Once again, Virginia received a leading ranking on Pollina Corporate Real Estate’s Top 10 Pro-Business States 2014 report.
The Commonwealth was ranked fourth, taking the same slot as last year. Virginia has consistently received top marks in this report, taking one of the top three spots from 2005-2012.
“Clearly a national leader in the 11 years of this study, no other state comes close to Virginia when it comes to being a consistent pro-business state,” said Brent Pollina, vice president of Pollina Corporate Real Estate, Inc. and co-author of the study.
Virginia was the top ranked state on the East Coast this year and has received an overall grade of “A” in each of the last five years.
“Virginia has consistently remained at the top of the list because Virginia’s state and local leaders are innovative and aggressive in attracting and retaining jobs and investment. Key to Virginia’s success is its ability to balance low taxes, a good labor force and a strong economic development program. With a Stage I rank of No. 6 and a Stage II rank of No. 3, Virginia has one of the most well-rounded business climates in the nation,” added Pollina.
The ranking is based on 32 factors controlled at the state level, including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers' compensation legislation, jobs gained, financial incentives and state economic development evaluations. The report was co-published with the American Economic Development Institute.
The ranking also reflected positively at the agency level of economic development. Virginia received an “A” in both incentives and marketing/website/response to new and existing employers.
As the report alluded to — consistency is key. Corporations making large investment and employment decisions want to feel confident that the location they select will maintain its positive attributes years down the line. The Commonwealth’s solid track record and stellar resources make it easy for companies to say “Yes” to Virginia. To learn more, click here.
Photo courtesy of the Virginia Department of Transportation.