Categories: 2014 Best & Worst States

Virginia is the 11th Best State for Business 2014

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 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.”

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

J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.