Aligning with Virginia’s #1 Business Environment
William & Mary’s Raymond A. Mason School of Business has earned the #32 spot in Bloomberg Businessweek’s latest MBA rankings and the #1 position in learning for the fifth time in six years. These achievements align with Virginia’s recognition as America’s Top State for Business in 2024 by CNBC, highlighting the state’s strong economic development climate. Virginia secured an impressive sixth victory in CNBC's annual state competitiveness rankings, marking its third win in five years.
Virginia’s #1 ranking is attributed to its strong public education system, solid infrastructure, and business-friendly environment. The state’s educational institutions, including William & Mary, are key in developing talent that drives Virginia’s economic success.
K. Scott Swan, the David Peebles Professor of Business, recently received a grant for VA exports and emphasized the connection between education and business in Virginia. He said, “I love teaching international marketing. Working with the Virginia Chamber of Commerce allows me to both study the industry and talk with exporters – both bring great stories and details to the classroom. It also allows me to help exporters by analyzing and offering insights that hopefully improve state understanding, services, and policies for companies that are looking to grow in the international arena.”
Governor Glenn Youngkin echoed these sentiments, highlighting the state’s proactive role in fostering economic growth. “When a business chooses to invest and grow in Virginia, we’re promising best-in-class talent, infrastructure, and a supportive environment. Our administration has facilitated waves of economic investment and business expansions that reinvigorate growth and opportunity across the state,” Youngkin stated via press release. “The Commonwealth has experienced record job growth and has welcomed companies committing over $74 billion in capital investment from major corporations like Amazon Web Services, The LEGO Group, Raytheon, and Boeing, along with major expansions from others like Hilton, Northrup Grumman, and Framatome.”
The influx of investment can be attributed to the state’s strategic approach to linking businesses with shovel-ready sites. Infrastructure includes a world-class integrated port, rail, roadway, and air transportation system that inherently eases logistics concerns. The Virginia Port Authority, in collaboration with the federal government and the military, supports the deepest port on the U.S. East Coast, making Virginia a hub for imports and exports. This ecosystem is complemented by dozens of distribution centers and value-added facilities that boost the state’s economic impact through jobs, income, and taxes.
Virginia’s educational system also plays a critical role in sustaining the state’s top business ranking. The public school system is ranked fourth for quality and safety by World Population Review, with Virginia schools boasting the fourth-highest math test scores and the fourth-lowest bullying incidence rates in the nation.
Additionally, the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training Program in the U.S. by Business Facilities in both 2023 and 2024 demonstrates the state’s commitment to workforce development. This program is instrumental in providing businesses with the skilled labor they need to succeed, further enhancing Virginia’s attractiveness as a place to conduct business.
“Moreover, Virginia’s stable 6% corporate income tax, lower than the national median of 6.5%, and it’s uninterrupted AAA bond rating since 1938, longer than any state, underscores the stability that businesses find attractive,” Swan said. “The combination of a favorable tax environment, world-class infrastructure, programs like VALET to propel small exporters, and a top-tier education system, makes Virginia a prime location for business growth and expansion.”
