RICHMOND, Va. – The Commonwealth of Virginia has been ranked as the No. 5 ‘Best State for Business’ on Forbes magazine’s 2017 list, up from No. 6 last year.
Virginia is no stranger to the annual list, as the state has been ranked among the top 10 states for business since the ranking’s inception in 2006. That includes being ranked among the top two state every year from 2006 through 2013.
Forbes calls Virginia’s economy “widely diverse” which includes local and federal government, military, farming and manufacturing.
“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 Terry 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.
Forbes uses six factors to determine state rankings, which include: business costs, economic climate, growth prospects, labor supply, quality of life, and regulatory environment.
Virginia finished #2 for Regulatory Environment, #3 for Labor Supply, and #8 for Quality of Life.
“Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies,” said the publication.
“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,” added McAuliffe.
North Carolina was named the Best State for Business, followed by Texas, Utah, and Nebraska to round out the top four.