That's according to Forbes magazine, which today released its "Best States for Business" rankings. Washington jumped two notches this year, up from fifth place last year and 12th place in 2006. Virginia garnered the top spot for the third straight year; Utah earned the second-place ranking.
In its analysis, the writers at Forbes evaluated the states based on six areas:
- Business costs - an index based on the cost of labor, energy and taxes. Washington's rank: 28
- Labor rank - a measure of educational attainment, net migration and projected population growth. Washington's rank: 2
- Regulatory environment - a measure of the regulatory and tort climate, incentives and transportation and bond ratings. Washington's rank: 6
- Economic climate - reflects job, income and gross state product growth as well as unemployment and the presence of "big companies". Washington's rank: 7
- Growth prospects -projected job, income and gross state product growth, as well as business openings/closings and venture capital investments. Washington's rank: 2
- Quality of life - indexing of schools, health, crime, cost of living and poverty rates. Washington's rank: 25.
Today's announcement comes as good news, particularly given the current economic climate. To be considered one of the top three states in the nation for business is affirming and underscores the value -- and importance -- of keeping our sights set on competitiveness.
AWB intends to dig further into the Forbes special report. More on this topic again soon...
