Virginia again named best state for business

By Richmond Times-Dispatch
Published: July 31, 2008

For the third straight year, Forbes magazine has named Virginia as the best state to do business.

Gov. Timothy M. Kaine announced the news this morning on WRVA’s “Ask the Governor” call-in show.

The magazine writes:

“Driven by higher labor costs, business costs in Virginia jumped, and are now approaching the national average. The biggest factor closing the gap between Virginia and everyone else: lower growth projections for the next five years. On last year’s list, Virginia ranked eighth in our growth-prospects category. This year, lowered expectations for growth in jobs, income and gross state product knocked Virginia’s growth-prospects ranking down to 26th.

“Virginia remains an excellent location for new or existing businesses. It has the best regulatory environment by our count, thanks to the second-best incentive programs in the country—as well as the fifth best tort atmosphere. Other high points include energy costs 30% below the national average and an educated labor force fueled by its proximity to Washington, D.C., and top colleges like the University of Virginia and William and Mary.”

To read more, visit http://www.forbes.com.