VA Remains Top U.S. State For Business, New Ranking Says

VIRGINIA — Virginia is once again the top U.S. state for business, according to an annual ranking by CNBC. The state also has the best schools and is rated in the top three for infrastructure, the ranking says.

To rank America’s Top States for Business in 2024, CNBC scored all 50 states on 128 metrics in 10 categories of competitiveness. Categories included schools, infrastructure, workforce, economy, cost of doing business and more. Categories were then weighted based on how frequently a state uses them in economic development marketing materials.

Under the ranking’s methodology, states could earn a maximum of 2,500 points.

This year marks Virginia’s third time in five years earning the top spot on the list and sixth time overall. The Commonwealth finished in the top half or better in each of the study’s 10 categories.

According to the ranking, Virginia’s public education system is the best in the country, and it took a bipartisan compromise to make that happen. The Commonwealth is also a leader in linking businesses with shovel-ready sites, which helped the state finish third in this year’s most important category of infrastructure.

With 121 million people within a day’s drive, the ranking notes Virginia is one of America’s most accessible states. It is also one of the most virtually accessible virtually. According to the ranking, an estimated 70 percent of global internet traffic flows through Northern Virginia thanks to its huge concentration of data centers.

Here’s how Virginia scored in all categories:

• Infrastructure: 273 (A)
• Workforce: 232 (C+)
• Economy: 227 (B-)
• Quality of life: 189 (C+)
• Cost of doing business: 160 (B)
• Technology and innovation: 167 (B+)
• Business friendliness: 170 (B+)
• Education: 91 (A+)
• Access to capital: 58 (B+)
• Cost of living: 28 (C+)

This year’s runner-up was North Carolina. The Tar Heel State earned three points less than Virginia and finished at the top of the rankings in 2022 and 2023. Texas, Georgia and Florida rounded out the top 5.

The worst states to do business are Hawaii, Mississippi, Alaska, Louisiana and Montana.