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America's Top States For Business

#5 Virginia (TIE)

Richmond. Va.
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Richmond. Va.
Category Score 2013 Rank 2012 Rank
Cost of Doing Business 167 38 32
Workforce 208 6 8
Quality of Life 194 18 16
Infrastructure & Transportation 199 21 33
Economy 260 10 10
Education 101 8 13
Technology & Innovation 202 12 14
Business Friendliness 161 6 3
Cost of Living 31 20 20
Access to Capital 19 13 9
Overall 1542 (Tie) 5 3

ECONOMIC PROFILE

Governor: Bob McDonnell (R)

Population: 8,185,867

GDP growth: 1.1 percent

Unemployment rate (May 2013): 5.3 percent

Top corporate tax rate: 6 percent

Top individual tax rate: 5.75 percent

Gasoline taxes/fees: 20 cents

Bond rating/outlook: Aaa/Negative

Major private employers: Heart & Vascular Institute, Huntington Ingalls Industries, University of Virginia, Lab Corp., Newport News Shipbuilding, VCU Health System, Inova Health System, Philip Morris USA, Kings Dominion, University of Virginia Health Systems

Economic profile sources: American Petroleum Institute (April 2013), Bureau of Economic Analysis (2012), Bureau of Labor Statistics (May 2013 release), CareerOneStop, Moody's Investors Service (senior-most tax-backed ratings), National Governors Association, Tax Foundation (2013), U.S. Census Bureau (2012 estimate)

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