Virginia has the greatest schools in the country and a strong infrastructure, making it America's Greatest County for Commerce in 2024.
Virginia is America's Best Region for Commerce in 2024 because it has the greatest educational system in the country and rules that allow businesses to expand both practically and figuratively. Old Dominion has topped CNBC's rankings six times, including three times in the last five years, a record that hasn't been surpassed by anyone another county since the study's inception in 2007. This year, Virginia accomplishes an uncommon feat by placing in the top half or higher in each of the ten study categories.
However, Virginia's abundance of shovel-ready sites for corporations looking to construct quickly is where the state's infrastructure really shines. Numerous locations throughout the Commonwealth have been approved by the state's economic development division, which guarantees that all facilities and equipment will be in place in 18 months.
The Website Selectors Guild, which provided some of the site readiness data for the CNBC study, stated that Virginia's programme is among the most sophisticated and well-funded of its kind in the country. "Virginia operates diligently to pay attention to organisations, and enterprises are informing us that they want these ready sites," mentioned The musician Dreiling, vice president of commercial property solutions at the Virginia Economic Growth Partnership.
The Cnn survey ranked Virginia's education system as the best in the country, making it the state's greatest competitive advantage.
There are several choices for higher education in Virginia, notably five traditionally Black colleges. Over the last five years, there has been a robust 28% growth in government backing for higher education.
Based to the Association, Virginia has some of the most individualised K–12 instruction in the country, with an average of 10.9 pupils per teacher last year. That seems to be translating into high exam results.
"By implementing the scientific method of studying, starting lab schools, providing intensive tutoring, and refocusing on vocational and technical schools, we reset the bar for excellence," the governor added.
Texas benefits from a contested legislature.
One of the numerous ways that a split government has contributed to the moderation of Virginia politics is the education compromise.
Taxes are the subject of another. In the end, Youngkin & the Democrats approved a budget that either raises nor decreases taxes after reaching a deadlock in budget negotiations earlier this year. According to the CNBC survey, Virginia's largest shortcoming is its high business costs. Virginia has the 24th cheapest business expenses in the country, just barely in the higher portion of that group thanks to maintaining the line on fees.
Youngkin also attempted to enact a ban on abortions after 15 weeks, but Democrats blocked his efforts. With other things, the ban's opponents claimed it would have made it more difficult for the state to draw in younger workers. According to Youngkin, the state ought to take greater initiative to draw in talent. This year's rankings show that the usually excellent workforce of the state drops to ninth place, largely due to a lack of influx of highly educated individuals.
There is an issue with population migration in Virginia. The evidence is unquestionable," Youngkin declared in January. "For the past ten years, more people from the reverse 49 states have moved away from Virginia than towards it." But Virginia's "gridlock-is-good" recipe isn't always effective. Youngkin's proposal to build a new recreation and leisure district in Alexandria in an attempt to entice the Washington Wizards of the Basketball Association and the Washington Capitals of the National Hockey League to relocate from the District of Columbia failed due to political unrest in Virginia and financial worries.
But Virginia's "gridlock-is-good" recipe isn't always effective. Youngkin's proposal to build an additional entertainment and athletic district in Alexandria in an attempt to entice the Washington Wizards of the Basketball Association and the Washington Capitals of the National Hockey League to relocate from the District of Columbia failed due to political unrest in Virginia and financial worries.
Ted Leonsis, the owner of Monumental Sports & Entertainment, made a shot across the Potomac when he said during the month of March that he would continue to operate the teams in Washington, D.C. He declared, "Doing company in Washington, D.C., is simpler as well as superior than doing business in Virginia." The District is excluded from the rankings because it is not a state.
Rating each of the fifty nations
The study assigns 2,500 possible points to each of the 50 states based on their competitiveness in ten different categories. With 1,595 points, Virginia wins this year's championship. On the basis of how frequently states list a particular category as a selling factor, our model gives each category a weight. The plan is to rank the states according to the standards they employ when presenting themselves to potential investors.
The remaining Top Countries
The closest conclusion in Top Countries history was achieved in the 2024 rankings. Virginia and North Carolina, this year's runners-up, are separated by just three points. After dominating the order of importance in 2022 and 2023, the Tar Heel State had aimed to achieve an unprecedented three-peat. Despite putting up a good showing in 2024, North Carolina finished No. 20 in the heavily weighted area of architecture this year.
Texas, which had previously fallen outside of the top five in 2023, is now ranked third. Our research indicates that Texas has the best population in the US, with highly educated workers still moving there. However, Texas is ranked No. 26 for facilities since it lacks a site preparedness programme and has problems with its power grid. Texas ranks lowest for Standard of Life due to its inadequate worker rights, poor health care system, and the nation's harshest abortion laws.
Florida, which achieved its highest position ever in our rankings, completes the top five. For the second consecutive year, Florida's economy is the best in the country. The property market has done well, and both the economy and jobs are growing, but there are some worrying trends, such as an increase in bankruptcies and high the cost of insurance. However, Florida's significant climate risk causes the state's infrastructure to fail. The country's least dependable power system is this one. Also, it is exacerbating an insurance crisis, which pushes the state down to 42nd place in terms of cost of living.
