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Virginia 'Best State for Business in 2011' -- CNBC study
by Anter Prakash Singh - June 29, 2011 - comments
Virginia has been selected as the best state for businesses for the year 2011 by the CNBC news channel.
Virginia has been selected as the best state for business for the year 2011 by the CNBC news channel. Last year’s winner Texas ranked second in the ongoing tussle between the two states as they continue to capture the top slots alternatively every year.
CNBC said the improvements made by Virginia in reducing its tax load and size of classes owed it the top position.
Virginia best state to do business
Last year, Virginia got the second position as Texas got the top slot. But this year the incentives offered by the state and the efforts of its Governor, Bob McDonnell to promote the state across the country and the world, were cited by the state as the main reasons behind the success.
The Governor said during an interview on the channel that businesses trust the states that are administered better and are managed professionally. They need this type of environment to flourish.
The Govt. stressed that his administration has been working on policies that help create more jobs by the businesses. To achieve this, the administration has taken several steps like refraining from an increase in taxes, keeping a tab on govt spending, having an effective “right to work” law.
Besides these, the state has been investing in transportation, higher education, and the overall economic development of the state.
Selection based on performance in 10 categories
The CNBC ratings test the states on 43 metrics spread across ten categories that include the cost of doing business, manpower, education, tech. and innovation, and cost of living
In the first study in 2007, Virginia was adjudged the best state. Next year, Texas bagged the top position but it lost it to Virginia again in 2009. Texas was the winner for the second time in 2010. Virginia is ahead in the race with getting the top position for the third time this year.
Virginia also got the highest points ever achieved by a state in the study. It was among the top half in every category of the study.
State Govt. claimed that the effort of his administration has been on introducing policies that helped entrepreneurs to bring back the economy of the state on track.