiber, rail, water and sewer and the commitment from Columbia Gas to install gas in the next 18 months will lead to significantly renewed interest in the King George County Industrial Park. This interest will evolve over the next two to five years into project announcements for new corporate relocations and expansions in the County’s Industrial Park. Its success will serve as a model for infrastructure improvements in other parts of King George County and the region. So, “they will come if you build it.” The key is to make sure the long-term investment outweighs the initial cost. In most cases, it will. 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Dahlgren bases’s economic impact remains strong, despite sequestration Looking at the Dahlgren base as a business, it’s a BIG business, according to a recent economic impact study. It employs or supports almost 7,000 employees and one-third of them live in King George County. Its civilian and military payrolls were almost $500 million and $33 million, respectively. These numbers also show that the base’s impact on the local economy, despite sequestration, has remained vibrant. “Despite ongoing fiscal uncertainty in the Department of Defense (DoD), Naval Support Facility (NSF Dahlgren remained a major economic contributor to the communities surrounding the installation in fiscal year 2014 (FY14),” according to a report by Naval Support Activity South Potomac (NSASP). The purpose of the study was to measure the economic impact the base had on local communities at minimum; the actual economic contribution of the base, a complex calculation beyond the scope of the report, is estimated to be greater. The report examined several aspects of commands at Dahlgren, including the number of employees, contractors and service members, their geographic distribution, military and civilian payroll, budget authorizations, total contracts and local contracts. The latter data point calculated contract dollars from NSASP-based commands and activities spent in the localities in the immediate vicinity of NSF Dahlgren. Though the study sought to incorporate the most current data available, in some cases numbers from fiscal years 2013, 2012 and 2011 were included to provide a more comprehensive summary. At NSF Dahlgren, employment numbers remained steady in comparison to the FY13 report, with a few measurable but minor decreases related to attrition. A total of 6,895 federal employees, service members (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 and contractors work onboard the installation. Unlike last year’s report, the figures did not include Dahlgren–or Indian Head-affiliated contractors working off site. More than 34 percent of personnel assigned to Dahlgren live in King George County, with Spotsylvania County hosting the second most Dahlgren personnel at more than 14 percent. Total civilian and military payroll at Dahlgren during FY14 was $493.21 million and $32.79 million, respectively. Total budget authorizations for the commands and activities at NSF Dahlgren totaled more than $3.5 billion, with total contract expenditures of $2.2 billion. More than $482 million of those contract dollars were spent locally. The study defined local contract dollars as those spent in the Virginia counties of King George, Spotsylvania, Stafford, Caroline and Westmoreland, and the city of Fredericksburg, and the Maryland counties of Charles, St Mary’s and Prince Georges. The numbers show the installation holding steady in their economic impact on surrounding communities despite the implications of the Budget Control Act of 2011, more commonly known as the sequester. However, it must be noted that the effects of the sequester were partially mitigated by the Bipartisan Budget Act of 2013, which raised the spending limits imposed by the sequester during FY14 and FY15. The sequester cuts to the DoD will go back into effect at the end of FY15, though Congress may yet reach a new budget resolution. 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Economic Development Breakfast leads to business expansion for Paws in Motion The King George Quarterly Economic Development Breakfasts have given Dave Zellmer, Co-Owner of Paws in Motion, more than networking opportunities. The gatherings have helped him connect with regional small business resources that are helping Zellmer secure the funding to expand his business. “We’ve had a business plan since we opened Paws in Motion in 2009. In order to expand, we knew we needed more funding, but banks and the Small Business Administration want a lot of information. We were struggling, not knowing what to do next,” Zellmer said. Then he attended a quarterly economic development breakfast featuring Mary Purnell, Director of the University of Mary Washington’s Small Business Development Center. “Mary not only advised us, she also connected us with Brenda Billington, Vice President of REDCO. Brenda helped us expand our business plan and connected us with banks,” he said. “We would never have been able to figure out all of this on our own. Mary and Brenda helped us and got us in touch with the right people.” Jess and Dave Zellmer with Nyla (l) and Higgins (r). Now Zellmer and his wife, Jess, have a loan commitment letter from a local community bank and they are moving ahead with the expansion. When the new 7,000 square foot Paws in Motion facility opens next year adjacent to the current one at 13453 Shiloh Loop, it will mark a significant accomplishment in Zellmer’s pet care career. “I’ve wanted to be involved in pet care since I can remember,” he said. When the Zellmers moved to Fredericksburg in 2004, he started a pet sitting business. Jess, an audiologist, works as a sales representative (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 for a medical device manufacturer. As Co-Owner of Paws in Motion, she is also very active in the business. “I saw the pet sitting business as a good stepping stone to someday operating my own pet care facility,” Zellmer said. Their step-by-step approach involved building their first home in a location where the pet care business could also be established. Paws in Motion provides daycare for dogs, overnight boarding for dogs and cats, and extra services such as grooming and baths. The Zellmers decided to establish their home and business in King George County on Shiloh Loop, just off of Rt. 3, near Rt. 301. The county not only welcomed them, it also has proven to be an excellent market. “Throughout my years as a pet sitter closer to Fredericksburg, I had a lot of requests for service from people in King George, especially from those who work in the Dahlgren area,” Zellmer said. “The move to King George has allowed us to maintain many of our clients from the Fredericksburg area, yet also serve King George clients and expand our market into Westmoreland County.” The Zellmer’s currently live on-site at Paws in Motion and offer very personal and family oriented care for pets. In addition to boarding and grooming, the facility offers indoor and outdoor areas to provide a fun, safe atmosphere for pets to spend the day exercising and enjoying the company of other pets. The new building will link to and increase the size of the existing “play yards.” It will also provide additional indoor play areas for the dogs during extremely hot or cold weather, training space and multiple suite options for overnight guests. (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 “Our business model will continue to provide the dogs with lots of activity and abundant human interaction during the day, and a comfy place to snooze at night,” Zellmer said. They also hope to expand their space for grooming and even offer a ‘do-it-yourself ’ dog wash. The existing facilities will transition to offices and a break room for employees. They expect to grow from a workforce of six to up to 20 after the expansion. The expanded facility will also support the Paws in Motion Strategic Vision for exceptional pet care. According to their Vision, “Our customers become a part of our family, and we become a part of theirs. We’re not just another stop on the to-do list. We care and we know them and their dogs, and they value us for that.” Their pride in their work is also evidenced in the Vision. “Paws in Motion is a place where people with a true passion for pets can flourish… In a world of chaos and frustration, we have the privilege of spending our days doing something we love and sending home healthy, happy, well-adjusted dogs that will be the ‘stress busters’ they were meant to be. We are part of a great team bringing ‘good’ and giving back to those who use our services.” 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 BCI’s new Office Suites and Co-Working Space provides new opportunity for cost-conscious contractors For Ted Hontz, Vice President of BCI Dahlgren, taking over the entire Williams Creek Office Building with its excellent visibility and signage on Dahlgren Road and establishing an office suites venture, just makes good business sense. He believes it represents an opportunity for defense contractors trying to establish a cost-effective presence in Dahlgren and for those already located in the market hoping to cut costs. BCI Dahlgren has been located at the office building since 1997, along with several other contractors. This April, BCI took over the entire building and is now leasing 16 offices through its new BCI Office Suites and Co-Working Spaces. This is a new concept in office leasing for King George, although it is well established elsewhere through companies like Regus that already offers facilities throughout Northern Virginia and at Quantico Corporate Center in Stafford and soon in Central Park in Fredericksburg. (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 BCI’s new enterprise will offer 16 offices within the Williams Creek Office Building—approximately one-quarter of the space or 5000 square feet—for lease to other firms. BCI will continue to occupy the remaining three quarters of the space. Everyone renting the fully furnished, turnkey offices from BCI will have access to an impressive conference room, a lobby and lounge, plus a full kitchen. “Until now, if a contractor wanted to have a presence in the Dahlgren base area, they would probably have to rent more space than needed and that’s expensive,” Hontz said. “Now companies can establish a presence in Dahlgren at a very reasonable price and get signage on Dahlgren Road.” Alion Science and Technology Corporation, the first new tenant in the office suites, affirms Hontz’s theory. “Alion Technologies is a defense contractor headquartered in McLean, VA. They want to grow their business in Dahlgren, so they have rented an office here that will be used by their business developers and employees working inside the base,” Hontz said. Battelle exemplifies the second market for the new office suites—those who wish to downsize and reduce costs. Until recently, Battelle, a large contractor based in Columbus, Ohio, rented a suite of offices in the Williams Creek Office Building. The organization does bio-chem work for the Dahlgren base. “There is great pressure for government contractors to reduce their costs. Many have also reduced personnel and no longer need as much (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 space. When their lease expired recently, Battelle took the opportunity to reduce their costs by leasing four offices from us within the same building, enabling them to maintain their presence at Dahlgren at a much lower cost. There are probably other companies already in the Dahlgren area who are also interested in reducing their overhead costs,” Hontz said. Kim Lewis, a BCI Program Director, has taken on the additional job as manager of the office suites complex. “This is a work in progress and with five offices already rented we’re on track. We’ll be opening the daily co-working part of our plan as Phase 2 of our rollout” Lewis said. “We are also looking at providing a VTC capability if it looks like there will be a demand for that. We’re excited about the early interest we’re seeing and we really haven’t done much marketing yet.” BCI’s location in King George has been a decided advantage for the firm that provides professional engineering to the Navy. “King George is a great place to do business. It’s rural character suits my lifestyle and the taxes are lower than in the Fredericksburg area and Northern Virginia,” he said. “Although close to one-half of our work is done for clients inside the Beltway, we have a double advantage over our competitors. There’s at least a 10% salary differential between Northern Virginia and King George, and our rental costs are significantly lower.” “These factors enable BCI Dahlgren to provide high quality talent to Northern Virginia customers at prices that are very difficult for our competitors to match,” Hontz said. BCI has been successful in recruiting high quality talent, partly because of its supportive work environment. Last year, Virginia Business Magazine named the company one of the “Virginia Best Places to Work.” (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 “We have a stable, professional work force and I attribute part of that to our family-friendly, flexible environment,” Hontz said, noting that BCI was nominated for the award by their employees. BCI employs 70 individuals, many former military and a number with doctorate and master’s degrees. Approximately 50 work at the Dahlgren facility and the rest support the firm’s contracts elsewhere. BCI Dahlgren provides the Navy with Human Systems Integration, Interoperability Engineering, Operational Systems Safety, Systems Engineering, Training and Training Systems Support, Weapon and Combat Systems Engineering. It is a division of Basic Commerce and Industries, Inc. with headquarters in Moorestown, N.J. 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Community college chancellor seeks business perspective in training competitive workforce Dr. Glenn DuBois, Chancellor of the Virginia Community College System (VCCS) Higher education leaders across the Commonwealth are taking a new approach to the employability of Virginia’s workforce, according to Dr. Glenn DuBois, Chancellor of the Virginia Community College System (VCCS). “Creating new opportunities and expanding existing ones won’t happen without a new perspective in Virginia’s higher education,” DuBois told local business leaders in a recent Town Hall Meeting at Rappahannock Community College (RCC). The “bachelor’s or bust” approach is less important in terms of employability than certification in a variety of general and specialized skills, according to DuBois who is holding a series of Town Halls throughout the state. Nationally, Virginia ranks fourth as the “best state in which to do business,” and sixth as an educated workforce. However, this education is very unevenly distributed. Virginia’s urban population ranks second in the United States in education, while its rural population—particularly within the “Rural Horseshoe,” stretching from the Eastern Shore across southern and southwest Virginia, then sweeping up and across the western mountains to Virginia’s northernmost tip—trails in at a shameful fiftieth. (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 Pete Mansfield, Middlesex County Board of Supervisors, speaks with Chancellor DuBois. Donna Alexander, RCC Vice President of Instruction and Student Development (back to camera) and Craig Herndon, VCCS Vice Chancellor for Workforce Development speak with Chancellor DuBois. VOLUME 2. 2015 Virginia’s community colleges currently offer 468 certification programs that are affordable, cost-effective and relatively short-term. DuBois dubbed them “the fastest way out of poverty.” The programs train workers to be electricians, welders, nurses aides industrial technicians plumbers, pharmacy technicians, truck drivers, Cisco-certified network engineers, and Microsoft and Oracle database administrators, among others. These certifications are obtainable in months, not years, and they are “stackable,” meaning that about one third of them can be credited toward a future degree. During the discussion, DuBois asked the business leaders, “How can these skills and competencies help your business?” “How can they help your region? How can we help each other in this work?” “The audience confirmed the need for credentialing employees,” said RCC Vice President for Workforce and Development Jason Perry. “It was interesting that some of the business and industry participants did not realize that there are certificate programs already in place at the college.” “I think the discussion opened the line of communication between employers and the college staff,” Perry added. Although Virginia has almost 500 certification programs at various locations, the state’s offerings constitute only a small fraction of the tens of thousands of such programs available across the nation. “Other states already invest in the training that leads to these credentials, but not Virginia,” DuBois said. He stressed that change is needed, particularly in higher education funding. Perennially underfunded community college budgets do not allow for the (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 growing need for workforce training. Job openings exist, but employers have difficulty finding applicants with the right skills to fill them. Legislation passed in the General Assembly this year tasked the VCCS to create a plan to make workforce certificate programs a higher priority and expand course offerings, enabling Virginia to become more competitive with other states. DuBois is conducting the Town Hall Tour in order to identify the workforce needs in each region and bring together business, industry, legislative and community leaders to pool their knowledge and resources in this area. The plan is scheduled for completion next fall. In the meantime, RCC continues to offer award-winning training for employers. College President, Dr. Sissy Crowther, said, “Even with limited state funds, we regularly craft custom programs like the training series recently launched for King George County employees.” According to Crowther, the community colleges are astute at working with employers to identify training needs and partner resources to deliver it. “State funding specific for workforce training through the community colleges would hugely enhance the quality of employees for the commonwealth’s businesses,” she said. RCC President Elizabeth “Sissy” Crowther speaks with Chancellor DuBois. 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 At Your Leisure By Tim Smith, Director of Parks and Recreation Though Spring is nearly over, ball games are still in full swing, plants and trees are blossoming and we will be transitioning from comfortable days/cool evenings to the warmer days and warm evenings of summer. Summer is when the kids are out of school, vacations are being considered, day trips to Kings Dominion, the water park or the beach (rivers or ocean) are planned, and Sunday drives and family picnics are common. This summer consider your backyard (King George County) when planning your June through August activities. At the risk of not mentioning every possible venue and business, I offer general information about a King George Parks and Recreation project that promotes the County’s many tourism assets. As we are nearing completion of the Barnesfield Park ball field improvements, this initiative focuses on informing tournament participants (through tournament organizers) about the many lodging accommodations, eating establishments and things to do (categorically based on special interests) while in King George County. (The mention of any particular establishment is not an endorsement by the County or its staff). Interested in spending the night or weekend? Consider staying in one of four chain hotels or an independently owned hotel in the County. Three hotels are located within a couple of miles of Barnesfield Park). Visitors may also enjoy stepping back in history while staying at Belle Grove Bed and Breakfast or Rokeby Bed and Breakfast. What a great way to learn about the area’s history! (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Everyone has to eat, right? Whether you are in a rush, want to sit down and enjoy, or prefer a particular cuisine, it can be found in the County. From fast food to eating on the Potomac River to seeking out Indian, Italian, Seafood, Chinese, Thai cuisine and more, it is nearby. Again, many of these establishments are within a few miles of Barnesfield Park. Tournament participants may want to finish the evening with a treat from Sweet Frog Yogurt, Polar Bear Den, Ice Cream Nook or a slice of pie from King George House of Pizza. Whether staying for a long day or spending the weekend, during your “down time” between ballgames, there are many places to visit. Upon completion of this initiative, information will be able to be found on the parks and recreation website. This article includes only a few samples. For history buffs, visit and tour Belle Grove, birth home to James Madison, 4th President of the United States. Stop by the Dahlgren Heritage Museum to learn about Dahlgren Naval Base history and the area. Retrace John Wilkes Booth’s stops in King George, most notably the Quesenberry home in Dahlgren and Cleydael, home to Dr. Stuart (information on both homes may be found at http://boothiebarn. com/tag/cleydael). Additionally, there are several sites in King George listed on the Historical Register of Virginia or stop by the King George Historical Society located at the historic courthouse. Finish your day by shopping for historical and collectable items at one of several antique stores such as Unique Antique Mall (www.uniqueantiquesmall. net) or Memory Lane. (Continued) 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT FEBRUARY JUNE 2015 2104 VOLUME 2. 2015 Water enthusiasts may find comfort by visiting Wayside Park located by Harry W. Nice Memorial Bridge. Overlooking the Potomac River, this is a great spot to bring a picnic basket. If you enjoy looking at boats, visit Machodoc Creek Marina in Dahlgren or take a short ride to the Fairview Beach Yacht Club. While in Fairview Beach, enjoy a meal at Tim’s II or Rick’s on the River. Brought your boat? Put in on the Rappahannock River at Wilmont Landing in the easternmost part of the County or at the Virginia Department of Game and Inland Fisheries boat landing in Hopyard Farm. Looking to spend time outdoors? Whether bird watching or taking a leisurely hike, your visit should include Caledon State Park. This park is full of history, flora and fauna. Barnesfield Park and Shiloh Park are also great places to walk and observe nature. For those who have pre-planned their trip, the Dahlgren Heritage Railroad Trail (privately owned, permit required) may be of interest. With any of the outdoor venues, visitors are encouraged to see if special events or programs are being offered during their visit to enhance their stay. For those interested in driving and making frequent stops, consider the Northern Neck Wine tour starting with Oak Crest Winery. While on your ride, stop at many of art shops located on the newly created artisan trail. If history is your thing, visitors may find the Potomac River Heritage Driving Tour of interest. I am reminded each time these newsletters are due that tourism begins with our own citizens. Our citizens are the best promoters of what King George County has to offer. So, take a day to play and check out what the County has to offer. 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 Retail Sales Taxes 4th Quarter 2014 The revenue represents King George County’s 1% share of the State’s 5% sales tax. KING GEORGE COUNTY 4TH QUARTER SALES TAX REVENUES $250,000 $200,000 $150,000 $100,000 $50,000 October ‘14 $190,564.06 November ‘14 $179,884.23 December ‘14 $212,354.94 Fourth Quarter Total: 2014: $582,803.23 Year to Date Totals: 2014: $2,157,371.27 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 NEW SINGLE FAMILY HOME BUILDING PERMITS 2014 2015 JANUARY FEBRUARY MARCH 5 11 6 5 6 4 TOTAL: 21 15 COMMERCIAL CONSTRUCTION PERMITS January: Sheetz Convenience Store, 6,489 SQ. FT. February: Commercial tenant build-out for Goodwill, 3,000 SQ. FT. March: Commercial build-out UPS store, 1,500 SQ. FT. UNEMPLOYMENT RATES* King George County: 5.5% Commonwealth of Virginia: 5.1% United States: 5.5% *Source: Bureau of Labor Statistics 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 COMMERCIAL VACANCY RATES KING GEORGE COUNTY 1ST QUARTER 2015 AVERAGE COMMERCIAL COST PER SF THROUGH MARCH 2015 2015 2014 2015 RETAIL 4.1% 3.5% RETAIL $16.46 NNN OFFICE 18.0% 16.1% OFFICE $19.01 NNN INDUSTRIAL 21.7% 20.1% INDUSTRIAL TOTAL: 43.8% 39.7% $2.76 NNN AVERAGE HOTEL ROOM RATES THROUGH MARCH 2015 2015: $86.79 OCCUPANCY RATE THROUGH 1ST QUARTER 2015 2015: 53.2% 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com Business Pulse ECONOMIC DEVELOPMENT JUNE 2015 VOLUME 2. 2015 MEALS TAX 2015 1st QUARTER TOTALS $228,130.46 (Jan., Feb., March) YEAR TO DATE TOTAL $228,130.46 LODGING TAX REVENUES 2015 1st QUARTER TOTALS $36,019.31 (Jan., Feb., March) YEAR to DATE TOTAL $36,019.31 540.775.8524 ■ [email protected] ■ www.YesKingGeorge.com