MoneyRates.com has ranked Virginia the number one “Best State to Make a Living” in its annual study, with an adjusted average income of $43,677, jumping up from fourth place in 2011. MoneyRates.com based the report on measurements in four categories: average income, which has increased over the past year; cost of living, which slightly decreased; unemployment rate, which has decreased in Virginia; and state income tax.
“Our administration is focused on getting Virginians back to work and our economy back on track,” said Gov. Bob McDonnell. “Virginia has been named by CNBC and Pollina as the best state in America for business. Agricultural exports hit a record high in 2011. Corporate expansions are up. Most importantly, our unemployment rate has fallen to a three-year low at 5.8 percent.”
For more information and to view the MoneyRates.com report, click here.