For the third straight year, Forbes’ Magazine’s annual ranking of the Best States for Business has listed Virginia in the top spot. The competition, however, has gotten stiffer.
Utah, Washington, North Carolina and Georgia were all very close to Virginia in overall rankings according to the Forbes article:
“Driven by higher labor costs, business costs in Virginia jumped, and are now approaching the national average. The biggest factor closing the gap between Virginia and everyone else: lower growth projections for the next five years. On last year’s list, Virginia ranked eighth in our growth-prospects category. This year, lowered expectations for growth in jobs, income and gross state product knocked Virginia’s growth-prospects ranking down to 26th.
Virginia remains an excellent location for new or existing businesses. It has the best regulatory environment by our count, thanks to the second-best incentive programs in the country–as well as the fifth best tort atmosphere. Other high points include energy costs 30% below the national average and an educated labor force fueled by its proximity to Washington, D.C., and top colleges like the University of Virginia and William and Mary.”
Forbes’ rankings use six indicators: business costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Forbes says business costs are weighted the most.
The complete article can be viewed at www.forbes.com.