Virginia Reclaims Forbes' Title as 'Best State for Business'

By Sharon McLoone 

Virginia has reclaimed its title from Forbes.com as "best state for business" after being awarded the No. 2 ranking from 2010 to 2012. 

“It’s an exciting time to be in business – especially in Northern Virginia,” said Jim Corcoran, president and CEO of the Fairfax Chamber of Commerce. “The growth the region has experienced over the past several years has been tremendous. ...The Fairfax Chamber is delighted to serve as the voice of business in Northern Virginia and to continue to work, with many others, to maintain this prestigious honor.”

Virginia placed first in regulatory environment; second in labor supply; fourth in quality of life; fifth in economic climate, 17th in growth prospects and 22nd in business costs.

"Our desirable business climate continues to be recognized by prestigious, independent third parties like Forbes.com, and we are thrilled to regain the No. 1 spot as "Best State for Business," said Gov. Bob McDonnell in a news release. “This award is a great testament to the commonwealth’s transportation infrastructure, education system, skilled workforce, regulatory environment and excellent quality of life, all of which lead to strong economic growth."

Locally, Reston has had a big impact on the commonwealth as a business center. Reston is the second-largest office market in Fairfax County, with almost 19.7 million square feet of space - and more to come with the arrival of Metro's Silver Line in 2014 - says the Greater Reston Chamber of Commerce.

Major employers with offices in Reston include Accenture, BAE Systems, Fannie Mae, the corporate headquarters of Lafarge North America, Lockheed Martin, Sprint, Northrop Grumman, Oracle, Qinetiq North America, Raytheon, Sallie Mae, Siebel Systems, Unisys and the U.S. Geological Survey.

North Dakota was ranked second by Forbes.com, followed by Utah, North Carolina, and Colorado. Nebraska, Texas, Minnesota, Washington and Georgia rounded out the top 10 list.