13. Virginia (tie)

The Old Dominion stands superior for workforce and business friendliness, but high costs and weak infrastructure hurt.

Top States Virginia
Source: George Kavallines
Category
Score
2016 Rank
2015 Rank
Workforce 276 3 6
Cost of Doing Business 142 36 37
Infrastructure 167 32 25
Economy 163 30 36 (Tie)
Quality of Life 204 16 25
Technology & Innovation 159 15 14
Education 136 5 6 (Tie)
Business Friendliness 120 3 3
Cost of Living 32 30 25
Access to Capital 36 15 12
Overall 1435 13 12

Economic Profile

Governor: Terry McAuliffe, Democrat

Population: 8,382,993

GDP growth: 1.4 percent

Unemployment rate (May 2016): 3.8 percent

Top corporate tax rate: 6 percent

Top individual income tax rate: 5.75 percent

Gasoline tax: 40.73 cents/gallon

Bond rating/outlook: Aaa, stable

Major private employers: Wal-Mart, Huntington Ingalls Industries, Altria Group

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, S&P Global Market Intelligence

Latest Special Reports

  • CNBC and Institutional Investor is hosting the 9th Annual Delivering Alpha Conference

  • The nexus of technology -- cloud, social, mobile and data -- are transforming user behaviors and creating new businesses.

  • Innovative female entrepreneur examining prototype

    In an era of rapid technological advances and demographic change, how do legacy companies adapt, innovate and evolve? CNBC Evolve features iconic global companies and executives who are embracing change and transforming for the future.