economy | FFXnow

Gov. Youngkin maintains support for federal cuts and tariffs despite ‘near term’ pain in Virginia

Published April 17, 2025 at 11:30AM

Gov. Glenn Youngkin speaking at the Capital One headquarters in Tysons on Feb. 24, 2025 (staff photo by James Jarvis)

Gov. Glenn Youngkin (R) continues to throw his support behind federal job cuts and heightened tariffs, despite many Virginia officials’ and economists’ warnings of economic fallout.

In a CNBC interview yesterday (Monday), Youngkin acknowledged the pain that President Donald Trump’s economic decisions have already caused many Virginia residents. However, he argued that the layoffs are in the United States’ long-term interests and argued that tariffs will accelerate investments across the United States, including in Virginia.

News

Fairfax sees jump in number of unemployed residents with latest state data

By Scott McCaffrey

Published April 14, 2025 at 2:30PM

Virginia unemployment rate from February 2023 through February 2025 (via Virginia Employment Commission)

The number of Fairfax County residents counted as unemployed and looking for work in February spiked 17% from the same month in 2024 in new data.

The city and county-level unemployment figures released by the Virginia Employment Commission last Thursday (April 10) kickstarted what could be a series of punishing monthly jobless reports in coming months, as the D.C. region begins to adjust to the ripple effects of the Trump administration gutting the federal government and tariff-related uncertainty.

Countywide

D.C.-area leaders pledge ongoing support as WorldPride festival hits hurdles

By Scott McCaffrey

Published April 10, 2025 at 11:30AM

Singer Alessia performs in front of the U.S. Capitol Building at the 2018 D.C. Pride Festival (courtesy Capital Pride Alliance)

Organizers of the WorldPride 2025 celebration coming to the D.C. region on May 31 through June 8 are reevaluating their attendance expectations, especially among international participants.

Event organizers have anticipated upwards of 2 million visitors for the LGBTQ community celebration, but with foreign travel to the U.S. plunging amid reports of visitors being detained and the Trump administration barring changes to the gender marker on passports, they may not meet that figure — another potential setback for an economy already facing multiple headwinds.

Countywide

Fairfax economic forecasts show impact of federal job losses could be worse than Covid

By Vernon Miles

Published April 9, 2025 at 2:30PM

A sign for Leidos outside its headquarters at Reston Town Center (staff photo by Angela Woolsey)

Even without taking into account the global economic havoc being wreaked by new tariffs, the Trump administration’s gutting of the federal workforce could have worse impacts on the D.C. region than Covid, Fairfax County authorities say.

A 20% reduction in the federal workforce could devastate the economy in Fairfax County, where approximately 80,000 residents — about 13% of the workforce — are employed by the federal government, according to updated data from the Fairfax County Economic Development Authority (FCEDA).

News

Report: Federal contractors in Tysons, Reston to lay off workers

By Angela Woolsey

Published April 4, 2025 at 9:00AM | Updated April 4, 2025 at 9:49AM

A sign for Leidos outside its headquarters at Reston Town Center (staff photo by Angela Woolsey)

Contractors in Fairfax County appear to be feeling the effects of the Trump administration’s ongoing campaign to slash federal funding.

Mitre Corporation will lay off 442 employees primarily at its Tysons headquarters campus on June 3, while Reston-based Leidos will eliminate 29 workers based in its Lincolnia office, effective May 30, according to notices that both companies filed this week with the Virginia Department of Workforce Development and Advancement.

Countywide

Consultant places Fairfax in middle of pack for economic competitiveness

By Scott McCaffrey

Published March 28, 2025 at 9:00AM | Updated March 28, 2025 at 9:27AM

Office tenants at Reston Station include Google and ICF (staff photo by Angela Woolsey)

When it comes to preserving economic development gains in challenging times, localities need to have strategies to play offense and defense, and Fairfax County has room for improvement in both cases, a consultant told the Board of Supervisors earlier this week.

Economic success is “not something to take for granted,” Camoin Associates CEO Rachel Selsky said at an economic initiatives committee meeting on Tuesday (March 25).

Countywide

Fairfax County leaders plan to reinforce financial reserves in case of economic downturn

By Scott McCaffrey

Published March 27, 2025 at 9:45AM

The Fairfax County Government Center (staff photo by Jared Serre)

Fairfax County officials plan to put additional millions in fiscal reserves as they brace for the economic fallout from Trump administration policies to take hold.

County staff are recommending that the Board of Supervisors allocate $2.4 million more for reserves, with an additional $8.1 million available that also could be sent there or used to address other priorities.

Countywide

Morning Poll: Has the current economic uncertainty impacted your spending?

By Vernon Miles

Published March 21, 2025 at 8:15AM

Shoppers browse sauces at Marufuji Japanese Market in Tysons (staff photo by Angela Woolsey)

Concerning signs of an economic downturn have made some consumers more careful about their spending.

The Associated Press reported that retail sales rose just 0.2% in February, a very slight rebound after a 1.2% drop in January.

Countywide

Despite recent headwinds, MWAA CEO says future is bright at Dulles

By Scott McCaffrey

Published March 20, 2025 at 2:30PM

Washington Dulles International Airport development plan (via MWAA)

Economic and geopolitical headwinds are not derailing ongoing development efforts at Dulles International Airport.

Acknowledging 2025 has opened as “a turbulent year,” the president and CEO of the Metropolitan Washington Airports Authority (MWAA) told that body’s board of directors that the long-term forecast remains positive.

Countywide

Fairfax supervisors ask state to increase unemployment benefits as federal layoffs intensify

By Scott McCaffrey

Published March 19, 2025 at 1:15PM

Gov. Glenn Youngkin speaking at the Capital One headquarters in Tysons on Feb. 24, 2025 (staff photo by James Jarvis)

Democrats on the Fairfax County Board of Supervisors voted yesterday (Tuesday) to send a letter to state leaders, asking for expanded unemployment coverage for federal workers having lost their jobs due to downsizing.

The maximum weekly Virginia unemployment-compensation rate of $378 is “one of the lowest in the country,” according to Braddock District Supervisor James Walkinshaw.