RICHMOND, Va. – For the second consecutive year, the Commonwealth of Virginia has been named among the top five best states for business by Forbes magazine.
This year Virginia was named No. 4 on the Best State for Business list, up from No. 5 last year. In fact, Virginia is no stranger to the annual list, as the state has been ranked among the top 10 states for business since the ranking’s inception in 2006.
The Commonwealth was even ranked among the top two states every year from 2006 through 2013.
Forbes credits Virginia’s “widely diverse economy” which includes local and federal government, military, farming, and manufacturing.
The magazine also said the state “scored a big win” earlier this month by landing Amazon’s second headquarters in Arlington County’s Crystal Springs neighborhoods.
The acquisition is expected to add 25,000 jobs to the Commonwealth.
Forbes uses six factors to determine state rankings, which include: business costs, economic climate, growth prospects, labor supply, quality of life, and regulatory environment.
Virginia ranked first in regulatory environment and quality of life.
North Carolina was named the Best State for Business, followed by Utah, Texas, and Virginia.by Vernon Freeman Jr.