Virginia retains #2 ranking in Forbes survey

Virginia came in at #2 in the annual Forbes “Best States for Business” survey released on Wednesday, earning a top rank in regulatory environment for business and coming in among the top 5 states in half of the categories considered in the annual study.

Virginia has ranked among the top two during each of the seven years in the annual Best States for Business study. The state ranks on top of the regulatory category because of its strong incentive offerings and business friendly government policies. Virginia has a widely diverse economy that includes local and federal government, military, farming and manufacturing.

Virginia Gov. Bob McDonnell said he hopes to reduce restrictions on businesses even further with a new regulatory reform initiative he launched last fall.

"Our work is not done," McDonnell said. "Smart regulatory reform will produce a freer and better environment for citizens and businesses and allow the private sector to continue creating jobs and opportunity in the commonwealth."

The website listed the median household income for Virginia at $62,936 and said it’s job growth for 2012 was running at 1 percent.

The complete list is available here.