Virginia in Forbes’ Top Five for Business Friendliness

By December 4, 2017 Blog, Fast Track, Featured

Brian Tinsman
Digital Properties Manager

 

Virginia came in at fifth on Forbes’ 2017 list of Best States for Business, which takes into consideration such factors as business cost, labor supply, regulation, the economic climate, growth prospects and quality of life.

Virginia has a long history near the top of the list and is up one spot from its 2016 rankings.

The Commonwealth ranked in the top 10 for factors of regulatory environment (second), labor supply (third) and quality of life (eighth).

Virginia’s description on the list could also specifically apply to Loudoun County:

Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies.

Virginia has a widely diverse economy that includes local and federal government, military, farming and manufacturing.

“The Commonwealth’s advancement in major national rankings like Forbes.com is strong evidence of our success in building the new Virginia economy,” Governor Terry McAuliffe said in a press release. “We are working tirelessly with our economic development partners across the Commonwealth to put Virginia on top, and today’s announcement demonstrates that our efforts are working.

“We are committed to building on this upward trajectory by offering the infrastructure, regulatory environment, and robust workforce to ensure Virginia is the premier business destination in the United States.”

In several key areas, Loudoun exceeds even Virginia’s success story.

ALSO READ: More than $7.2 Billion in New Commercial Investment for Loudoun

Loudoun has a lower unemployment rate than the rest of the Commonwealth, 3 percent vs. the 3.6 percent measured by the Virginia Employment Commission, measured in September.

Loudoun’s median income of $134,464 leads all U.S. counties and is more than twice of Virginia’s $65,015 average. More importantly, Loudoun’s household income growth grew by 6.8 percent in the last year, compared to Virginia’s 2.1 percent.

While Loudoun County reflects Virginia’s attitude towards business friendliness, we go the extra mile with programs like the Fast-Track Commercial Incentive Program, which has been credited with some of the fastest ever to-market timelines.

For small businesses, there is support from the Business Assistance Team, which helps guides entrepreneurs and small businesses through the application and permitting process.

Elsewhere, it’s called “business friendly,” but we prefer the term #LoudounPossible. Companies planning to expand or relocate should call 1-(800)-LOUDOUN or email Business Development Officer Rick Morris.

 

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