Virginia is Economically Relevant Again…Or Are We?

Rankings came out today on the economic viability of the commonwealth.

First, the good news: CNBC has us back in the Top Ten.

“We are thrilled that CNBC has recognized our efforts to build a new Virginia economy by ranking the Commonwealth number seven in their Annual ‘Best States for Business’ in 2017,” said Governor McAuliffe. “The effects from federal sequestration in 2013 did substantial damage to our economy. When I took office, we came in with a clear and simple plan to diversify our industries and make Virginia less dependent on the whims of Washington. Thanks to significant reforms and historic investments in our education system, innovative workforce development strategies and the record-breaking recruitment of new business capital and jobs, we are mitigating the damage of federal dysfunction and building an economy that works better for everyone.”

This upward trajectory is a good thing and you have to credit the governor, General Assembly, and business and community leaders here in the Commonwealth for working together to make it into the top 10. Economic viability is not a partisan thing – it’s a Virginia thing. That said, regionally, NC is #5 and TN is not far behind at #9. Maryland is #25, Kentucky is #35 and West Virginia has nowhere to go but up.

However, there’s still not-so good news: Mercatus says we’re No. 18 in fiscal condition. (h/t: Jim Bacon at Bacon’s Rebellion)

In the Mercatus rankings, you’ll see Florida (a Gulf State), the Dakotas, Wyoming, and Utah all in the top five – and all top energy producers, including having pipelines and strong fossil fuel production. They also have a very low tax burden.

Just a thought.

  • Jim Portugul

    Your’re doing a great job, Mr. Hoeft!

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