RICHMOND, Va. — CNBC this week ranked Virginia as “America’s Top State for Business,” the sixth time the Commonwealth has achieved that recognition.
The annual ranking measures all 50 states on 128 different metrics in 10 categories of competitiveness to determine which states are delivering most effectively on the things that mean the most to businesses, according to a statement from Gov. Glenn Youngkin.
“When a business chooses to invest and grow in Virginia, we’re promising best-in-class talent, infrastructure, power solutions and business-friendly environment,” Youngkin said in the statement. “Our administration has facilitated waves of economic investment and business expansions to reinvigorate growth and opportunity across Virginia.
“The Commonwealth has experienced record job growth and has welcomed companies committing over $74 billion in capital investment from major corporations like Amazon Web Services, The LEGO Group, Raytheon and Boeing, along with major expansions from others like Hilton, Northrop Grumman and Framatome,” he said. “Economic development is a team sport, and Virginia’s made giant strides in business-ready sites, workforce development, regulatory reduction, infrastructure investment and all-of-the-above power solutions. I am thrilled that our great Commonwealth has been named America’s Top State for Business.”
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For the first time, CNBC weighted infrastructure — including availability of construction-ready sites — as the most important component for businesses when deciding on investment, according to the statement.
Since 2022, Gov. Youngkin and the General Assembly have worked in a bipartisan manner to provide more than $5 billion in tax relief while making record investments in education and infrastructure, state Sen. Todd Pillion said in a written statement.
“While this is great news, the competition gets stronger every year and Virginia is only at her best when all regions succeed. S we must continue working together to keep Virginia the best place to live, work, and raise a family,” Pillion said. “That means addressing the ongoing challenges we face with new and innovative ideas and solutions. I am confident that with the recent ‘Accelerate Southwest Virginia’ initiative launched by Gov. Youngkin, our region is in a position to help ensure Virginia stays number one next year.”
Youngkin announced the Accelerate Southwest Virginia program in May as a comprehensive plan that includes fortifying infrastructure, job growth, promoting home ownership, excellence in education, preparing the workforce, safer communities, addressing behavioral health challenges and substance abuse disorders.
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