Forbes.com Names Virginia America’s “Best State for Business”
On Sept. 25, Governor Bob McDonnell announced that Forbes.com has named Virginia America’s “Best State for Business.” The Commonwealth reclaims the title after being awarded the No. 2 ranking from 2010-2012. Virginia finished in the top five in four of the study’s six categories, the only state with such a strong across-the-board showing.
The Forbes.com ranking considers states’ business costs (cost of labor, energy, and taxes), labor supply (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).
Virginia placed first in regulatory environment, second in labor supply, fourth in quality of life, fifth in economic climate, 17th in growth prospects and 22nd in business costs.
According to Forbes.com, “A diverse economy, strong workforce and pro-business regulatory climate propels the Old Dominion state to the No. 1 ranking. Virginia ranks first among the states in the regulatory category because of its business-friendly government policies and strong incentive offerings. The tort system is one of the best in the country for businesses, according to the Mercatus Center’s Freedom in the 50 States.”
North Dakota was ranked second by Forbes.com, followed by Utah, North Carolina, and Colorado. Nebraska, Texas, Minnesota, Washington and Georgia rounded out the top 10 list. The full rankings can be found here.