Virginia Rises to America’s Top 3 for Business

RICHMOND, VA — CNBC announced today that Virginia is No. 3 in their annual America’s Top States for Business ranking. Virginia has finished in the top five of every edition of CNBC’s ranking since 2018 and has finished No. 1 six times, more than any other state.

Virginia maintained its No. 2 ranking in Infrastructure and finished in the top 10 in six of the 10 categories in the ranking. Virginia is investing in site development at its highest levels in history. The Commonwealth also partners with localities, utilities, and state agencies to fund infrastructure improvements that build operations-ready sites and works closely with permitting agencies to enhance speed and transparency. Last year, the Commonwealth launched the Virginia Business Ready Sites Expedited Permitting Program, which has assisted multiple major economic development projects, ensuring that Virginia is moving at the speed of business by securing state permits quickly and efficiently.  

“Since I took office, I have been focused on growing a stronger, more resilient economy — despite the economic uncertainty coming out of Washington, resulting in rising costs, and deep cuts to our federal workforce. In six months, we have demonstrated success in doing just that; we have brought more than $5 billion in new business investment to communities across the Commonwealth, creating more than 3,000 new jobs,” said Governor Abigail Spanberger. “We have continued to invest in our exceptional talent, world-class K-12 and higher education institutions, local childcare options, housing opportunities, and physical infrastructure.”

Governor Spanberger continued, “Virginia’s rise in the rankings reflects strategic investments that are helping companies succeed in our Commonwealth. Companies the world over know that Virginia has a reputation as a business environment where world-class talent, leading infrastructure, and a collaborative approach to economic and community development give companies the confidence to grow here.”

“Virginia’s business climate is built on partnership. By working together across state, regional, and local levels, we have created an environment where companies of all sizes can move faster, access exceptional talent, innovate, invest, and scale,” said Secretary of Commerce and Trade Carrie Chenery. “Continued investments in custom talent and sites programs demonstrate our long-term commitment to economic competitiveness. Virginia is delivering the workforce ecosystem and competitive advantages businesses need to thrive here today and well into the future.”

The Commonwealth continues to invest in business-ready sites, with the General Assembly allocating another $50 million to the Virginia Business Ready Sites Program this biennium. With the support of the Gubernatorial Administration and the General Assembly, Virginia is securing unprecedented business investment, proactively investing in shovel-ready sites, and delivering the country’s top customized workforce recruitment and training solution, the Virginia Talent Accelerator Program. These partnerships, along with white-glove support that continues long after announcements, keep Virginia near the top of rankings like CNBC’s even amid uncertainty over federal job cuts.

"Virginia’s site readiness program is the envy of the nation,” said CNBC Special Correspondent Scott Cohn. “The Virginia Business Ready Sites Program had 127 state-certified sites as of May, according to the Site Selectors Guild."

“Companies choose Virginia because we provide all of the things they need to succeed — a world-class talent ecosystem, robust infrastructure, project-ready sites, a collaborative and transparent permitting process, and exceptional partnership at all levels,” said VEDP President and CEO Jason El Koubi. “Through the Virginia Talent Accelerator Program, continued investments in site development, and close coordination with state agencies, localities, utilities, and regional partners, we’re helping companies reduce risk, accelerate timelines, and build for long-term success. At VEDP, our job doesn’t end when a project is announced. We remain a committed partner throughout a company's growth journey, ensuring every business that chooses Virginia has the resources, workforce, and support to thrive.”

Virginia’s premier talent base makes for a world-class labor pool ready to meet business needs. Across industries, Virginia’s workforce is drawn from one of the most educated populations in the country — nearly 42% of the population has a bachelor’s degree or higher, making the Commonwealth the most educated state in the South. In addition, Virginia continues to raise the bar when it comes to talent development. Programs such as the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training Program in the U.S. by Business Facilities for four consecutive years, Virginia’s historic Tech Talent Investment Program, and the new InternshipsVA program are helping Virginia build the workforce of the future.

CNBC is a world leader in business news, and its annual “America’s Top State for Business” ranking measures all 50 states on 138 different metrics in 10 key categories of competitiveness to determine which states are delivering most effectively on the things that mean the most to business. In addition to Infrastructure, the categories for the 2026 CNBC ranking include Education, Technology and Innovation, Quality of Life, Access to Capital, Workforce, Business Friendliness, Cost of Living, Economy, and Cost of Doing Business.  

Virginia has previously been named America’s Top State for Business by CNBC in 2007, 2009, 2011, 2019, 2021, and 2024.