Virginia Receives an A+ for Small Business Friendliness
Virginia received an A+ on Thumbtack.com’s annual Small Business Friendliness Survey. The Commonwealth improved its rank to the fourth overall friendliest state in the U.S. and the top state on the East Coast.
Virginia outshone its surrounding competition for the third year in a row. Maryland received a C- and North Carolina earned a C+. Virginia has never received less than an A since the inception of this ranking.
Thumbtack.com partnered with the Kauffman Foundation to survey more than 12,600 entrepreneurs across the country. This ranking is unique because its results come straight from the comments of small business owners.
"After a two-month survey of thousands of small business owners nationwide, business owners have reaffirmed that Virginia is a premier destination for starting and running a business," said Jon Lieber, chief economist of Thumbtack.com. "Creating a business climate that is welcoming to small, dynamic businesses is more important than ever, and Virginia's A+ grade by its small businesses shows what a welcoming and friendly place the Commonwealth is for entrepreneurs."
Highlights for Virginia include a No. 3 ranking for ease of licensing regulations, a No. 4 ranking for ease of overall regulations, and a No. 5 ranking for training and networking programs. According to Thumbtack.com, the strongest correlating factor for the perception of small business friendliness is the ease of licensing forms, requirements and fees.
In addition, the study examined 82 metropolitan regions. Richmond was ranked No. 10 overall and Virginia Beach was ranked No. 20 overall. Richmond and Virginia Beach were ranked No. 3 and No. 4, respectively, for ease of licensing regulations.
Entrepreneurs and start-ups are becoming increasingly important for economic growth and organic job creation. According to Thumbtack.com, "Virginia’s small businesses were the third most optimistic in the nation when it came to plans to hire more employees in the next twelve months."
To learn why Virginia is a great place to start and grow a business, click here.
Pollina Awards Virginia Another Top Pro-Business State Ranking
Once again, Virginia received a leading ranking on Pollina Corporate Real Estate’s Top 10 Pro-Business States 2014 report.
The Commonwealth was ranked fourth this year, and Virginia has consistently received top marks in this report, taking one of the top three spots from 2005-2012.
"Clearly a national leader in the 11 years of this study, no other state comes close to Virginia when it comes to being a consistent pro-business state," said Brent Pollina, vice president of Pollina Corporate Real Estate, Inc. and co-author of the study.
Virginia was the top ranked state on the East Coast this year and has received an overall grade of "A" in each of the last five years.
"Virginia has consistently remained at the top of the list because Virginia’s state and local leaders are innovative and aggressive in attracting and retaining jobs and investment. Key to Virginia’s success is its ability to balance low taxes, a good labor force and a strong economic development program. With a Stage I rank of No. 6 and a Stage II rank of No. 3, Virginia has one of the most well-rounded business climates in the nation," added Pollina.
The ranking is based on 32 factors controlled at the state level, including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers' compensation legislation, jobs gained, financial incentives and state economic development evaluations. The report was co-published with the American Economic Development Institute.
The ranking also reflected positively at the agency level of economic development. Virginia received an "A" in both incentives and marketing/website/response to new and existing employers.
As the report alluded to — consistency is key. Corporations making large investment and employment decisions want to feel confident that the location they select will maintain its positive attributes years down the line. The Commonwealth’s solid track record and stellar resources make it easy for companies to say "Yes" to Virginia. To learn more, click here.
Virginia Colleges Get Top Marks on Forbes and Money Best Colleges Lists
Virginia’s higher education institutions once again ranked high on the Forbes America’s Top Colleges 2014 list. Forbes partnered with the Center for College Affordability and Productivity on its seventh annual ranking.
Three Virginia schools made the Top 25 in the Best Public Colleges category: University of Virginia was No. 5, College of William and Mary was No. 6, and Virginia Tech was No. 23.
In the Overall category, eight Virginia colleges made the Top 200 list: Washington and Lee University (No. 33), UVA (No. 40), College of William and Mary (No. 41), University of Richmond (No. 96), Virginia Tech (No. 117), Virginia Military Institute (No. 129), Hampden-Sydney College (No. 171), and James Madison University (No. 188).
Washington and Lee University was also ranked No. 15 on the Best Liberal Arts Colleges list.
Forbes is a unique ranking because instead of focusing on the metrics of how competitive an institution is to get in to, it focuses on what students get out of college in terms of ROI. The five factors that determine the ranking include student satisfaction, post-graduate success, graduation rates, academic success and student debt.
Money also gave Virginia high marks on its Best Colleges for Your Money 2014 ranking. The Commonwealth scored well in the Best Public Colleges category with UVA at No. 3, VMI at No. 4, Virginia Tech at No. 12, JMU at No. 17 and the College of William and Mary at No. 20.
In the Overall category, 10 Virginia institutions made the Top 200: UVA (No. 16), VMI (No. 18), Washington and Lee University (No. 39), Virginia Tech (No. 42), JMU (No. 53), College of William and Mary (No. 60), George Mason University (No. 101), University of Mary Washington (No. 107), University of Richmond (No. 120), and Hampden-Sydney College (No. 156).
Money only included schools with an above-average six-year graduation rate, and then based the ranking on a number of factors in three main categories — quality of education, affordability and outcomes.
Virginia’s substantial higher education system includes more than 100 in-state institutions that are preparing 450,000 students to enter the workforce. From large universities, to small private colleges, to the 23-member Virginia Community College System, the Commonwealth’s world-class education system stands ready to support industry demand with a strong pipeline of highly skilled workers.
To learn more about Virginia’s premier education system, click here.
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