Virginia named top state for overall business climate

RICHMOND, Va. (WAVY) — Virginia was recently named the state of the year for Overall Business Climate, Governor Northam announced on Tuesday.

“I am proud of the work our administration has done to develop the strongest business-friendly environment in the nation,” said Governor Northam. “During my term, we’ve attracted more than $80 billion in economic investment, creating more than 100,000 jobs—a record for any Virginia governor. Virginia has set a new standard for all other states. Companies want to invest here and create jobs here because of our welcoming environment, commitment to developing our workforce, and our existing infrastructure.”

The ranking, from Business Facilities magazine, comes six months after CNBC named Virginia the “Top State for Business.”

Officials with the magazine say “Virginia finished first in the Best Overall Business Climate because of the steps many economic development councils in the commonwealth, both local and statewide, are taking to make the area more attractive.”

Additionally, Northam’s office says Virginia’s workforce exceeds 4.1 million people and the unemployment rate is the 10th lowest in the country at 3.4 percent. 

“For the first time, we thought it was appropriate to name three winners in this prestigious process,” said Business Facilities Editorial Director Seth Mendelson. “As businesses look to expand or relocate, the questions they have about communities are becoming more complex. They want to know as much as they can about a community before making a final decision. We think this is going to help them make informed choices. The commonwealth’s location, right next to the District of Columbia, combined with its pro-business work environment, strong workforce and educational systems, makes it a great place to do business in.”

Northam announced on December 17 that the seasonally adjusted unemployment rate fell to 3.4% in November as the state’s labor force expanded to 4,259,504. That was the 18-straight month that unemployment fell in the Commonwealth.