Virginia ranks 7th on annual ‘Best States for Business’ list

Posted at 11:03 AM, Jul 18, 2017

RICHMOND, Va. – Virginia moved up six places to number seven in CNBC’s Best States for Business 2017 list!

The annual list previously ranked Virginia as the 13th best state to do business in 2016.

“We are thrilled that CNBC has recognized our efforts to build a new Virginia economy by ranking the Commonwealth number seven in their Annual ‘Best States for Business’ in 2017,” said Governor McAuliffe. “The effects from federal sequestration in 2013 did substantial damage to our economy. When I took office, we came in with a clear and simple plan to diversify our industries and make Virginia less dependent on the whims of Washington. Thanks to significant reforms and historic investments in our education system, innovative workforce development strategies and the record-breaking recruitment of new business capital and jobs, we are mitigating the damage of federal dysfunction and building an economy that works better for everyone.”

The rankings are developed by judging the states on a number of business metrics that are separated into ten categories including cost of doing business, economy, quality of life, technology & innovation, education, business friendliness, access to capital, and cost of living.

Workforce and infrastructure are weighted at the top of the list among 10 major categories and 66 metrics. Virginia ranked second among all states for workforce quality.

Virginia had been CNBC’s top-ranked state for business in 2007, 2009 and 2011.