Virginia Wins “Best State For Business” Ranking By Forbes.com…Again
Governor Timothy M. Kaine today announced that Virginia will remain in first place as Forbes.com’s “Best State for Business.” It is the fourth consecutive year Virginia has been top ranked. The Commonwealth finished in the top 10 in 3 of the 6 categories examined in the review, which was published today.
“With our low corporate tax rate, highly-skilled workforce, and great quality of life, it’s no wonder Virginia consistently attracts some of the world’s most innovative and corporate leaders to our borders,” said Governor Kaine. “In these tough economic times in particular, the recognition by Forbes today is an incredible affirmation that Virginia has what it takes to compete in the national and global arenas.”
The Forbes.com ranking considers states’ business costs (cost of labor, energy, and taxes), labor issues (educational attainment, net migration, and projected population growth), regulatory environment (regulatory and tort environment, incentives, and bond ratings), economic climate (job, income, and gross state product growth, as well as unemployment and corporate headquarter relocations), growth prospects (projected job, income, and gross state product growth, as well as announced business openings and closings), and quality of life (index of schools, health, crime, cost of living, and poverty rates).
“I am extremely proud of this independent ranking which once again validates the successful strategy and efforts of economic development programs throughout the Commonwealth,” said Patrick O Gottschalk, Secretary of Commerce and Trade.
Washington was ranked second by Forbes.com, followed by Utah, Colorado, and North Carolina. Georgia, North Dakota, Texas, Nebraska and Oregon rounded out the top ten list.
The Commonwealth took the lead in the quality of life ranking, took second place in the regulatory environment ranking and third in the labor issues. Virginia was 12th in growth prospects, 18th in economic climate and 20th in business costs.
Click here to read the Forbes.com article.
