Virginia has climbed back into the top five in CNBC’s annual list of the top states for business.
The commonwealth jumped to No. 4 in the new rankings released Tuesday. Virginia ranked No. 7 in the 2017 list.
“This upgraded ranking affirms our move to make 21st-century workforce development a cabinet-level priority and our bipartisan agreement to streamline regulatory requirements facing hard-working Virginians,” Virginia Gov. Ralph Northam, a Democrat, said in a statement. “I look forward to building on this momentum and returning Virginia to its rightful place at the top of the list.”
CNBC scores states on 60 measures of competitiveness and then separates the metrics into 10 categories, weighted on how frequently each is used as a selling point in state economic development marketing materials.
Virginia scored high in workforce (No. 3), education (No. 6) and business friendliness (No. 5).
Virginia’s gross domestic product grew 2.5 percent in the fourth quarter of 2017 and its unemployment rate is 3.2 percent.
Maryland fell six spots to No. 31 on the list after moving up 11 spots combined the prior two years, including five spots last year. Maryland’s gross domestic product grew just 1.2 percent in the fourth quarter of 2017. The state also experienced 1.1 percent job growth during the year and its unemployment rate was 4.3 percent as of May.