Virginia was ranked as the third-best state in the country for its economic outlook in a report released Thursday by the American Legislative Exchange Council. In its fifth edition of
“Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index,” Virginia outperformed other states on economic policy based on a ranking that uses 15 equally-weighted variables in the areas of tax, labor, and regulatory policy.
The Washington, D.C.-based ALEC is a nonpartisan individual membership organization of state legislators that favors federalism and conservative public policy solutions.
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“In Virginia we are constantly working to control taxes, reduce regulation and promote economic creativity. Rich States, Poor States shows that these pro-growth initiatives translate into a thriving business community and a high standard of living for our citizens,” William Howell, the Speaker of the House for the Virginia General Assembly, said in a statement.
Compared to 2010, Virginia moved up three slots in 2011, from No. 8 to No. 3 in its economic outlook. It ranked No. 8 in economic performance, which considered personal income per capita, domestic migration, and non-farm payroll. The top five and bottom five states are listed below:
TOP FIVE STATES BOTTOM FIVE STATES
1. Utah 46. Hawaii
2. South Dakota 47. Maine
3. Virginia 48. Illinois
4. Wyoming 49. Vermont
5. North Dakota 50. New York
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