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Virginia is the 11th Best State for Business 2014

With China lifting its 7-year ban on Virginia poultry, the state’s GDP may be on the rise. In addition, Dominion Virginia Power received a $47 million grant from the U.S. Dept. of Energy to build wind turbines off of Virginia Beach, which will bring jobs to the area.

Previous State: Georgia Next State: North Dakota

No. 11 Virginia

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 0.1
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -1.4

Unemployment

  • Unemployment Rate Dec. 2013 %: 5.2
  • Comparison with Nat’l Rate (6.70%): -1.5

Domestic Migration

  • Domestic Net Migration 2013: 3,099
  • Rank: 17

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 3,417
  • State & Local Gov’t Employees per 10k Residents: 574

State-Local Tax Burden

  • Rate (%): 9.3%
  • Compared to Nat’l Avg. (9.9%): -0.61%
Key Companies
  • Freddie Mac
  • Altria Group
  • Capital One Financial Corporation
  • General Dynamics
Development Trend Indicator: Negative
Fades a bit in job growth and entrepreneurial fervor but keeps low taxes.
CEO Comments
“Virginia has a significant level of local taxes, particularly in jurisdictions in Northern Virginia that constantly nick away at profitability. While the state tax structure is low, the business property taxes, taxes on gross business income and other related taxes of the local jurisdictions eat away at [revenue].” 

“Virginia’s best business incentive is its pro-business climate. It strives to maintain traditions of sound fiscal management, including a diversified economy and moderate and stable taxes. Its strategic location, highly productive workforce (one of the highest educated workforces in the country) and excellent quality of life make Virginia the best place to do business.”


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

About JP Donlon

JP Donlon is the Editor-in-Chief of Chief Executive magazine.