Forbes: Virginia Regains No. 1 State for Business Rank

After slipping as the nation’s top state for business, Virginia reclaimed the title, according to Forbes.com rankings.

“The U.S. economy continues to sputter along with an outlook that is cloudy … but pockets of the U.S. are primed for growth … Leading the way is Virginia," according to the online magazine.

Virginia had previously lost its edge over the rest of the United States, but now appears poised to continue its previous prowess.

“This award is a great testament to the Commonwealth's transportation infrastructure, education system, skilled workforce, regulatory environment and excellent quality of life, all of which lead to strong economic growth,” said Gov. Bob McDonnell in a prepared statement. “This announcement is a further demonstration that Virginia is leading the nation forward in this economic recovery.”

And Loudoun is among the counties drawing new business and benefiting from them.

“Forbes ranking is an important validation that Virginia is the best place in America to grow your business,” said Loudoun Chamber of Commerce President Tony Howard, giving part of the credit to the General Assembly’s decision this year to re-invest in transportation. “The Loudoun County Chamber of Commerce is proud of its role in convincing state lawmakers to approve this new transportation funding.”

North Dakota was ranked second by Forbes.com, followed by Utah, North Carolina and Colorado. Nebraska, Texas, Minnesota, Washington and Georgia rounded out the top ten.

The Forbes.com ranking considers:

business costs cost of labor, energy, and taxes 

labor supply educational attainment, net migration, and projected population growth

regulatory environment (regulatory and tort environment, incentives, and bond ratings

economic climate (job, income, and gross state product growth, as well as unemployment and corporate headquarter relocations

growth prospects(projected job, income, and gross state product growth, as well as announced business openings and closings, and

quality of life(index of schools, health, crime, cost of living, and poverty rates 

Virginia placed first in regulatory environment; second in labor supply; fourth in quality of life; fifth in economic climate; 17th in growth prospects; and 22nd in business costs.