Fast Facts

Virginia is the BEST State for Business

Being the “best state for business” means much more than owning a single title, awarded annually by one or two industry publications or media sources. Being the best means being consistent. It means performing at a high level for decades. It means working hard to attract businesses and keep them in our state. Being the best means being committed to business-first values at all levels of Government. It means providing easy access to global markets, and offering stability with low operating costs. And it means providing a talented and educated workforce that keeps businesses growing and thriving.

Being the best state for business means the most when it’s an accolade that comes from business leaders themselves. And each year, more of them add their voices to the chorus of leaders who have praised Virginia as the top choice for relocation or expansion.

By these measures, Virginia has long been the best state for business.

  • Business-first values
    • Virginia’s leaders are committed to business’ needs, free enterprise, and maintaining a profit-friendly environment
    • Home to 23 Fortune 500 companies, and 550 foreign-owned businesses and subsidiaries
    • An experienced and professional economic development team—focused on concierge service and solutions for business
    • Northernmost right-to-work state on the East Coast—ninth lowest unionization rate in the country at 5.9%
  • Easy access to domestic and global markets
    • Washington Dulles International Airport-over 120 nonstop destinations
    • The Port of Virginia has 50-foot channels
    • Two of the nation's largest Class I railroads operate in Virginia
  • Stable and low operating costs
    • 6% corporate income tax rate has not been increased since 1972
    • One of the lowest average workers’ compensation costs and unemployment tax burdens in the U.S.
  • Talented and educated work force
    • According to a 2017 report by SelectUSA, Virginia has the highest concentration of high-tech employees in the nation
    • Approximately 24,000 doctoral scientists and engineers are employed in Virginia—one of the highest concentrations in the nation
    • Approximately 584,000 students are enrolled in over 100 in-state institutions of higher education
    • #1 for the Atlantic Region in Site Selection’s 2018 Regional Workforce Rankings

 

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