Virginia has been named Business Facilities’ 2024 State of the Year, marking the third time the state has received this honor. The award recognizes states that demonstrate leadership and success in 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 drawn by our talent, infrastructure, and business-friendly environment.”
Secretary of Commerce and Trade Caren Merrick emphasized the state’s stability, saying, “Businesses want to operate in states where they feel welcome and can create a long-term growth plan, and Virginia offers that stability.”
Virginia earned the award for its business-friendly environment, workforce development programs, and incentives. The Virginia Business Ready Sites Program, Small Business Development Center, and the Virginia Talent Accelerator Program are among the assets that helped secure the honor. The state is also recognized for attracting companies like Wells Fargo in Roanoke.
“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.
VEDP President and CEO Jason El Koubi credited the teamwork and collaboration of state, regional, and local partners. “Teamwork and collaboration are hallmarks of the Commonwealth’s approach to economic development,” he said.
Business Facilities’ evaluation for the 2024 award considered successes in education, workforce, infrastructure, and business retention. In August, Governor Youngkin awarded $126 million in grants to develop 23 sites in 12 regions to further bolster the state’s infrastructure.
Virginia was also recognized by CNBC in July as America’s Top State for Business.
