Jun 29, 2011
Congratulations to the Commonwealth of Virginia for being named the “Top State for Business” by CNBC. In CNBC’s competitive yearly study, Virginia not only took the top spot out of all fifty states, but it received the highest point total in the history of the study.
In the midst of a fiscal and economic challenge across the nation, Virginia has focused its efforts on growing small businesses, which drive innovation, create 21st century jobs and increase U.S. competitiveness. The result is that entrepreneurs have seen Virginia as a great place to own and grow a business – and those businesses are creating jobs. The unemployment rate in the Commonwealth has dropped from 7.2% in February of 2010 to 6% today; over three points below the national average.
In their official release announcing the top ranking, CNBC noted, “With an unprecedented fiscal crisis at the state level, never has it been tougher to stay competitive. But Virginia met the challenge on every level, achieving the highest point total in the history of our study, and finishing in the top half of every category.”
CNBC uses publicly available data on 43 different measures of competitiveness within 10 broad categories to determine rankings for America’s Top States for Business. Virginia was rated in the following areas:
· Cost of Doing Business
· Quality of Life
· Infrastructure & Transportation
· Technology & Innovation
· Business Friendliness
· Access to Capital and Cost of Living.
You can read more about CNBC’s study and see the full rankings here.
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