Virginia Has The Best Overall Business Climate In 2021

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Virginia has the best overall business climate in 2021, according to a report to be released by Business Facilities Magazine in the coming weeks.

The publication honored Virginia with a “State of the Year Award,” and promises the full list with more details in its January/February issue, but mentions that the writers were impressed by the state’s low unemployment of just 3.6%, the tenth lowest in the country. Perhaps more important, though, are the numerous efforts in the commonwealth to develop talent, grow industries, and assist individual businesses:

The commonwealth also runs a number of highly-successful workforce programs, including the Virginia Talent Accelerator Program, a customizable job-specific training and recruitment initiative; and Fast Forward Virginia, a short-term credential program to train Virginians for top, in-demand jobs across the commonwealth. Virginia also operates workforce development programs and workforce connection programs to assist employers in finding qualified workers and to assist workers in finding suitable jobs.

The talent accelerator program began in 2019 as a joint effort by the Virginia Economic Development Partnership and the Virginia Community College System and provides training and recruitment resources at no cost to qualified new and expanding companies in the commonwealth. It’s first project involved training 700 workers at a new plant in Danville, Virginia where walk-in delivery vans are built.

At startup or during expansion when margins are small and expenses need to be controlled, programs like these can be the deciding factors for a business looking for a home.

This may be one reason CNBC earlier this year called Virginia the best state for business, though CNBC was also impressed by the state’s strong education and workforce metrics. The commonwealth was also at the top of the CNBC list last year, and has been called the best state for business by them five times since 2007.

Virginia last won the Business Facilities award in 2018. It was one of three states singled out for States of the Year awards by the publication this year. Massachusetts was called the state with the best workforce/educational system, while Tennessee was called the state with the best deal-making.

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Maddison Pace

Maddison Pace

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