#12 Virginia


#28 in Taxation and Regulation

#13 in Workforce Quality

#22 in Living Environment

Right to Work?

Regional Profile – Southeast

STATE
OVERALL REGIONAL RANK
TAXATION & REGULATION REGIONAL RANK
WORKFORCE QUALITY REGIONAL RANK
LIVING ENVIRONMENT REGIONAL RANK
Alabama
7
6
7
8
Florida
1
2
6
5
Georgia
5
4
2
3
Kentucky
8
7
8
7
Louisiana
10
9
9
9
Mississippi
11
10
10
11
North Carolina
2
5
3
1
South Carolina
4
3
5
2
Tennessee
3
1
1
4
Virginia
6
8
4
6
West Virginia
9
11
11
10

Key Industries

Aerospace, Automotive, Biotech, Corporate HQ, Cybersecurity, Energy, Food Processing, I.T., Logistics, Plastics, Processing

Key Companies

Advance Auto Parts

Altria Group

AMF Bowling Worldwide

BearingPoint

CapitalOne Financial

CareerBuilder

Freddie Mac

General Dynamics

Advantages

Virginia reached its pre-Recession employment peak late last year, with most job gains coming from education and heath services.

Challenges

In general, the state’s dependence on government spending darkens the economic horizon. High-tech jobs, an economic driver nationally, shrunk by .8 percent last year. Professional and business services, a key cluster, also shrunk last fiscal year, reflecting contraction in defense spending.

Key Contacts

Economic Development Partnership

Dan Gundersen, Interim President & CEO / Chief Operating Officer
804-545-5616
901 East Byrd Street
P.O. Box 798
Richmond, VA 23218-0798

DGundersen@yesvirginia.org
http://www.yesvirginia.org/

CEO Comments

“Our trade policies have not been good for us as a whole and are subject  to get worse  with the additional trade policy. We have employed as many as 375 employees. After, 2008 we are now down to 200. The Feds are picking winners and losers without any consideration of their value to the communities within Southside Virginia.”

“Virginia has … consistently ranked in the top 3 in offering not just competitive incentives for business, but also packages that improve the skill sets to hire a qualified, work-ready workforce.”

“VA is most fair in setting rules and regulations and standing by those rules.  Not easy but if you comply you usually are not hassled.”

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No 7: Virginia

No. 7

Virginia

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
Taxation and Regulations
  • State Corporate Income Tax Rate: 6%
  • Highest Personal Income Tax Rate: 5.75%
Workforce Quality
  • % with High School diploma or more: 85.9
  • % with Bachelor’s degree or more: 33.7
  • % with Advanced degree or more: 13.8
  • Patents per 100K: 20.13
  • % of Employed Represented by Unions: 5.7
Quality of Life
  • Hopsitals per 10K: 0.111
  • Elementary/Secondary Schools per 1000 people: 0.274
  • Violent Crimes per 100K: 273.6
Key Companies
  • Freddie Mac
  • Altria Group
  • Capital One Financial Corporation
  • General Dynamics
Other Highlights
  • Virginia fell from #4 in 2010 to #7 in 2011 — the state also took #7 in 2009
  • Virginia ranks 29th in state debt per capita with $3100

Sources:
TaxFoundation.org
Statemaster.com
Bureau of Labor Statistics
U.S. Census Bureau
U.S. Patent and Trademark Office
The National Center for Public Policy and Higher Education