Categories: 2014 Best & Worst States

Virginia is the 7th Best State for Business 2013

Previous State: Arizona Next State: South Carolina

No. 7Virginia

Taxations & Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP % Growth ’10-’11: 0.3 % Growth ’10-’11 v. Nat’l Avg. (1.5%): -1.2 Unemployment Unemployment Rate Dec. 2012 %: 5.6 Comparison with Nat’l Rate (7.80%): -2.2 Domestic Migration Domestic Net Migration ’10-’11: 15,538 Rank: 9 State Government Debt per Capita Fiscal Year ’10 ($): 3,131 State & Local Gov’t Employees per 10k Residents: 574.0 State-Local Tax Burden Rate (%): 12.3 Compared to Nat’l Avg. (9.9%): 2.41

Key Metrics

State GDP

% Growth ’10-’11: 0.3
% Growth ’10-’11 v. Nat’l Avg. (1.5%): -1.2

Unemployment

Unemployment Rate Dec. 2012 %: 5.6
Comparison with Nat’l Rate (7.80%): -2.2

Domestic Migration

Domestic Net Migration ’10-’11: 15,538
Rank: 9

State Government

Debt per Capita Fiscal Year ’10 ($): 3,131
State & Local Gov’t Employees per 10k Residents: 574.0

State-Local Tax Burden

Rate (%): 12.3
Compared to Nat’l Avg. (9.9%): 2.41

Key Companies
Freddie Mac Altria Group Capital One Financial Corporation General Dynamics

Development Trend Indicator: Sideways
Business hails new infrastructure spending but not resulting tax increases.

CEO Comments
“VA, NC, MD, and TN all have strong business climates and excellent educational systems. They promote business. They want to and do help ongoing and new business.” “Many of the counties in the commonwealth are abolishing taxes and policies that block effective business growth. Virginia also has chambers [of commerce] and military affairs councils that diligently work to maintain base presence in our state, which helps our economy, supports business and provides [a] well qualified workforce.” “Virginia is carried by Northern VA, which offers a great quality of life via close proximity to DC and has a high caliber talent pool.”

CEO Comments

“VA, NC, MD, and TN all have strong business climates and excellent educational systems. They promote business. They want to and do help ongoing and new business.”

“Many of the counties in the commonwealth are abolishing taxes and policies that block effective business growth. Virginia also has chambers [of commerce] and military affairs councils that diligently work to maintain base presence in our state, which helps our economy, supports business and provides [a] well qualified workforce.”

“Virginia is carried by Northern VA, which offers a great quality of life via close proximity to DC and has a high caliber talent pool.”

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

Previous State: #6 Arizona Next State: #8 South Carolina

J.P. Donlon

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