Top States for Business

3. Virginia

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Virginia Score and Ranking

CATEGORY  2022 SCORE  2022 RANK 2021 RANK  2022 GRADE 
WORKFORCE255113B+
INFRASTRUCTURE235924B+
COST OF DOING BUSINESS1932526B+
ECONOMY1842013C+
LIFE, HEALTH & INCLUSION2041311C+
TECHNOLOGY & INNOVATION1461716B-
BUSINESS FRIENDLINESS145611A-
EDUCATION12922A+
ACCESS TO CAPITAL4169A-
COST OF LIVING213032D+
TOTAL155331

Economic Profile

Governor: Glenn Youngkin, Republican

Population: 8,642,274

GDP growth (Q1 2022): -1.7%

Unemployment rate (May 2022): 3.0%

Top corporate tax rate: 6%

Top individual income tax rate: 5.75%

Gasoline tax: 34.40 cents/gallon

Bond rating (Moody's/S&P): Aaa, stable/AAA, stable

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

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