4. Virginia

The workforce reigns supreme in the Old Dominion, but high wages, rent and living costs are a royal pain.

An amphibious transport dock ship Pre-Commissioning Unit (PCU) Arlington (LPD 24) is positioned at its berth at its new homeport of Naval Station Norfolk,Virgina.
Getty Images
An amphibious transport dock ship Pre-Commissioning Unit (PCU) Arlington (LPD 24) is positioned at its berth at its new homeport of Naval Station Norfolk,Virgina.
Category
Score
2018 Rank
2017 Rank
Grade
Workforce 304 3 2 A+
Infrastructure 207 20 25 C+
Cost of Doing Business 161 34 35 C+
Economy 208 13 20 B+
Quality of Life 190 19 17 C+
Technology & Innovation 141 15 16 B
Education 147 6 13 A-
Business Friendliness 116 5 7 B+
Access to Capital 77 13 13 B+
Cost of Living 18 33 28 D+
Overall 1569 4 7 -

Economic Profile

Governor: Ralph Northam, Democrat

Population: 8,470,020

GDP growth (Q4 2017): 2.5 percent

Unemployment rate (May 2018): 3.2 percent

Top corporate tax rate: 6 percent

Top individual income tax rate: 5.75 percent

Gasoline tax: 22.40 cents/gallon

Bond rating (Moody's/S&P): Aaa, stable/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 (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

Top States Past Year Rankings

  • CNBC unveils its 11th annual America's Top States for Business ranking for 2017, scoring all 50 states on 10 key measures of competitiveness.

  • Top States promos Arm Wrestling

    CNBC unveils its 10th annual America's Top States for Business ranking, scoring all 50 states on 10 key measures of competitiveness.

  • Top States 2015

    CNBC unveils its 9th annual America's Top States for Business. See where your state ranks.

Latest Special Reports

  • senior couple on beach

    A fixed-income strategy is key for investors who are retired or are approaching retirement. This special report details the range of tools and strategies used to manage a fixed income portfolio.

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

  • NYSE Trader on the floor

    The buzz on the trading floor