Virginia named the best state for business, per CNBC ranking

VIRGINIA – Virginia has been named the best state for business for the third time in five years on CNBC’s 2024 rankings of Best States for Business.

Every year, CNBC scores all 50 states on 128 metrics in 10 different categories of competitiveness. Each category is weighted based on how frequently states use them as a selling point in economic development marketing materials. 

Virginia received a high score for business friendliness, workforce, economy, technology, innovation, and quality of life. Although it ranked in the middle for the cost of doing business.

Rounding out the top five Best States for Business on CNBC’s 2024 list are North Carolina, Texas, Georgia and Florida.

Virginia along with Maryland were recently among the top 10 states for the highest household income in the U.S., according to a new study. The state of Virginia was named #10 with an average of $119,058 per household.