The economic, housing and transportation impacts of Amazon HQ2 in Northern Virginia


Virginia will give Amazon almost $600 million, while NY will give the company roughly $1.5 billion.

The online shopping giant ended its 14-month-long competition for second headquarters by selecting Long Island City, Queens, and Arlington, Virginia, as the joint winners. In fact, it's officially part of National Landing.

NY and Arlington both stand to gain 25,000 jobs each with wages averaging more than $US150,000.

The press release noted that Amazon is planning to invest $5 billion between the two headquarters and that the project would create more than 50,000 new jobs - more than 25,000 at each site.

In addition to the headquarters, it said a new centre of operations for the United States east coast would be built in Nashville, Tennessee, with an extra 5,000 people to be hired.

- Estimated incremental tax revenue of more than $1 billion over the next 10 years.

How did it make its decision?

There's another cash grant of $325 million based on the company occupying a certain amount of office space.

Amazon has said it helped boost Seattle's economy indirectly by $38 billion between 2010 and 2016.

"The price point in Crystal City Virginia is very similar to the price point in Seattle", she said.

"Amazon is a billion-dollar company".

There were early signs that Amazon had its sights set on NY and northern Virginia.

On Nov. 13, the company announced it is splitting its second headquarters between Arlington, Virginia and Long Island City, New York.

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Critics worry that such sweetheart tax savings would benefit real estate interests aiming to direct investment into areas that are not truly disadvantaged, but instead are already bolstered by neighborhood gentrification or due to their proximity to expanding institutions such as hospitals, colleges or other facilities.

Amazon is known for its negotiating prowess.

To land the $800 billion, Seattle-based company, which had considered more than 230 US cities after its search for its so-called HQ2 kicked off roughly a year ago, state officials will lavish at least $1.7 billion in subsidies and grants on the company in the richest-ever incentive package offered to a corporation in state history.

Some of the funds will go to improve transport, parks and other infrastructure in the neighbourhoods.

While the incentives offered to Amazon are sizable, some of the other locations hoping for the nod had offered more.

(NASDAQ:AMZN) courted by various cities across North America for their second headquarters has finally concluded with the new headquarters named "HQ2" planned for New York City and Arlington, Virginia.

In this case, the ability to recruit highly educated workers seemed to be the top concern, said Mark Muro, a senior fellow at the Brookings Institution, a think tank in Washington.

Research suggests that when a major new employer moves to an area, only one-fifth of the created jobs go to unemployed locals; the rest attracts transplants from elsewhere.

What does the decision tell us about the United States economy?

Since the 1980s, tech companies have clustered in a handful of coastal cities in the USA, helping to fuel a growing economic gap between those areas and the rest of the country.

NY is the nation's financial and media powerhouse and has been working to attract technology companies.

Losers on the firm's 20-city short list included Newark in New Jersey, Columbus in OH and Miami in Florida.

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