CNBC: Virginia falls to #5 on state business list

economic-forecast-headerVirginia and Utah tied this year for fifth among America’s Top States for Business both with a score of 1,542 out of a possible 2,500 points in an exclusive study by CNBC, the business news network announced today.

The survey ranked states according to 10 broad categories, and following are Virginia’s results:

 

Virginia

Rank Category
5 OVERALL
38 Cost of Doing Business
6 Workforce
18 Quality of Life
10 Economy
21 Infrastructure & Transportation
12 Technology & Innovation
8 Education
6 Business Friendliness
13 Access to Capital
20 Cost of Living

 

According to the survey, Virginia ranked in the top 10 for workforce, business friendliness, education and economy.

The Old Dominion, a three-time winner of America’s Top State for Business, did best in workforce and business friendliness, where it came in sixth. But the state falls to 38th in the cost of doing business category. Unemployment in Virginia stands at 5.3% and the individual income tax rate is 5.75%. The corporate tax rate is 6% and the state and local sales tax is also 6% in the most populous areas of the state; 5.3% elsewhere. Virginia’s largest private employer is Northrop Gunman’s Newport News Shipyard. The largest industry is agriculture.

To learn more about this year’s America’s Top States for Business, you may also visit topstates.cnbc.com.


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