Virginia – Best State for Business
The effects of the recession have rippled through all of the 50 U.S. states and impacted the vast majority of its citizens. Although some states felt the pain more than others, some are showing early signs of emerging with renewed strength. Optimistically, perhaps like the 1988 massive forest fires in Yellowstone National Park, new growth will replace the old with even more robust and attractive life. One can recall that most thought that the Park would never recover its former beauty.
In a recent article, Forbes admits that the carnage of the economic downturn is everywhere with bankruptcies, foreclosures and unemployment soaring nationwide, On the bright side, however, there are some notes of encouragement – for a few states.
Alaska and North Dakota are expected to show employment gains in 2009 and the Maryland, North Dakota and Virginia economies are projected to expand in 2009.
Overall, in their fourth-annual ranking of the Best States for Business, Forbes gives Virginia the highest score in their top 20. Relative to the rest of the country, Virginia is booming. Its 6.5% unemployment rate is fifth lowest in the country with the four states ahead of it all having dramatically smaller economies and employment bases. Virginia’s $325 billion economy is expected to be the 10th largest in the U.S. in 2009
Virginia is the only state ranked in the top 20 in each of the six broad categories evaluated by Forbes: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. The state finished in the top three in half of those categories (labor supply, regulatory environment and quality of life).
Forbes points out that a common theme with their top-ranked states is an expanding, educated workforce with Virginia holding the number 1 position. The rankings look at high school and college attainment, as well as net migration and projected population growth. “When we talk to prospective clients, their No. 1 issue every time is workforce,” says Jeff Anderson, head of the Virginia Economic Development Partnership.
On the other hand, even with the anticipated growth in several industries, Virginia strongly benefits from its position near Washington, DC, where the impact of an ever increasing federal government is a major contributor to Virginia’s economy.
