Virginia has been crowned as America’s Top State for Business in 2024 by CNBC, marking its sixth time at the pinnacle of the rankings and its third win in five years, a record unmatched by any other state since the study began in 2007.
Virginia’s achievement underscores its unparalleled education system and policies that foster expansive opportunities for companies to thrive, both physically and figuratively.
The state excels across all categories in the study, boasting the nation’s best education system and clinching the third-best infrastructure ranking. With an estimated 121 million people within a day’s drive, Virginia stands as one of the most accessible states, further bolstered by its status as a global internet traffic hub, particularly in Northern Virginia.
“We needed to tackle the power challenge. Virginia’s energy demands are increasing faster than the national average,” Governor Glenn Youngkin highlighted in a “Squawk Box” interview with CNBC. He detailed plans, in collaboration with Dominion Energy, to construct the first small modular nuclear reactor in the U.S., aiming to address these energy needs.
Virginia’s infrastructure strengths extend to its array of shovel-ready sites, certified by the state’s economic development arm, promising swift development with utilities and infrastructure in place within 18 months.
Michael Dreiling, Vice President of Real Estate Solutions at the Virginia Economic Development Partnership, emphasized, “Virginia diligently listens to companies, and their need for prepared sites is clear.”
The Site Selectors Guild commended Virginia’s advanced and well-funded site readiness program, highlighting its critical role in the state’s economic success.
Virginia’s Education Dominance
Virginia’s paramount competitive edge lies in its top-ranked education system, pivotal in attracting businesses and ensuring a skilled workforce. The state’s support for higher education has surged by 28% over the past five years, accompanied by tailored K-12 instruction and initiatives enhancing career and technical education.
Governor Youngkin, who championed educational reforms, stressed, “We’ve raised the bar with intensive tutoring, science-based reading programs, and innovative lab schools.”
While Virginia received a D+ in CNBC’s quality of life assessment, Governor Youngkin and bipartisan efforts have fortified commitments to childcare affordability, reproductive healthcare, and voting rights.
Divided Government’s Impact
Virginia’s success under divided government is evident in its moderate approach to tax policies and infrastructure upgrades. Despite challenges, such as failed negotiations to relocate sports teams, Virginia continues to attract substantial investments, bolstered by streamlined regulations and $5 billion in tax relief since Youngkin’s inauguration.
“Results matter. Upon taking office, Virginia was in the bottom tier for job growth,” Youngkin emphasized, highlighting a surge of 240,000 employed residents since 2022.
Looking Forward
Governor Youngkin affirmed progress in reversing population migration trends, noting Virginia’s growing workforce and enhanced business attractiveness.
“As businesses decide daily where to invest and grow, Virginia is increasingly their choice,” Governor Youngkin asserted.
Virginia’s exemplary performance in CNBC’s rigorous evaluation, encompassing 2,500 possible points across 10 categories, solidifies its reputation as a premier state for business in 2024.
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