Virginia Ranks Fourth in Forbes’ Top Business-Friendly States

By December 12, 2018 Blog, Fast Track, Featured

Brian Tinsman
Digital Properties Manager

 

Virginia came in at fourth on Forbes’ 2018 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 (five first-place finishes since 2006) and is up one spot from its 2017 rankings.

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

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

“Virginia ranks first 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.”

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

Loudoun has a lower unemployment rate than the rest of the Commonwealth, 2.3 percent vs. the 2.9 percent reported by the Virginia Employment Commission, measured in October.

Loudoun’s median income of $135,842 leads all U.S. counties and is nearly twice Virginia’s $70,623 average. More importantly, Loudoun’s household income growth grew by nearly $1,400 last year.

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, we offer hands-on resources from the concept phase through business growth, leveraging a network of dozens of community partners.

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

 

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