Commonwealth moves up in annual survey ranking business costs, labor supply, regulatory environment
RICHMOND – Gov. Terry McAuliffe announced that Virginia was named No.5 in the Forbes.com 2017 Best States for Business ranking. This position represents a jump from No.6 in the 2016 survey and No.7 in 2015. Virginia has placed in the top 10 since the ranking’s inception in 2006, and ranked among the top two states every year from 2006 through 2013.
“The Commonwealth’s advancement in major national rankings like Forbes.com is strong evidence of our success in building the new Virginia economy,” said Gov. McAuliffe. “We are working tirelessly with our economic development partners across the Commonwealth to put Virginia on top, and today’s announcement demonstrates that our efforts are working. We are committed to building on this upward trajectory by offering the infrastructure, regulatory environment, and robust workforce to ensure Virginia is the premier business destination in the United States.”
Forbes uses six factors to determine state rankings, which include: business costs, economic climate, growth prospects, labor supply, quality of life, and regulatory environment. The Commonwealth finished in the top 10 in three of the six categories examined in the review published today, including #2 for Regulatory Environment, #3 for Labor Supply, and #8 for Quality of Life. According to Forbes.com, Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies.
“Virginia’s improved standing in Forbes.com’s Best States for Business rankings is a testament to the commitment of Gov. McAuliffe’s administration and all of our allies at the state, regional, and local levels to make the Commonwealth the premier destination for business,” said Secretary of Commerce and Trade Todd Haymore. “There is still work to be done to return Virginia to its top standing, and we will continue to build on this positive momentum working with members of the General Assembly and our public and private sector partners.”