VMA Responds to Virginia’s “Top State for Business” Designation
– Virginia Still Ranks 7th in Manufacturing Competitiveness –
FOR IMMEDIATE RELEASE
July 15, 2024
CONTACT
Stacie Gordon
sgordon@va-mfg.com
RICHMOND, VA – The Virginia Manufacturers Association (VMA) issued the following response to Virginia’s designation as “America’s Top State for Business” in CNBC’s annual ranking of U.S. states on metrics related to business competitiveness.
The CNBC ranking as “Top State for Business” underscores Virginia’s status as a pro-business state. The Virginia Manufacturers Association (VMA) is proud to have contributed to that recognition and extends its sincere appreciation to its business leaders, peer associations, legislative leaders, and executive branch leaders that have committed to preserving the Commonwealth’s pro-business legacy. In a 2022 VMA leadership poll, 75 percent of VMA leaders indicated that Virginia was on the “wrong path to improving Virginia’s competitiveness.” That same year, Virginia was ranked third nationally by CNBC. Investments in broadband infrastructure, environmental permitting reform, workforce development restructuring, and refocusing on an “all of the above” energy policy have contributed to this ranking improvement.
“The VMA is excited about the CNBC ranking,” said Brett Vassey, VMA president and CEO. “However, history has shown that achieving this top spot produces complacency and often delays needed reforms in taxation, cost of living, industry credential attainment, K-12 and higher education performance, and regulation that manufacturers need now to be globally competitive.”
Chief Executive Magazine has ranked Virginia #12 in its “Best and Worst States for Business” for the last two years. Virginia also ranked #7 in the “2023 Manufacturing Competitiveness Index.” These rankings indicate that business executives, and manufacturing executives specifically, give greater weight to metrics not necessarily measured or weighted by CNBC.
For example, the Virginia Manufacturing Competitiveness Index ranks U.S. states on 57 discrete metrics allocated across five categories of manufacturing competitiveness: Business Climate, Workforce, Infrastructure, Innovation, and Economic Strength. In 2023, the Commonwealth ranked #35 for the production of manufacturing sector industry credentialed workers; #31 in the percentage of women working in manufacturing; and #15 in the output per manufacturing employee. The Commonwealth also ranked #33 for the average price of industrial electricity per KwH and #24 in capital expenditures per manufacturing employee. For a copy of the Virginia Manufacturing Competitiveness Index, click here.
About Virginia Manufacturers Association (VMA)
The VMA develops and advocates for constructive public policies and supports a broad array of business services and programs to help ensure that Virginia manufacturing companies can be productive, profitable, and competitive in Virginia. Virginia’s 6,000+ manufacturers employ over 239,000 individuals, contribute $49.5 billion to the gross state product, and account for over 80% of the Commonwealth’s manufactured goods exports to the global economy. For more about the VMA, please visit www.va-mfg.com.
About Virginia Industry Foundation (VIF)
The VIF’s mission is to provide scientific educational information; compose, publish, and disseminate information and standards designed to advance industry and specific education; recognize industrial, scientific, educational, workplace, and environmental achievements; support technology intensive industry research and development; and serve as a central scientific, educational, and charitable resource for industry and the public. For more information about the VIF, visit https://virginiaindustryfoundation.org/.
i Virginia Industry Foundation, “Virginia Manufacturing Competitiveness Index,” October 2023.