Manassas business leaders gathered for the city’s annual appreciation breakfast on May 9, 2024.
The event was held at the Salisbury Event Center, 8890 Mathis Avenue.
Manassas experienced substantial economic growth in 2023, as detailed in the latest annual report from the city’s Economic Development Department. The year saw rising home values and wages, with unemployment maintaining low levels. Industrial spaces were fully utilized, keeping vacancy rates at record lows and driving up rents. The overall property value increase contributed to higher real estate tax revenues, with sales and meals tax receipts also seeing growth.
The city managed to avoid a recession, the report states, partly due to proactive measures taken by businesses. While larger businesses thrived, smaller ones, especially those reliant on consumer spending and short-term loans, faced challenges, especailly smaller shops in the city’s downtown where vacancies are on the rise.
Significant developments included the full lease of The Landing at Cannon Branch, home to a Tru by Hilton hotel, the start of construction by Wawa across from UVA Health Prince William Medical Center, and major infrastructure projects like the widening of Route 28 and improvements along Grant Avenue.
The economic landscape was also marked by continued investment in technology and aviation, including new jobs and facilities from local firms like RapidFlight and Electra.aero, and plans to introduce commercial travel at Manassas Regional Airport.