Virginia Rises to No. 2 and Businesses Rejoice! - A Look at the Latest ‘Best States for Business’ Rankings

Posted by Katie Wedge on Thursday, July 13, 2023 at 12:27:33 PM By Katie Wedge / July 13, 2023 Comment

Virginia Rises to No. 2 and Businesses Rejoice! - A Look at the Latest ‘Best States for Business’ Rankings

Virginia is on the rise! Just recently, its been ranked No. 2 in US News & World Report's list of "Best States", beating out all the other 50 states. This surge to the top hasn't gone unnoticed - Virginians and businesses alike are giving a collective cheer for this progress. With an influx of companies moving into the area, new jobs opportunities are opening up all around. It’s no wonder that so many people are choosing Virginia as their home or workplace. From its commitment to excellence in education to its thriving economy, there is no doubt why 'The Old Dominion' stands out from the crowd and how it can serve as a model for other states looking to improve their business landscapes too.

Virginia is on the rise when it comes to being one of the best states for business in America. Ranking at No. 2 this year on CNBC's annual list, Virginia is just behind North Carolina but has jumped up a spot from last year's ranking. Having claimed the No. 1 spot five times since 2007, it is clear that Virginia is a state that is consistently great for business. This year, CNBC recognized Virginia's commitment to education and support for K-12 and postsecondary schools by awarding the state the top spot in that category. However, the state did receive criticism for its high costs, which is something they will need to work on to reach the No. 1 spot once again. Overall, it is great to see Virginia continue to be a top contender in the business world.

Virginia is proving itself as one of the top contenders for businesses seeking to relocate or expand operations. According to CNBC's annual list, Virginia ranked in the top 10 for categories such as workforce, infrastructure, business friendliness, and access to capital. These rankings highlight the state's commitment to creating a welcoming environment for businesses and ensuring that the necessary resources are available to support their growth. With its strategic location on the east coast and its thriving economy, Virginia is a prime destination for businesses looking for a competitive edge.

North Carolina continues to reign as the top state for business according to CNBC's annual rankings, leaving others in its shadow. While states like Maryland appear almost halfway down the list at No. 28, North Carolina boasts consistently high scores across the board. With impressive economic development wins, like Apple starting construction on a $1 billion facility in Research Triangle Park, it's no wonder the state maintains its top ranking. Not only that, North Carolina excels at attracting and retaining talented individuals across various industries. It's no surprise that businesses are flocking to this standout state.

The five (5) top rankings for CNBC’s list of America’s Best States for Business in 2023 are:

1. North Carolina

2. Virginia

3. Tennessee

4. Georgia

5. Minnesota

Alaska ranked at the bottom of this year’s list.

It's no wonder Virginia is one of the best states for business. With its robust economy, rich cultural heritage, and popularity among entrepreneurs, Virginia provides a great environment for businesses to grow or start up. The state offers a host of incentives to businesses, such as credits and tax reliefs, allowing businesses to realize their potential in ways they never thought possible. Virginia has seen its economy expand and diversify over the years resulting in job creation and low unemployment, which further promotes economic growth. Its major cities like Richmond, Fairfax County and Norfolk have seen increased investment in recent years due to the state's favorable regulations and policies. Virginia stands at No. 2 on ‘Best States for Business’ as well as other rankings thanks to its commitment to fostering a strong business climate that encourages investment and continued economic growth.

KATIE WEDGE

(571) 517-2012

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katie.jacobsandco.com