Tysons Partnership Inaugural State of Tysons Previews Economic Study Focused on an Emerging Urban District
DEC 11, 2020 — Tysons, VA — Tysons Partnership hosted Fairfax County leaders along with experts in urban planning and private business yesterday at its first State of Tysons event. Recent preliminary findings of a Tysons-centric economic study provided key insights into a growing economy fueled by the County’s 2010 Comprehensive Plan.
Tysons Partnership President and CEO, Sol Glasner, opened the event stating, “2020 will, of course, always be remembered as the year of a once-in-a-century global pandemic and Tysons, along with the region, have a long recovery ahead. But for Fairfax County & for Tysons, 2020 also represents a decade of accomplishment since the County’s adoption of a Comprehensive Plan that envisioned and guides the transformation of our suburban Edge City to an urban destination.”
The event featured closing and opening keynotes by Fairfax County Board of Supervisor Chairman Jeffrey McKay and Providence Supervisor Dalia Palchik respectively, both of whom spoke of Tysons’ importance as the economic engine for Fairfax County, its robust residential population growth and the urban district’s role in the County’s economic recovery efforts.
In his closing remarks, Chairman McKay reflected on the success of the first 10 years of the Comprehensive Plan but also reminded the attendees of the hard work ahead, particularly in the support of WMATA and Metro funding, stating, “As I stated previously – funding of our vital transit system should not be political. We know Tysons is a destination for businesses, leading retailers, and Fortune 500 companies. As a growing urban district, it serves as an international gateway and with the final connection of the Silver Line to Dulles Airport, it will be at the center connecting international and national travelers to Tysons and to our nation’s capital.”
Of particular note in the study was Tysons residential growth which, according to the research, is four times higher than the County average population growth and significantly greater than comparable submarkets.
Providence District Supervisor Dalia Palchik delivered opening remarks and spoke to the influx of new residents. “We are encouraged by the numbers that show young families are moving into Tysons. Working together with the Tysons Partnership, we will build on our accomplishments to develop real community engagement where we will look to educate and include all our Tysons neighborhoods. This will help us understand what is happening, to have more voices heard, and increase participation in the excitement of growing a vibrant urban center,” Palchik said.
Specific details from the preliminary report include:
Total Residential Population: 24,000 (2018)
- 39% growth since 2010
- Tysons residential growth is four times higher than the County average population growth and significantly greater than comparable submarkets
- 1,000 households currently, with a projected 26% five-year growth trajectory
Total Workforce Population: 107,000
- 17% of Fairfax County total workforce
- Projected: 5% growth in the next 5 years (twice the projected national average according to the Bureau of Labor and Statistics
Office Market: Between 2015 and 2019, Tysons outperformed Fairfax County and the Washington, D.C., MSA in its inventory growth rate, decline in vacancy, and increase in rents.
Hotel Market: Between 2015 and 2019, Tysons’ large share of upscale and luxury rooms (90%) supported faster growth in average daily rates than in Crystal City/Rosslyn and the MSA.
Residential Market: Multifamily rental housing has increased substantially in recent years and is now largely concentrated around the four transit stations
Retail Market: Tysons has maintained its role as a regional retail destination generating over $1.9 billion in annual retail spending, 17% of total retail spending in Fairfax County.
Transportation: Overall ridership at each of the four Tysons stations has grown year-over-year, every year since the Silver Line debut in Tysons (2014-2019). Ridership for the first 2.5 months of 2020 was on track to continue growing but dropped significantly due to the COVID-19 pandemic.
While the final report is not due until January 2021, Fairfax County officials and Tysons Partnership leaders were encouraged by the preliminary findings. They understand there is still much work to be done particularly on increasing walkability scores as well as connectivity for biking and transit corridors which will be a priority in 2021 and beyond. A full recording of the event can be viewed below.
Note: Tysons Partnership also encouraged attendees to donate to the Foundation for Fairfax County Public Schools. The Foundation is providing much needed food and supplies to Fairfax County public school students who are struggling during the pandemic and in need of help and support. For the text-to-give campaign, you can text ‘holiday’ to 571-992-0018. Or donate on the online donation page. Additional background information can be found here.