Industries Economic Development

Virginia ranks No. 1 in business competitiveness

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Site Selection magazine has ranked Virginia on the top of its 2011 Competitiveness Award.

The award ranks states based on 10 factors, primarily on new and expanded facilities announcements made during the year.

”It points to a steady supply of new jobs on the horizon from the suburbs of Washington, D.C., to the military/maritime economy of the state’s southeast to the western economy anchored by the Roanoke Valley to the south-central tobacco counties landing major data center projects,” Site Selection’s story on the annual award said.
Texas ranked second on the list, followed by Ohio, Louisiana and North Carolina.

“We’ve worked very hard these past two years to bolster Virginia’s reputation as a place to work and relocate businesses to, and we’ve earned top rankings on various measures of that,” Gov. Bob McDonnell said in a statement. “This Competitiveness Award recognition is terrific, as we have put a lot of resources into economic development incentives and grants and are spending a lot of time on the road telling Virginia’s story.”

The 10 factors include:
•Total new and expanded facilities in 2011
•Total new and expanded facilities in 2011 per 1 million population
•Total capital investment in new and expanded facilities in 2011
•Total capital investment in new and expanded facilities per 1 million population in 2011
•Total new jobs created in 2011
•Total new jobs created in 2011 per 1 million population
•Rank in the corporate real estate executive portion of the 2011 Site Selection Business Climate Ranking
•State tax climate as ranked by the Tax Foundation
•State unemployment rate
•Performance in the Beacon Hill Institute’s State Competitiveness Index


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