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May 31, 2017 – Virginia has been ranked No. 6 in the Top 10 States in Site Selection magazine’s 2017 Prosperity Cup, announced Gov. Terry McAuliffe. This represents a seven spot jump from No. 13 in 2016.
“Virginia continues to demonstrate its global competitiveness by winning major projects and expansions,” said McAuliffe in a press release. “We are working every day to build a new Virginia economy that works for everyone, and moving back into the top 10 in Site Selection’s prestigious Prosperity Cup ranking is evidence that those efforts are paying off.”
“It is gratifying to see Virginia climbing higher on the Prosperity Cup ladder for economic development competitiveness,” said Secretary of Commerce and Trade Todd Haymore. “The new Virginia economy initiatives launched in 2014 to strengthen and diversify our economy and lessen our reliance on federal fund are working, and we will continue to work with our private and public sector partners across the state to ensure that Virginia is always a top ranked state. Economic development is a team sport and Virginia’s sharp climb in ranking is a testament to all of our allies at the state, regional, and local levels.”
The Prosperity Cup determines states’ competitiveness based on new and expanded facilities, job creation, capital investment, and tax climate. In addition, the Prosperity Cup considers each state’s rank in the corporate real estate executive survey portion of the 2016 Site Selection Top U.S. Business Climates ranking, performance in the Beacon Hill Institute’s State Competitiveness Report, and the number of national career readiness certificates per 1,000 residents aged 18-64, according to ACT – Workforce Development Division, administrator of the ACT Certified Work Ready Communities initiative.
Site Selection debuted its Top Competitive States ranking in 2002, and in 2016, the prestigious ranking became known as the Prosperity Cup.