Virginia ranks No. 5 on Forbes.com business ranking

Virginia ranked fifth on Forbes.com’s 2017 Best States for Business list.

The commonwealth ranked sixth in 2016 and seventh in 2015. Virginia was in the top two spots on the list from the ranking’s inception in 2006 through 2013.

North Carolina was ranked No. 1 on the list, followed by Texas, Utah and Nebraska.

Forbes uses six factors to determine state rankings, which include: business costs, economic climate, growth prospects, labor supply, quality of life, and regulatory environment.

The commonwealth finished in the top 10 in three of the six categories examined in the ranking, including No. 2 for regulatory environment, No. 3 for labor supply, and No. 8 for quality of life.

According to Forbes.com, Virginia ranks second for its regulatory climate because of its strong incentive offerings and business-friendly government policies.

Barry DuVal, president and CEO of the Virginia Chamber of Commerce, issued the following statement: “We are pleased to see Virginia is moving up in the Forbes business climate rankings, but there is still work to be done. Through our comprehensive Blueprint Virginia 2025 process, the chamber has identified challenges to economic growth and is prepared to deliver recommendations to meet those challenges this Friday at our Economic Summit.”

DuVal pointed out that remains in the bottom half of state rankings for business costs and economic climate.