Virginia loses Forbes’ top ranking for business

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Pete Marovich

Virginia Governor Terry McAuliffe touts the Commonwealth’s business-friendly environment, but Virginia lost its top ranking on Forbes’ Best States For Business list.

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Jeff Clabaugh

Broadcast/Web Reporter- Washington Business Journal

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Forbes Magazine's annual list of The Best and Worst States For Business ranks Utah No. 1 this year, bumping Virginia from the top spot.

Virginia fell to No. 4 on this year's list after spending the last eight years ranked as either No. 1 or No. 2.

"The state still ranks at the head of the regulatory category because of its strong incentive offerings and business-friendly government policies," Forbes says, "but the economic forecast has softened."

Virginia got best marks for economic climate and labor supply, ranking No. 1 and No. 2 in those categories. Its worst grades came in the business costs and growth prospects rankings, at No. 24 and No. 33.

Utah moved back to the top spot, where it ranked for three straight years from 2010 through 2012. "The state has a very pro-business climate and companies benefit from energy costs that are 26 percent below the national average and third lowest in the U.S.," Forbes says.

Maryland also fell in this year's ranking, dropping to No. 20 this year from No. 18 last year .

The top 10 in Forbes Best and Worst States for Business 2014:

1. Utah
2. North Dakota
3. North Carolina
4. Virginia
5. Colorado
6. Texas
7. Nebraska
8. Washington
9. Minnesota
10. Oklahoma

You can see the full list here.

Jeff Clabaugh covers general assignment and provides business coverage for WTOP.