VA ranks no. 5 in Forbes' Best States for Business ranking
(WWBT) - Virginia was named no. 5 in the Forbes.com 2017 Best States for Business ranking. The state was previously listed at no. 6 in 2016 and no. 7 in 2015.
The state has been in the top 10 since the survey's inception in 2006 and has been ranked among the top two states every year from 2006 to 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 Governor 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."
There are six factors that Forbes uses to determine the rankings: business costs, labor supply, regulatory environment, economic climate, growth prospects, and quality of life.
The state finished in the top 10 in three categories: labor supply (3), regulatory environment (2), and quality of life (8).
"Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies," according to Forbes.com.
Virginia Chamber of Commerce President and CEO Barry DuVal released a statement on the Forbes.com rankings:
We are pleased to see Virginia is moving up in the Forbes business climate rankings, but there is still work to be done. Through our comprehensive Blueprint Virginia 2025 process, the Chamber has identified challenges to economic growth and is prepared to deliver recommendations to meet those challenges this Friday at our Economic Summit. As the Forbes rankings note, we still remain in the bottom half for business costs and economic climate – two very important challenges to regaining our No. 1 ranking. In addition, while we are pleased to have risen slightly in the Forbes rankings, Virginia's overall ranking in this and other business climate studies has trended downward over the past 6 years. Blueprint Virginia 2025 outlines an action plan that will improve our business climate and in turn our national rankings. We look forward to presenting our recommendations to Governor-elect Northam and General Assembly Members this Friday.
North Carolina claimed the top spot. Other states in the top five include Texas (2), Utah (3), and Nebraska (4).
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