Virginia Lt. Governor Winsome Sears talks about campus protests, President Biden’s comments, and the state’s actions amid negotiations between schools and protesters.
While there’s a new winner as the best state for business in America, taking the top spot is not an uncommon occurrence.
CNBC’s annual ranking evaluates all 50 states across 10 categories, including infrastructure, workforce and economy, to determine the top five best states in the US for business.
1. Virginia
This photo shows Virginia Beach, Virginia, a state that ranked #1 out of all 50 states for business in 2024. (iStock/iStock)
Virginia will reclaim the crown in 2024, marking a record sixth time that it has held the No. 1 spot since the publication began rankings in 2007.
Old Dominion University once again came out on top as the university with the best education system in the country and also ranked third in infrastructure, the most weighted category this year, taking into account the billions of dollars in federal funding allocated to the state through the Infrastructure Investment and Jobs Act passed in 2021.
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Virginia Republican gubernatorial candidate Glenn Youngkin speaks at an election eve party at a hotel in Chantilly, Virginia, on November 3, 2021. (Reuters/Jonathan Ernst/Reuters)
Virginia is led by Republican Governor Glenn Youngkin, who took office the same year the bill passed and pushed the state toward the Republican Party on promises of strengthening the education system and lowering taxes.
2. North Carolina
North Carolina, ranked No. 1 the past two years, fell to No. 2 this year after losing by just three points to Virginia.
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The study ranked the Tar Heel State second overall in business friendliness, and third and fourth, respectively, in workforce and economy.
3. Texas
This photo shows the skyline of downtown Austin, Texas. (Brandon Bell/Getty Images/Getty Images)
Texas rose to No. 3 in CNBC’s rankings this year after previously dropping out of the top five, but in 2024 the media outlet rated both Texas’ workforce and technology and innovation as the best in the country.
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The Lone Star State came in second in business friendliness, but that was hurt by its low ranking of 26th in the infrastructure category.
4. Georgia
Georgia ranked fourth overall in the study for the second year in a row. The “Peach State” was rated as having better infrastructure than any other U.S. state, but ranked near the bottom at 40th for quality of life.
5. Florida
This photo shows the skyline of downtown Tampa, Florida. (Joe Soam/Visions of America/Universal Images Group via Getty Images/Getty Images)
Florida entered the top five for the first time this year, boasting the best state economy in the nation for the second year in a row.
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The Sunshine State ranked second in both labor and access to capital, but was dragged down by its rankings in quality of life (38th) and cost of living (42nd).
