Northern Virginia has surpassed the Tri-State New Jersey / New York region as the largest data center market in the U.S., with nearly 20 percent of the market share in enterprise demand in 2015, according to a study published by JLL.
Although Virginia’s data center industry is largely concentrated in Northern Virginia, the sector supports communities across the Commonwealth. In 2014, the total statewide economic impact attributable to the data center industry was approximately 36,043 jobs, $2.7 billion in wages, $8.6 billion in economic output, and $298.9 million in state and local tax revenue.
The substantial benefit of the data center industry boom across Virginia is highlighted in a recently published report by the Northern Virginia Technology Council —The Economic and Fiscal Contribution that Data Centers Make to Virginia.
According to the NVTC report, data centers are a critical part of the infrastructure that supports the modern economy, not only in the technology sector, but in advanced manufacturing, entertainment, finance, healthcare, information, retail, telecommunications, and almost every other sector of the economy as well.
The industry generates significant tax revenues. Data centers are very capital-intensive and that translates into a disproportionate amount of property tax revenue, by far the largest source of revenue for Virginia localities.
Click here to access NVTC’s full report and learn more about Virginia’s thriving data center industry.