Richmond, Virginia – Governor Glenn Youngkin proudly announced on Thursday that Virginia has been named “America’s Top State for Business” by CNBC for 2024. This recognition is the result of a comprehensive analysis of 50 states across 10 key categories of competitiveness, leveraging 128 different metrics to gauge which states are excelling in fostering business growth and development.
Unparalleled Business Environment
Virginia’s journey to the top of CNBC’s annual ranking is attributed to its robust blend of business-friendly policies, strategic economic investments, and a strong focus on workforce development and infrastructure. Governor Youngkin highlighted the state’s commitment to providing a supportive environment for businesses: “When a business chooses to invest and grow in Virginia, we’re promising best-in-class talent, infrastructure, power solutions, and a business-friendly environment. Our administration has facilitated waves of economic investment and business expansions to reinvigorate growth and opportunity across Virginia.”
The state has indeed seen a flurry of economic activities with record job growth, spurred by substantial capital investments from major corporations like Amazon Web Services, The LEGO Group, Raytheon, and Boeing. Virginia has also benefited from expansions of other significant players such as Hilton, Northrop Grumman, and Framatome.
Strategic Initiatives and Investments
Governor Youngkin’s administration has been proactive in enhancing Virginia’s appeal to businesses and families alike, rolling out initiatives including $5 billion in tax relief and significant improvements in regulatory frameworks. The state’s Right-to-Work status, along an “All-American All-of-the-Above Energy Plan”, ensures that Virginia remains a top choice for diverse industries.
Another cornerstone of Virginia’s strategy is the Virginia Talent Accelerator Program, recognized as the No. 1 Customized Workforce Training Program in the U.S. for two consecutive years. The historic Tech Talent Investment Program further bolsters Virginia’s labor pool, ensuring it remains one of the best in the nation. The state has allocated over $550 million to accelerate the development of business-ready sites, a crucial factor that recently attracted the LEGO Group to Virginia.
Infrastructure and Workforce
For 2024, CNBC placed a significant emphasis on infrastructure as a critical determinant for businesses when considering investment locations. Virginia’s impressive infrastructure, including a world-class port and robust transportation networks covering rail, road, and air, played a vital role in securing the top ranking. The Virginia Business Ready Sites Program was specifically noted for enhancing the state’s readiness and attractiveness for business investments.
Secretary of Commerce and Trade, Caren Merrick, commented on the state’s assets, “With top talent from high-ranking universities to robust supply chain infrastructure and a friendly business climate, Virginia has the perfect combination to make it a clear choice for business investment. I am thrilled that CNBC has recognized the huge efforts on many fronts that make Virginia America’s Top State for Business.”
Jason El Koubi, President and CEO of the Virginia Economic Development Partnership (VEDP), also praised the collaborative effort across the state that led to this recognition, noting that it was years in the making and a testament to the dedication and hard work of thousands of businesses and partners throughout Virginia.
This recognition by CNBC marks the sixth time Virginia has been named the top state for business, with previous honors received in 2007, 2009, 2011, 2019, and 2021. This consistent ranking underscores Virginia’s sustained commitment to creating a conducive environment for business and innovation, setting a benchmark for other states aiming to enhance their economic landscapes.
