Forbes.com, the official Internet site of the Forbes family of business publications has announced that Virginia placed first among the 50 states in a new ranking of the "Best States for Business." The review considered multiple objective measurements, including business costs, regulatory climate, quality of the workforce, and recent economic growth.

“To compile our listing of the best states for business, we ranked all 50 states on 30 metrics in six main categories: business costs, economic climate, growth prospects, labor, quality of life and regulatory environment. The data produced a clear No. 1. The Commonwealth of Virginia takes the crown in our first ever ranking of Top States for Business,” Forbes reported.

"This best-in-the-nation designation by a respected business publication such as Forbes validates all of our hard work to diversify our economy, educate the workforce, provide support for existing businesses, and our constant efforts to strike the appropriate balance with low taxes and responsible regulations," Governor Tim Kaine said in a press release. "We will showcase this latest honor as another example of Virginia leading the way with quality schools, a vibrant and well-balanced economy, an outstanding workforce, and excellent quality of life for our citizens and our corporate partners."

Forbes studied business costs (cost of labor, energy, and taxes), labor issues (educational attainment, net migration, and projected population growth), regulatory climate (regulatory and tort environment, incentives, and bond ratings), economic climate (job, income, and gross state product growth, as well as unemployment and corporate headquarter relocations), growth prospects (projected job, income, and gross state product growth, as well as announced business openings and closings), and quality of life (index of schools, health, crime, cost of living, and poverty rates).

“Virginia scored well across the board. In fact, it ranked in the top ten in all six big categories we looked at. No other state scored in the top ten in more than three categories,” Forbes reported.

To read more about this accolade, please visit the Forbes.com website.