Market Overview

Virginia's Largest Capital Investment in Modern History Comes to the City of Manassas

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— Micron Technology plans total expansion of approximately $3 billion
and 1,100 new jobs in the City of Manassas —

Governor Ralph Northam today announced that Micron Technology, Inc.
(NASDAQ:MU), one of the world's largest semiconductor companies, will
invest $3 billion to increase memory production at its operation in the
City of Manassas, creating 1,100 new jobs by 2030 in a community that
has become a regional hub for technology and advanced manufacturing
industries.

The City of Manassas and the Commonwealth of Virginia faced fierce
competition against other U.S. states and countries like the Republic of
Singapore to secure what the Virginia Economic Development Partnership
estimates to be the largest private-sector capital investment in modern
Virginia history. The expansion is also significant in that it marks the
largest project win in terms of increased exports for the Commonwealth
and strengthens Micron's position as Virginia's largest exporter. The
City of Manassas plans to work closely with major education institutions
like Northern Virginia Community College and George Mason University to
ensure Micron has a continuous pipeline of qualified,
technically-skilled labor.

On the heels of the recent news that Aurora Flight Sciences will invest
$13.75 million in the City of Manassas, Micron's expansion further
cements the City as one of Virginia's most highly sought after locations
for technology companies. Manassas boasts:

  • Tenth highest weekly wages and the 16th highest per capita
    income
    in Virginia;
  • Fourth highest wages in professional and technical jobs in the
    Commonwealth; and
  • More than 20,000 people commuting into this City of 43,000 each
    day to work at jobs in financial services, health care, homeland
    security and defense contracting.

"Micron's expansion in the City of Manassas represents one of the
largest manufacturing investments in the history of Virginia and will
position the Commonwealth as a leader in unmanned systems and Internet
of Things," said Governor Northam. "This $3 billion investment will have
a tremendous impact on our economy by creating 1,100 high-demand jobs,
and solidifies Micron as one of the Commonwealth's largest exporters. We
thank Micron for choosing to deepen their roots in Virginia and look
forward to partnering in their next chapter of major growth."

"For almost two decades Micron and Manassas have been partners in the
manufacturing of semiconductors and community development, as the City
was with IBM before them. The significant benefits that the company
brings Manassas by virtue of their employment and investment help us
make advances in public education, infrastructure development and in
maintaining a stable tax rate for all of our citizens. On behalf of our
entire community I am thrilled Micron has chosen to modernize and expand
operations here which will guarantee the relationship continues into the
future," said Mayor Harry J. Parrish II.

"Micron's Manassas site manufactures our long-lifecycle products that
are built using our mature process technologies, and primarily sold into
the automotive, networking and industrial markets," said Micron
President and CEO Sanjay Mehrotra. "These products support a diverse set
of applications such as industrial automation, drones, the IoT (Internet
of Things) and in-vehicle experience applications for automotive. This
business delivers strong profitability and stable, growing free cash
flow. Micron is grateful for the extensive engagement of state and local
officials since early this year to help bring our Manassas expansion to
fruition. We are excited to increase our commitment to the community
through the creation of new highly skilled jobs, expanded facilities and
education initiatives."

About the City of Manassas Department of Economic Development

The City of Manassas fosters economic development through collaborative
partnerships, sustainable fiscal management and supportive City
services. The Department of Economic Development (DED) is directly
responsible for business attraction, retention, expansion and tourism
initiatives in the City. As a resourceful and collaborative
organization, we work in partnership with our key stakeholders to ensure
that we have what businesses need; including a highly educated and
technical workforce with access to major universities and first-class
training providers. We take an active leadership role in all that we do,
serving as a community builder, collaborator and agent of economic
growth. For help with your business needs, please visit: https://choosemanassas.org/
or call 703.257.8881.

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