Newport News :: Economy

State Business Tax Climate Index, 2011

Virginia	5.67
Michigan	5.40
Idaho	5.27
Kentucky	5.22
Mississippi	5.09
Illinois	5.05
South Carolina	5.04
Georgia	5.02
Pennsylvania	5.01
United States	5.00
Alabama	4.99
Massachusetts	4.89
Arizona	4.81
Louisiana	4.71
West Virginia	4.67
District of Columbia	4.57
North Carolina	4.47
Rhode Island	4.46
Minnesota	4.40
Maryland	4.25
Iowa	4.20
Ohio	4.16
Connecticut	4.01
New Jersey	3.96
California	3.78
New York	3.73
Note: The higher the score, the more favorable a state's tax system is for business.
Source: Tax Foundation

FORBES.COM, "THE BEST STATES FOR BUSINESS":
“Virginia remains an excellent location for new or existing businesses. It has the best regulatory environment by our count, thanks to the second-best incentive programs in the country—as well as the fifth best tort atmosphere. Other high points include energy costs 30% below the national average and an educated labor force fueled by its proximity to Washington, D.C., and top colleges like the University of Virginia and William and Mary.

"Our rankings measure states on six main areas of importance: business costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Business costs are weighted the most…. We look at a total of 32 data points to compile rankings of the six main categories".

VIRGINIA GOVERNOR TIM KANE ON VIRGINIA'S #1 RANKING AS CNBC'S TOP STATE FOR BUSINESS:
"This recognition shines an international spotlight on the Commonwealth, distinguishing Virginia as a stellar business location-an especially important distinction in the current economic climate," said Governor Kaine. "This designation, and others before it, demonstrates that our efforts to recruit quality jobs, prepare our workforce, and invest in education and innovation are necessary and effective steps to ensure a prosperous future for Virginia."

CNBC, a worldwide leader in business news, evaluated each state on 40 different measures of competitiveness in 10 categories:

• Workforce- education of workforce, available workers, training programs;
• Education- higher education institutions, K–12 test scores;
• Economy- strength and diversity of economy, number of major corporations;
• Business Friendliness- "friendliness" of legal and regulatory framework;
• Quality of Life- local attractions, crime rate, health care, and air/water quality;
• Technology and Innovation- broadband infrastructure, support for innovation, number of patents;
• Cost of Doing Business- tax burden, utilities, workers compensation; road quality;
• Cost of Living- housing, food, and energy costs;
• Transportation and Infrastructure- value of goods transported, air travel;
• Access to Capital- availability of venture capital.