Forbes.com ranks Virginia #5 Best State for Business

Governor Terry McAuliffe announced Nov. 29 that Virginia was named No.5 in the Forbes.com 2017 Best States for Business ranking. This position represents a jump from No.6 in the 2016 survey and No.7 in 2015, according to a news release.

Virginia has placed in the top 10 since the ranking’s inception in 2006, and ranked among the top ten states every year from 2006 through 2013, the release stated.

“The Commonwealth’s advancement in major national rankings like Forbes.com is strong evidence of our success in building the new Virginia economy,” McAuliffe was quoted as saying. “We are working tirelessly with our economic development partners across the Commonwealth to put Virginia on top, and today’s announcement demonstrates that our efforts are working. We are committed to building on this upward trajectory by offering the infrastructure, regulatory environment, and robust workforce to ensure Virginia is the premier business destination in the United Statesm” he added.

According to the Governor’s Office, Forbes uses six factors to determine state rankings. These include include: business costs, economic climate, growth prospects, labor supply, quality of life, and regulatory environment.

The Commonwealth finished in the top 10 in three of the six categories examined in the review published today, including #2 for Regulatory Environment, #3 for Labor Supply, and #8 for Quality of Life. According to Forbes.com, Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies, the governor said.