YesVirginia Business Blog

Virginia is the proud new owner of three—yes three—top national business rankings all at once.

We were notified last night that Virginia reclaimed its “Best State for Business” title for the fourth straight year. This latest accolade comes on the heels of No. 1 rankings from Pollina Corporate Real Estate and CNBC. Never before has a state held top business climate rankings by all three of these reputable business brands at one time.

We’ve always been proud of our accolades, but we’re especially proud to achieve such a feat when economic times are tough.

Virginia was the only state ranked in the top 20 in each of the six categories examined in the Forbes.com survey. The Commonwealth finished in the top three in half of those categories—taking the lead in the quality of life ranking, second place in the regulatory environment ranking and third in labor issues.

Top U.S. corporation site relocation expert Pollina Corporate Real Estate ranked Virginia its “No. 1 Pro-Business State” in June after examining job retention and creation by all 50 states and the federal government. Virginia also held the top spot in the Pollina study in 2003 and 2007. The Commonwealth ranked second from 2004 to 2006 and third in 2008.

CNBC’s July best-in-the-nation validation was based on a range of factors, from workforce quality to broadband infrastructure, and reaffirms that "Virginia has what it takes to emerge from an economy turned upside down." Virginia also received CNBC's top ranking in 2007 and was ranked second in 2008.

If the Commonwealth can perform this well in a recession, imagine the possibilities.

Well, it looks like Virginia has done it again. Despite a troubled national economy, the Commonwealth is the top pro-business state for 2009, according to Pollina Corporate Real Estate, a top U.S. corporate site location expert. While Pollina doesn’t have the brand recognition that Forbes does, the organization’s seal of approval carries substantial weight in economic development and site selection circles.

This leading label marks Virginia’s third No. 1 ranking by Pollina. The Commonwealth held the top spot in 2003 and 2007. We ranked second in the Pollina study from 2004 to 2006 and dropped to third place last year. The current recession brings even more importance to Virginia’s climb from third last year to first place.

It means we must be doing something right. The annual study evaluated all 50 states based on 33 factors, including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers compensation laws, economic incentives programs, and state economic development efforts.

Virginia did well in the Labor, Taxes, and Other Factors categories, where we placed fourth overall. Our lead can also be attributed to strengths in college completion, low unemployment, right-to-work status, workers compensation rates, low corporate taxes, low sales and gross receipts taxes, our corporate litigation environment, and low crime rates.

"Virginia maintained its rank for Incentives and Economic Development Agency Factors by having one of the finest economic development departments in the nation, and providing flexible incentives for business creation. A close examination of Virginia’s programs reveals a very well-balanced understanding of economic development," said Brent Pollina, Vice President of Pollina Corporate and author of the study. "The programs include: low-interest loans, infrastructure improvement grants, corporate tax credits, enterprise zone tax credits, customized industrial training and property tax abatements. The Governor’s Opportunity Fund is one example of a program that clearly sets Virginia apart from other states. Virginia’s strength is its ability to front-load some of its key business incentives. This provides companies with capital when they most need it – the first 36 months of a project."

There you have it. We couldn’t have said it better ourselves.