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RICHMOND, VA - Governor Glenn Youngkin today announced that Virginia has been named Business Facilities' 2024 State of the Year, marking the third time the Commonwealth has received this top honor from the magazine. Since 2007, the State of the Year award has recognized a state demonstrating leadership and success in its economic development efforts.
"Virginia is a prime location for businesses of all varieties, and this honor from Business Facilities underscores the work we've been doing since day one to make Virginia the best place for business investment and job creation," said Governor Glenn Youngkin. "The Commonwealth has experienced record job growth from companies that are drawn by our best-in-class talent, infrastructure, and business-friendly environment. I am thrilled that Virginia has earned this recognition from a leading source for site selection experts."
"Businesses want to operate in states where they feel welcome and can create a long-term growth plan, and Virginia offers that stability," said Secretary of Commerce and Trade Caren Merrick. "This is a state where people want to live and work, and we look forward to building on this foundation."
Virginia was chosen as the 2024 State of the Year for its business-friendly environment, including legislation and incentives, workforce development programs, and the breadth of companies selecting the state for corporate relocation and expansion projects. The Virginia Business Ready Sites Program, Small Business Development Center, award-winning Virginia Talent Accelerator Program, and historic investments, including Wells Fargo in Roanoke, are just a few of the many assets that contributed to the Commonwealth earning the top state honor this year. According to Business Facilities, Virginia is consistently recognized as having one of the strongest business climates in the United States, due in part to its strategic location, skilled workforce, and pro-business policies.
"From advanced manufacturing to data centers to professional services, Virginia is attracting companies across industries with its business-friendly environment and programs to support the distinct needs of those businesses," said Business Facilities Editorial Director Anne Cosgrove. "From the recent news of a $1 billion-plus investment by Microporous LLC to manufacture battery separators to Beanstalk Farms investing $4.1 million for indoor farming and distribution, businesses of all sizes see the promise and profit in choosing Virginia."
"Being named State of the Year is a testament to Virginia's status as a top state for economic development and the businesses that support our communities, and all our state, regional, and local partners who contributed to this honor," said VEDP President and CEO Jason El Koubi. "Teamwork and collaboration are hallmarks of the Commonwealth's approach to economic development, and I look forward to continuing to work alongside our partners as we continue to make Virginia a great place to do business."
In its evaluation for 2024 State of the Year, Business Facilities considered successes related to education and workforce, infrastructure, and business attraction and retention. For a growing number of site selection teams, identifying sites complete with transportation and utility infrastructure has moved up the priority list. Launched in 2023 and operated by VEDP, the Virginia Business Ready Sites Program certifies and prepares sites for prospective companies. The program has made significant progress with the support of Governor Youngkin's administration. In August, the Governor awarded $126 million in development grants for 23 sites in 12 regions of the state.
In addition to the Business Facilities' State of the Year accolade, Virginia was recognized by CNBC in July as America's Top State for Business. For the first time, CNBC weighted infrastructure - including availability of shovel-ready sites - as the most important component for businesses when deciding on investment and cited the Virginia Business Ready Sites Program, in addition to Virginia's world-class port, rail, roadway, and air transportation ecosystem as major contributors to the recognition.
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