Forbes has published their ranking of the best states in which to do business, and Virginia landed near the top at #5. The Commonwealth’s high ranking can be attributed to several factors, including Virginia’s Gross State Product, which totaled $480 billion as of November 2017. The state’s median household income is currently $65,015, and the cost of doing business is just 0.9% above the national average.
Additionally, Virginia’s college attainment is an impressive 37%, and the job market has grown 1.4% over the last year. As Virginia REALTORS®‘ recent economic impact report revealed, Virginia’s real estate industry is the state’s second largest generator of direct economic activity.
The Old Dominion State has landed other top spots on recent Forbes lists, coming in at #2 in Regulatory Environment, and #8 in Quality of Life.