The Commonwealth was named "Top State for Business" by cable network CNBC’s fifth annual study, which tests all 50 states on 10 categories including infrastructure and transportation, cost of doing business, education and business friendliness.
Virginia had the best overall score in the study’s history—1,660 out of 2,500 points—but although the state was recognized for its ideal location and friendly business atmosphere, the study found a few bumps.
"But not all is rosy in Virginia," CNBC noted. "The state fell eight spots to number 26 in Quality of Life, which, among other things, measures healthcare. The number of uninsured residents in Virginia has risen steadily in recent years."
Virginia also lost points for its small pool of available workers, in contrast to other states. That dropped the Commonwealth to No. 12 from No. 3 in the "Workforce" category.
Naturally, Virginia Governor Bob McDonnell took some credit for the ranking, pointing to his administration’s focus on creating private sector jobs.
“We’ve done that by keeping taxes low, getting government spending under control, having a strong Right to Work law, and making smart investments in transportation, economic development and higher education,” he said in a press release. “It is paying off. CEO’s and entrepreneurs have responded to our efforts and found that Virginia is a great place to start and grow a business.”
The Commonwealth last topped this list in 2007 under then governor and current U.S. Senate candidate, Tim Kaine.