New River Valley, VA – CNBC ranks the Commonwealth of Virginia as the overall #1 state to do business in 2019.
All 50 states are put through a rigorous test, scoring each state on more than 60 measures in 10 overarching categories. Then each category is weighted based on how often the state uses that category as a selling point in their economic development marketing materials. This ensures that the states are only being assessed on the attributes they use to promote themselves. The criteria for scoring was developed using existing business and policy experts, official government sources, and the input from the individual states.
The 10 categories of evaluation include:
- Workforce
- Economy
- Infra-structure
- Cost of Doing Business
- Quality of Life
- Education
- Technology & Innovation
- Business Friendliness
- Access to Capital
- Cost of Living
Not only did Virginia rank #1 overall, but the state also received the top spot in workforce and education. Educational attainment of workforce, number of available employees, and net migration of college-educated workers are all considered when calculating the workforce category, which is allocated the largest sum of points, 450, of all 10 categories. The state’s concentration of STEM workers, workforce productivity, and even union membership and right-to-work laws are also considered. In the category of education, which is slotted for up to 175 points, the number of higher education institutions as well as the test scores, class size, and spending of K-12 schools is calculated. Another notable ranking for Virginia, is the 3rd place score in the category of business friendliness. Business friendliness is also awarded 175 points and looks at the legal and regulatory climate of the state and the economic freedom for business individuals.
Learn more about the categories and grading system here or check out the list of all 50 states and their rankings here.
For those searching for a beautiful place to live and do business, Virginia’s New River Valley provides both a small-town atmosphere and an innovative, collaborative and business-friendly culture. It also offers a loyal, highly skilled, and educated workforce. With magnificent mountains, cutting-edge research, and exceptional arts, entertainment, and education — Virginia’s New River Valley is quite simply, A Natural Fit.
Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment, and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.
