RICHMOND - Governor Timothy M. Kaine today announced that Virginia continues to lead the nation as Forbes.com’s “Best State for Business.” It is the third consecutive year Virginia has been top ranked. The Commonwealth finished in the top 10 in four of the six categories examined in the review, which was published today.
“Virginia has long enjoyed a business-friendly climate. The Commonwealth’s regulatory and legal environments are tough to beat, as well as our strong, educated labor force,” said Governor Kaine. “This best-in-nation validation speaks volumes to our competitiveness in today’s global market. It’s a real honor to receive this recognition from Forbes.com once, but to be named the ‘Best State for Business’ three years in a row is a true accomplishment for which we should all be proud.”
During Governor Kaine’s administration, Virginia has been recognized as the most business-friendly state in America (Forbes.com 2006-2008), one of the best states for business (CNBC 2007 and 2008), the top-performing state government in America (Governing Magazine 2008) and the state where “a child is most likely to have a successful life (Education Week 2007).”
Utah was ranked second by Forbes.com, followed by Washington, North Carolina, and Georgia. Colorado, Idaho, Florida, Texas and Nebraska rounded out the top ten list.
The Forbes.com ranking considers states’ business costs (cost of labor, energy, and taxes), labor issues (educational attainment, net migration, and projected population growth), regulatory climate (regulatory and tort environment, incentives, and bond ratings), economic climate (job, income, and gross state product growth, as well as unemployment and corporate headquarter relocations), growth prospects (projected job, income, and gross state product growth, as well as announced business openings and closings), and quality of life (index of schools, health, crime, cost of living, and poverty rates).
The Commonwealth took the lead in the regulatory environment ranking, took sixth place in the quality of life and economic climate rankings, and ranked seventh in labor issues. Virginia’s business costs ranked 20th and growth prospects were ranked at 26.
Governor Kaine has announced $7.4 billion in new economic development investments and 53,159 jobs since taking office in January 2006.