In 2024, Arlington Economic Development (AED) advanced its commitment to building a dynamic, inclusive and forward-thinking economy. Through targeted initiatives and transformative projects, we created opportunities that resonate across our community, promoting prosperity for all.
Breaking New Ground: The Arlington Innovation Fund
The Arlington Innovation Fund (AIF) made a powerful impact in its inaugural year (FY24), providing non-dilutive capital to nine early-stage tech companies, with 77% of applicants from underrepresented groups. These grants didn’t just bolster startups — they laid the groundwork for a more inclusive tech ecosystem.
Beyond funding, the AIF hosted 50 events, connecting 275 startups with over 1,200 attendees, and earned international acclaim, including the IEDC Gold Award and a Washington Business Journal Fire Award. This recognition reflects how our commitment to innovation uplifts both businesses and the community.
Tourism: A Record-Breaking Year
Tourism soared in 2024, with 7.1 million visitors generating $4.5 billion in spending and supporting nearly 27,600 jobs. AED’s “All in Arlington” campaign boosted website traffic by 81%, leading to 32,000 hotel nights booked and $4.3 million in revenue.
Through strategic promotions and collaborations, AED demonstrated how tourism drives broader economic goals, linking visitor growth with thriving commercial districts and cultural landmarks.
Revitalizing Commercial Spaces with Visionary Strategies: CMRI and Adaptive Reuse
Arlington’s commercial office market faced unique challenges in 2024, and AED responded with the Commercial Market Resiliency Initiative (CMRI) 2.0, a bold strategy to adapt to new real estate realities while breathing life into underutilized spaces.
Key achievements included:
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Zoning Modernization: Updates included allowing shared parking for businesses in neighborhood commercial centers, eliminating outdated parking restrictions for healthcare and retail facilities, and redefining outdoor visual entertainment to encourage live events and community engagement.
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Transforming Obsolete Office Spaces: The new policies enable developers to reimagine vacant or underutilized office buildings, turning them into vibrant mixed-use spaces with potential for residential, retail, and community functions.
These measures not only addressed the oversupply of office space but also sparked revitalization across Arlington’s commercial corridors, ensuring they remain dynamic hubs for work and community life.
Cultural Vibrancy as an Economic Driver
Celebrating the 40th anniversary of Arlington’s Public Art program, AED elevated the role of culture in community building. Highlights included the installation of Present Pastimes by Olalekan Jeyifous and the restoration of a Louis Comfort Tiffany-stained glass window — both emblematic of Arlington’s creative vitality.
The Arlington Art Truck delivered 25 activations at 20 locations, engaging over 5,000 residents, while music events like the Columbia Pike Blues Festival and Rosslyn Jazz Fest drew nearly 30,000 attendees. These efforts strengthened Arlington’s reputation as a hub for arts and culture, fueling tourism and community pride.
Empowering Small Businesses and Entrepreneurs
BizLaunch, AED’s flagship program for small businesses, played a pivotal role in nurturing entrepreneurs. In 2024, BizLaunch facilitated 416 one-on-one sessions, hosted 48 workshops with 2,700 attendees, and championed underrepresented entrepreneurs through initiatives like the Minority Vendor Showcase and Small Business Saturday.
By linking small business support with broader cultural and tourism strategies, AED amplified the unique identities of Arlington’s retail, hospitality, and creative sectors.
Future Focused: Expanding Opportunities
AED’s efforts led to business expansions and relocations totaling 444,895 square feet and 1,467 new jobs in 2024. With initiatives like the Arlington Innovation Fund and the Commercial Market Resiliency Initiative, we’re building a foundation for a vibrant, resilient economy that works for everyone.
As we look ahead, Arlington Economic Development remains committed to fostering innovation, inclusivity and economic growth. The successes of 2024 reflect the strength of our community, the vision of our leaders and the dedication of businesses and community members alike. Whether you're an entrepreneur, investor or community advocate, your engagement fuels Arlington’s continued growth. Stay connected, get involved and be a part of shaping the future of our dynamic and thriving economy. Together, we’re building a stronger, more prosperous Arlington for all.