Amazon had it right: Virginia is America’s Top State for Business in 2019
In a year marked by historic economic development deals and marred by a damaging trade war, Virginia lands at the top of CNBC’s 2019 ranking of America’s Top States for Business.
This is the Old Dominion’s fourth win in the 13 years since the study began. In fact, Virginia was CNBC’s inaugural Top State in 2007. But this is its first win since 2011. That year began a five-year leveling off in defense spending — a key part of the economy in Virginia. Defense spending accounts for nearly 12% of the Commonwealth’s GDP, more than any other state, according to the National Conference of State Legislatures. Now the Pentagon’s budget is back in a big way, rising to $686 billion for fiscal year 2019. In the state where the Pentagon is located, that is welcome news.
But Virginia’s success involves much more than the military. The state offers the best workforce in the country, reveals our 2019 study. Nearly 38% of adults have a bachelor’s degree or higher, according to the U.S. Census Bureau, placing Virginia in the top 10 for educational attainment. And per the U.S. Bureau of Labor Statistics, Virginia has the nation’s fourth highest concentration of crucial science, technology, engineering and math (STEM) employees, making up 9% of the workforce in 2018. All of this in a right-to-work state with a minimal union presence — something companies prize.
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