CNBC Special Correspondent Scott Cohn Revealed America’s Top Five States for Business Today on CNBC
ENGLEWOOD CLIFFS, N.J., July 11, 2024—CNBC, First in Business Worldwide, today unveiled the results of the 2024 America’s Top States for Business with Virginia taking the number one position for the sixth time since the rankings launch in 2007.
CNBC Special Correspondent Scott Cohn reported today live from Virginia Beach, Virginia and counted down the top five states during CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) and on CNBC Digital. Coverage of America’s Top States for Business will continue on-air and online through CNBC’s Business Day programming today.
Virginia topped last year’s total, scoring 1,595 out of 2,500 points. The Old Dominion’s total of six wins is unmatched by any other state since the study began in 2007. The state previously won in 2007, 2009, 2011, 2019 and 2021. This year, Virginia also finished in the top half or better in each of the study’s 10 categories.
With billions of federal dollars available from the federal government to build new facilities, Virginia delivered the third best infrastructure in the country—the most important category this year. It is one of America’s most accessible states and it offers a wealth of shovel-ready sites for companies looking to build fast. But Virginia’s biggest competitive strength is its education system, which ranked number one in this year’s study. The state offers first-rate higher education opportunities and has some of the most individualized K-12 instruction in the nation, which appears to be translating to strong test scores. High business costs, however, are the state’s biggest weakness in the study, finishing 24th in the category. Also, not enough educated workers are moving to Virginia, which is why it falls to ninth place in this year’s workforce category.
“With six wins—and three in the last five years—Virginia is our most decorated state. It’s easy to see why,” said Cohn. “In both Republican and Democratic administrations, the state has shown how much it cares about business, and how carefully it can listen to companies. Plus, year after year, Virginia offers the training, talent, and the infrastructure for success.”
CNBC Digital offers a detailed analysis of how Virginia claimed the top spot including a complete economic snapshot (employment, budget, tax and housing data). The rankings for all 50 states are available at topstates.cnbc.com.
Follow us @CNBC and take part in the social conversation surrounding CNBC’s Top States coverage using hashtag #TopStates.
CNBC’s exclusive study scores all 50 states on 128 metrics across ten categories of competitiveness. The methodology grades the states based on factors companies consider each year when making site selection decisions, and that states pitch in their efforts to win business. Then, every state’s economic development marketing pitches are analyzed to determine the appropriate weight for each category. The more weight a category carries, the more metrics it includes.
America’s Top 5 States for Business:
1. Virginia
2. North Carolina
3. Texas
4. Georgia
5. Florida
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