NASHVILLE, Tenn., May 16, 2023 /PRNewswire/ — Chief Executive magazine’s annual list of the Best and Worst States for Business has ranked Virginia the top-ranked mid-Atlantic state. According to the magazine’s rankings, released in the Spring issue of Chief Executive, Virginia ranks as the 12th best state for business, up from its previous rank of 14th.
The ranking is based on a survey of more than 500 CEOs across the country who were asked to rate states based on their opinion of how easy it was to do business in that state versus others. Virginia’s ranking this year reflects its strong business climate and commitment to attracting and retaining businesses.
“The rise in Virginia’s ranking in our annual list is a testament to its pro-business environment and commitment to fostering innovation and economic growth,” said Chris Chalk, Publisher, Chief Executive magazine. “The state’s business-friendly policies, strategic location, and highly skilled workforce have made it a hub for businesses across various industries.”
Virginia’s diverse economy includes top companies in technology, healthcare, and defense industries, and its location in the mid-Atlantic region makes it a prime location for businesses looking to expand and grow, CEOs say.
Home to the third-largest port on the East Coast, numerous manufacturers and plenty of enterprise companies, IT and R&D facilities are also in abundance, taking advantage of the favorable business climate while also being near the movers and shakers in the District of Columbia. LEGO Group, Hitachi and IperionX Limited have announced projects here recently, and last May Boeing said it would relocate its headquarters from Chicago to Arlington.
Here’s what some of the CEOs we surveyed had to say about why they ranked Virginia highly:
- “Where our home office is and what I personally see compared to other states. Congenial, better overall roads and hard-working people.” – Ralph Costen, Costen Family of Floors
- “Lower biz taxes and less regulations.” – <5 million, consulting
- “Right to work, good schools, low taxes, good roads. Temperate climate. Positive Governor.” – <5 million, consulting
- “Low taxes and business-friendly policy.” – $50 to 99 mil, tech
- “Accessibility to staff and business growth.” – $100 to $250 mil, construction
- “Well-developed peripheral services (law, accounting, etc.). Near federal government resources in my field.” – Caroline Sigman, CCS associates
- “Great available talent – low tax burden – incredible quality of life.” – Don Yager, President / COO Mural Consulting Corporation
The Top 5 States for 2023:
4. North Carolina
The Bottom 5 States for 2023:
47. New Jersey
49. New York
Biggest Gain, 2022-23:
Kentucky, + 5 to 18th place
Biggest Loss, 2022-23
New Hampshire, – 7 to 28th place
See the full list in the Spring Issue of Chief Executive: https://cloud.3dissue.com/124771/124993/223586/Spring2023ChiefExecutiveMagazine/index.html
Enhanced Coverage online: https://chiefexecutive.net/best-worst-states-business/
About Chief Executive/Chief Executive Group
Chief Executive Group, a leading community for business leaders worldwide, exists to improve the performance of U.S. CEOs, CFOs, CIOs, CHROs and corporate directors. We publish Chief Executive magazine, ChiefExecutive.net, Corporate Board Member magazine, BoardMember.com, StrategicCFO360.com, StrategicCIO360.com and StrategicCHRO360.com, and run some of the nation’s most essential peer-networking communities, including The CFO Leadership Council, Chief and Senior Executive Networks, Corporate Board Member Network and The American College of Corporate Directors. Learn more at ChiefExecutiveGroup.com.
SOURCE Chief Executive Group