Virginia Named Top State in Which to Make a Living in 2012
Commonwealth Rises from Fourth Place in 2011
Study cites Virginia’s “best-of-both-worlds scenario” with increased average incomes, decreased unemployment and decreased cost of living
RICHMOND – MoneyRates.com has ranked Virginia the “Best State to Make a Living” in its annual study. Virginia jumped up from fourth place in 2011 to take the top spot in 2012 based on measurements in the four categories considered by MoneyRates.com: Average Income, which has increased over the past year; Cost of Living based on ACCRA Cost of Living Index, which slightly decreased; Unemployment Rate, which has decreased in Virginia; and State Income Tax, which has not increased under the McDonnell administration.
Speaking about the ranking, Governor McDonnell remarked, “Our administration is focused on getting Virginians back to work and our economy back on track. Over the past two years, we have put in place numerous policies to help spur private-sector job creation. We have traveled the nation and the world to tell the Virginia story and bring new job-creators to the Commonwealth, and to introduce the Commonwealth’s products to new markets overseas. We have been joined in this effort by lawmakers from both parties as the work to get Virginians back to work is a bipartisan endeavor. That work is getting results. Virginia has been named by CNBC and Pollina as the best state in America for business. Agricultural exports hit a record high in 2011. Corporate expansions are up. Most importantly, our unemployment rate has fallen to a three-year low at 5.8 percent. Since we took office in 2010, 154,000 more Virginians have the good-paying jobs they need to support their families. This is good news. Virginia is on the right track. Now, we must redouble our efforts to continue making Virginia a job-magnet and an economic leader in the years ahead.”
From the report:
1. Virginia (Adjusted average income: $43,677)
In jumping from fourth to first, Virginia improved its adjusted average income figure by $2,557. This year, Virginia enjoyed a best-of-both-worlds scenario in which its average income rose while its cost of living fell slightly. The state also saw its unemployment rate drop to 6.2* percent, which is well below the national average.
*While the report is impressed by Virginia’s previous drop to 6.2 percent unemployment, the new seasonally adjusted unemployment figures for January released just last week show an even greater drop in the state to 5.8 percent, a three-year low.
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