RICHMOND, Va. -- Governor Glenn Youngkin announced Thursday that Virginia had been ranked as 'America's Top State for Business' by CNBC. This is the sixth time that the commonwealth has been at the top of the list.
Those six wins are more than any other state since the study began in 2007. Virginia has won previously in 2007, 2009, 2011, 2019, and 2021.
CNBC's study scores all 50 states on 128 metrics across ten categories of competitiveness. The methodology, "grades the states based on factors companies consider each year when making site selection decisions, and that states pitch in their efforts to win business," the group stated in a release.
This year Virginia finished in the top half or better in each of the study's 10 categories.
“When a business chooses to invest and grow in Virginia, we’re promising best-in-class talent, infrastructure, power solutions and business-friendly environment," Virginia Governor Glenn Youngkin wrote. "Economic development is a team sport, and Virginia’s made giant strides in business-ready sites, workforce development, regulatory reduction, infrastructure investment and all-of-the-above power solutions. I am thrilled that our great Commonwealth has been named America’s Top State for Business.”
CNBC says that Virginia delivered, according to the study, the third best infrastructure in the country. That category was the most weighted category in the study.
The group explained the decision saying, "It is one of America’s most accessible states and it offers a wealth of shovel-ready sites for companies looking to build fast."
Virginia also ranked first in the study's education category for its higher education opportunities and most individualized K-12 instruction in the nation.
High business costs, were the commonwealth's biggest weakness according to CNBC. The commonwealth finished 24th in that category.
Virginia also finished ninth place in the study's workforce category. CNBC explained that decision saying, "... not enough educated workers are moving to Virginia..."
The top 5 for this year's study are:
- Virginia
- North Carolina
- Texas
- Georgia
- Florida
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