Mount Vernon – Virginia has been named America's "Top State for Business" by CNBC. The Commonwealth took the top spot in the annual study, receiving the highest point total in the history of the rankings; finishing in the top-half of every category.
The No. 1 ranking comes on the heels of Virginia receiving the highest ranking of any state east of the Mississippi in the American Legislative Exchange Council's economic competitiveness ranking of the states, which was released last week.
"Our focus, from day one of this administration, has been to put in place the policies that will help private sector businesses create those jobs in the Commonwealth and get our economy back on track," said Gov. Bob McDonnell. "We've done that by keeping taxes low, getting government spending under control, having a strong Right to Work law, and making smart investments in transportation, economic development and higher education.
"We are telling the Virginia story to job-creators from Beijing to Boston and it is paying off. Chief executives and entrepreneurs have responded to our efforts and found that Virginia is a great place to start and grow a business."
In its official release announcing the top ranking, CNBC noted, "With an unprecedented fiscal crisis at the state level, never has it been tougher to stay competitive. But Virginia met the challenge on every level, achieving the highest point total in the history of our study, and finishing in the top half of every category."
To determine the rankings for America's Top States for Business each state was scored - using publicly available data - on 43 different measures of competitiveness. States received points based on their rankings in each metric, which were then separated into 10 broad categories: Cost of Doing Business, Workforce, Quality of Life, Economy, Infrastructure and Transportation, Technology and Innovation, Education, Business Friendliness, Access to Capital and Cost of Living.
Virginia has been reducing spending, investing in job creating programs, improving workforce development programs, and selling Virginia around the world, said Lt. Gov. Bill Bolling, whose main charge in the administration is creating jobs. "This ranking is proof that our efforts are paying off."
To see the complete CNBC report go to: http://video.cnbc.com/gallery/?video=3000030355.