Small business growth sees 11-year high.
Virginia’s Small Business Friendliness Earns ‘A-’
Things may be looking up for small businesses in Virginia. The state received an ‘A-’ grade in Thumbtack’s annual Small Business Friendliness Survey, which rates each state on the policies that affect entrepreneurs’ ability to start, operate, and grow a business. In 2016, more than 12,000 U.S. small business owners participated in the study.
In addition to a strong grade for overall small business friendliness, Virginia also earned mostly A’s and B’s across the board:
Ease of starting a business: A-
Ease of hiring: A
Regulations: B
Health and safety: B
Employment, labor, and hiring: A-
Tax code: B-
Licensing: B
Environmental: B
Zoning: B-
Training and networking programs: C-
CNBC also recently ranked Virginia the 13th best state for business, based on more than 60 measures of competitiveness divided into 10 broader categories. Here’s how Virginia ranked for each category:
Workforce: 3
Cost of Doing Business: 36
Infrastructure: 32
Economy: 30
Quality of Life: 16
Technology and Innovation: 15
Education: 5
Business Friendliness: 3
Cost of Living: 30
Access to Capital: 15
While there is room for improvement—such as infrastructure, the economy, and costs of living and doing business—small businesses have also seen modest growth, according to the national Paychex/HIS Small Business Jobs Index. News 3 TV reported that with the index now at 102.46 (June numbers), it represents an 11-year high for Virginia and puts the state at No. 4 for small business growth.
