Virginia Ranks Second in Business-Friendly States, According to Latest Report
Virginia Ranks Second Best for Business in Latest Report
chandni
According to a recently released report by CNBC, Virginia has secured its position as the second best state for business in the United States. The ranking was determined based on various factors, including workforce quality, infrastructure, business friendliness, and access to capital. Notably, Virginia claimed the top spot in the education category.
Christina Winn, President of the Developers Association at Virginia Economics, highlighted the collaborative efforts between educational institutions and industries to develop a skilled workforce for the future. This marks the third consecutive year that Virginia has achieved a top-three ranking, following a first-place finish in 2021 and a third-place finish in 2022.
However, amidst the positive news, Virginia does face some challenges. The state falls in the lower half of states when it comes to costs of doing business and the cost of living. Keith Martin, Executive Vice President of Public Policy and Government Relations for the Virginia Chamber of Commerce, mentioned that competitor states like North Carolina, Tennessee, and Georgia have implemented comprehensive tax reforms in recent years.
While Virginia's ranking as a business-friendly state primarily benefits the business community, it also has broader positive implications for residents. Increased tax revenues from businesses contribute to the improvement of public amenities such as schools, parks, and libraries, leading to an enhanced overall quality of life for the community.
