Virginia ranked number 5 on Forbes.com’s list of best states for business

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RICHMOND, Va. (WRIC) — Virginia made the top five on Forbes.com’s 2017 list of Best States for Business.

This is up from number 6 on the list in 2016 and number 7 on the list in 2015. Virginia has consistently placed in the top ten on the list since the rankings began in 2006.

Gov. McAuliffe took the opportunity to speak about what this means for Virginia’s economy.

“The Commonwealth’s advancement in major rankings … is strong evidence of our success in building the new Virginia economy,” McAuliffe said. “We are working tirelessly with our economic development partners across the Commonwealth to put Virginia on top, and today’s announcement demonstrates that our efforts are working.”

Forbes used six factors to determine state rankings, including business costs, economic climate, growth prospects, labor supply, quality of life and regulatory environment.

Virginia finished in the top 10 in three of the six categories, including number 2 for the regulatory environment and 3 for labor supply.

According to Forbes.com, Virginia’s favorable regulatory climate stems from business-friendly government policies like incentives.

Check here for the full list.

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