Youngkin celebrates Virginia ranking No. 1 state for business

Virginia has been ranked the No. 1 state for business in 2024, marking the sixth time it has led the nation as the best state for business.

This is the third win for the state in five years and its first win under Gov. Glenn Youngkin (R-VA).

"Economic development is a team sport, and Virginia’s made giant strides in business-ready sites, workforce development, regulatory reduction, infrastructure investment, and all-of-the-above power solutions,” Youngkin said in a statement. “I am thrilled that our great Commonwealth has been named America’s Top State for Business.”

The CNBC rating was based on 128 metrics in ten different categories. Infrastructure was given the most weight, and Virginia delivered the third-best infrastructure in the country. With a strong, reliable power grid allowing businesses to tap into the internet easily, the state’s leading energy company, Dominion Energy, is now in the works of building the first small modular nuclear reactor in the United States.

“We needed to get on the power challenge. Virginia’s power needs are growing faster than the nation,” Youngkin told CNBC in a Squawk Box interview.

CNBC also took into consideration the number of shovel-ready worksites available in a state. There are more than a dozen certified sites across Virginia, which guarantee all of a business’s infrastructure and utilities can be set up within 18 months.

Youngkin touted that the state has welcomed over $74 billion in capital investment from major companies such as Boeing, Amazon Web Services, and the LEGO Group.

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“When a business chooses to invest and grow in Virginia, we’re promising best-in-class talent, infrastructure, power solutions, and a business-friendly environment,” Youngkin said. “Our administration has facilitated waves of economic investment and business expansions to reinvigorate growth and opportunity across Virginia.”

CNBC has conducted its analysis of the best business since 2007, with Virginia taking the first place spot in its inaugural year. The state was crowned again in 2009 and then in 2011. However, from 2012 to 2018, Virginia failed to claim victory. Former Gov. Terry McAuliffe served as Virginia’s Democratic governor from 2014 to 2018. While McAuliffe was an advocate of creating tax cuts for corporations, Virginia failed to break into CNBC's top 10 list for 2015 and 2016.