Virginia Named Best State for Business by Forbes

Virginia was once again named “Best State for Business” by Forbes Magazine.

House Majority Caucus Chairman Tim Hugo (R-40) made the following statement regarding Virginia's ranking in the 2013 study of the "Best States for Business" by Forbes:

For the last several years, the Virginia General Assembly has worked with Governor McDonnell and his administration to ensure that Virginia is business friendly. While Virginia has ranked 2nd for the last three years, it has not held the top spot since 2009. I am pleased to announce that, due to collaborative efforts between the Virginia General Assembly and Governor McDonnell's administration, Virginia is once again considered the 'Best State for Business' by Forbes.

The Forbes study looks at six categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

Virginia is the only state that ranks in the top five in four of the six categories, and it was ranked first in the category of regulatory environment. Specifically, Forbes cited Virginia's tort system and its strong Right to Work laws as key factors in landing the number-one spot.

Forbes lists Virginia as top state for business, since only 4.4 percent of its workers belong to a union. Additionally, tax incentives for businesses are strong. Additionally, thanks to government spending, Forbes notes that Virginia’s economy has remained comparatively robust during down economic times.

Forbes also demonstrates how Virginia has risen to become a leader in high tech industries.

Republicans are using such data in their political races to demonstrate that their leadership has lead to business and economic growth in the Commonwealth.

However, Democrats have countered that their positions on social issues, as well as a strong support for public education and transportation, has contributed to Virginia regaining its number-one status.