Fairfax County Again Home to 10 Fortune 500 Companies

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For the first time in five years, 10 Fairfax County-based companies in a broad range of industries hold spots on the Fortune 500 list of the largest publicly traded companies in the United States. Fortune magazine published the 2019 list today.

Also today, Virginia nailed first-in-the-nation status in Site Selection magazine’s annual Prosperity Cup ranking, awarded annually to the most competitive state economic development group.

Fortune based its rankings on 2018 revenue. The new list includes these Fairfax County-based companies:

·         40. Freddie Mac, Tysons, financial services

·         92. General Dynamics, Falls Church area, aerospace and defense

·         98. Capital One Financial, Tysons, financial services

·         108. Northrop Grumman, Falls Church area, aerospace and defense

·         122. DXC Technology, Tysons, information technology

·         311. Leidos Holdings, Reston, information technology

·         345. Hilton Worldwide Holdings, Tysons, hospitality

·         424. NVR, Reston, home construction

·         464. Beacon Roofing, Herndon, building materials

·         475. Booz Allen Hamilton, Tysons, management consulting

“Only a handful of communities can say they are home to 10 Fortune 500 companies. It is an important milestone, a significant recognition of the county as a prime location for corporations from a wide variety of industries looking for the assets and talent they need to grow and succeed,” said Catherine W. Riley, interim president and CEO of the Fairfax County Economic Development Authority.

“The wide diversity of the industry sectors represented here – everything from our traditional strengths in IT and aerospace to financial services, hospitality and, now, construction materials – shows the value of a Fairfax County headquarters to corporations of all kinds,” Riley said.

Fairfax County had nine companies on the 2018 list. It added its 10th headquarters thanks to Beacon Roofing, which debuted at No. 464. The Fairfax County companies represent almost half of the 21 companies on the list from Virginia. The top five in Virginia hail from Fairfax County. The last time Fairfax County had 10 companies in the Fortune 500 was in 2014.

Seven of the Fairfax County firms improved their ranking from a year ago. The biggest mover locally was Tysons-based DXC Technology, which vaulted 252 spots to No. 122 on the list.

Seven additional Fairfax County companies are on the Fortune 1000 list: SAIC, Gannett, Park Hotels and Resorts, MAXIMUS, TEGNA, Delta Tucker Holdings and ManTech International.

Site Selection

The Site Selection ranking represents a five-spot jump from sixth in 2017 and 2018. Site Selection, an internationally circulated business publication covering real estate and economic development, recognized Virginia Economic Development Partnership (VEDP) President and CEO Stephen Moret and the VEDP team for their focus on state competitiveness and in particular for helping secure two marquee projects in 2018: Amazon HQ2 in Arlington and the $3-billion Micron expansion in Manassas.

“VEDP plays a critical role in promoting economic growth and job creation in the Commonwealth, and Virginia’s top ranking in Site Selection’s 2019 Prosperity Cup stands as a powerful testament to Stephen Moret’s leadership and his team’s commitment and strong collaboration with state, local, and regional allies,” said Governor Ralph Northam. “Virginia has secured more than $17 billion in statewide capital investment since I took office in January 2018, and we will stay focused on the mission with our public and private sector partners to ensure that our Commonwealth continues its rebound as the best place for business.”

The Prosperity Cup evaluates the economic competitiveness of states and state economic development groups based on 10 criteria, including new and expanded facilities, job creation, capital investment, and tax climate. In addition, the Prosperity Cup considers each state’s rank in the corporate real estate executive portion of the 2018 Site Selection Business Climate ranking, performance in the Beacon Hill Institute’s State Competitiveness Index, and other factors.

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Truman Lewis
A former reporter and bureau chief, Truman Lewis has covered presidential campaigns, state politics and stories ranging from organized crime to environmental and consumer protection.