In its sixth edition of Rich States, Poor States, the American Legislative Exchange Council (ALEC) recognized Virginia at No. 5 in its 2013 Economic Outlook ranking.
The Economic Outlook category measures how a state is expected to perform in the future based on 15 policy areas controlled at the state level. The study points out the direct correlation between policy decisions and a state’s level of economic competitiveness.
Virginia has historically performed strongly in the Economic Outlook category—in five out of the last six years the Commonwealth has scored in the top five.
Virginia was the only state in the mid-Atlantic to break the top 10.
Rich State, Poor States highlights some of Virginia’s pro-growth policies that enabled it to achieve a top ranking. The Commonwealth’s pro-growth tax policies, fairness of its legal system, low workers’ compensation costs and right-to-work status were among the reasons Virginia’s economic outlook remains strong.
In addition, Virginia offers companies a corporate tax rate of six percent that remains unchanged since 1972, electricity costs below the national average, and the second lowest unemployment insurance tax rate in the nation.
Virginia has been providing companies with the right location and resources to succeed for more than 400 years. To learn why the Commonwealth continues to receive top accolades, click here.