Virginia named top state for overall business climate

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Posted at 4:05 PM, Dec 26, 2021
and last updated 2021-12-26 16:05:28-05

RICHMOND, Va. - Virginia has been awarded for nationwide excellence by Business Facilities magazine.

Governor Northam announced Virginia was named the state of the year for Overall Business Climate from Business Facilities magazine. This ranking comes in addition to CNBC's ranking that Virginia is the best state for business.

“I am proud of the work our administration has done to develop the strongest business-friendly environment in the nation,” said Governor Northam. “During my term, we've attracted more than $80 billion in economic investment, creating more than 100,000 jobs—a record for any Virginia governor. Virginia has set a new standard for all other states. Companies want to invest here and create jobs here because of our welcoming environment, commitment to developing our workforce, and our existing infrastructure.”

Business Facilities also named Tennessee as the state with the best dealmaking and Massachusetts as the state with the best workforce/educational system.

They say Virginia is considered the best state for Overall Business Climate due to its location being right next to D.C., its strong workforce, and more.

“For the first time, we thought it was appropriate to name three winners in this prestigious process,” said Business Facilities Editorial Director Seth Mendelson. “As businesses look to expand or relocate, the questions they have about communities are becoming more complex. They want to know as much as they can about a community before making a final decision. We think this is going to help them make informed choices. The commonwealth’s location, right next to the District of Columbia, combined with its pro-business work environment, strong workforce and educational systems, makes it a great place to do business in.”

According to Business Facilities, Virginia’s workforce exceeds 4.1 million people and the unemployment rate is the tenth lowest in the country at 3.4 percent.

Virginia's workforce programs, including the Virginia Talent Accelerator Program and Fast Forward Virginia, also contributed to Virginia's ranking.