Virginia Ranks as Best State for Business

August 18, 2006; 02:58 AM

RICHMOND, Va. - Virginia placed first among the 50 states in a new ranking of the "Best States for Business" by Forbes.com. The review, published today, included consideration of multiple objective measurements, including business cost, regulatory climate, quality of the workforce, and economic growth.

"To compile our listing of the best states for business, we ranked all 50 states on 30 metrics in six main categories: business costs, economic climate, growth prospects, labor, quality of life and regulatory environment. The data produced a clear No. 1. The Commonwealth of Virginia takes the crown in our first ever ranking of Top States for Business," Forbes reports.

Texas was ranked second, followed by North Carolina, Utah, and Colorado. Idaho, Nebraska, Delaware, Florida, and Georgia rounded out the Forbes' top ten.

"This best-in-the-nation designation by a respected business publication such as Forbes validates all of our hard work to diversify our economy, educate the workforce, provide support for existing businesses, and our constant efforts to strike the appropriate balance with low taxes and responsible regulations," Governor Kaine said. "We will showcase this latest honor as another example of Virginia leading the way with quality schools, a vibrant and well-balanced economy, an outstanding workforce, and excellent quality of life for our citizens and our corporate partners."

"Virginia scored well across the board. In fact, it ranked in the top ten in all six big categories we looked at. No other state scored in the top ten in more than three categories," Forbes reported. 

Today's Forbes' ranking is the latest in a series of recent accolades offered by national publications and organizations:
    * In May 2006, Forbes placed five Virginia metropolitan areas in the nation's top 165 "Best Places for Business:" Northern Virginia (#17), Richmond (#41), Virginia Beach (#48), Lynchburg (#109), and Roanoke (#165).
    * Also in May, Forbes designated five Virginia localities among the nation's top 165 "Best Small Places for Business:" Charlottesville (#32), Winchester (#39), Harrisonburg (#53), Blacksburg (#65), and Danville (#162).
    * In May 2006, Newsweek magazine listed 18 Virginia schools as among the 150 best high schools in the nation.
    * In April 2006, the non-profit, nonpartisan Tax Foundation ranked Virginia 41st among the states in state and local tax burden, with only nine states able to claim a lower tax burden.
    * Also in April, the Council on State Taxation (COST), a non-profit trade association, released an Ernst & Young study of total business tax collections in relation to their percentage of the gross state product. Virginia tied with North Carolina and Delaware as lowest in the nation.
    * In March 2006, the U.S. Chamber of Commerce designated the five top states for overall legal fairness as Delaware, Nebraska, Virginia, Iowa, and Connecticut.   

To learn more about The Virginia Economic Development Partnership, visit http://www.yesvirginia.org.