In 2024, Virginia has once again secured its position as the best state for business in America, according to CNBC’s annual rankings. This marks the sixth time Virginia has clinched the top spot since the rankings began in 2007, setting a new record.
CNBC evaluates all 50 states across 10 categories, including workforce, economy, and infrastructure. This year, infrastructure carried the most weight due to the billions in federal funding distributed through the 2021 Infrastructure Investment and Jobs Act.
Virginia’s success can be attributed to several factors. The state boasts the country’s best education system and ranks third in infrastructure. Republican Governor Glenn Youngkin, who took office in 2021, has focused on improving education and lowering taxes.
“Our education system is the cornerstone of our success,” Youngkin said in a statement. “We’re committed to preparing our workforce for the jobs of tomorrow.”
North Carolina, last year’s winner, came in a close second, just three points behind Virginia. The Tar Heel State scored high marks for its business-friendly environment, workforce, and economy.
Texas made a comeback, rising to third place after previously falling out of the top five. The Lone Star State topped the rankings in two categories: workforce and technology innovation. However, its lower infrastructure ranking (26th) held it back from a higher overall position.
Georgia maintained its fourth-place ranking from last year. While it claimed the top spot for infrastructure, its quality of life ranking (40th) prevented it from climbing higher.
Florida broke into the top five for the first time, boasting the nation’s best state economy for the second consecutive year. The Sunshine State also performed well in workforce and access to capital categories. However, its lower rankings in quality of life (38th) and cost of living (42nd) kept it from ranking higher.
On the other end of the spectrum, Hawaii found itself at the bottom of the list, preceded by Mississippi, Alaska, Louisiana, and Montana.
