CNBC: Va, NC top states for business

HAMPTON ROADS, Va. (WAVY) - Hampton Roads finds itself in good company when it comes to doing business. CNBC revealed its "Top States for Business" and both Virginia and North Carolina ranked in the top five.

Virginia ranked number two this year -- down from its top spot last year. North Carolina came in fourth -- up five from its 2009 rank.

According to CNBC , Virginia earned the number two spot because of its business friendliness, abundant workforce, technology and innovation, as well as its access to capital.

The Commonwealth lacked in two areas: education and transportation. Over the past year, WAVY.com has reported that local K through 12 schools across the area have slashed budgets. The state's colleges and universities are no different. This factored into Virginia's education rank, which dropped from seven to 13 on the list.

In transportation, the Commonwealth slid two spots to number 12.

The study also looked at the availability of air travel in each state and the quality of roads.

Last year, WAVY.com reported that VDOT faced a $2.6 billion shortfall, which forced the agency to halt hundreds of projects and lay off thousands of workers.

And like last year, Virginia was docked again for its high cost of living and cost of doing business.

The two largest private employers for both Virginia and North Carolina, according to the study: Wal-Mart and Food Lion. And not surprisingly, the study also noted Northrop Grumman as another big employer in Hampton Roads.

Topping this year's report: Texas.

On the Web:

Complete Study: America's Top States for Business

Virginia's Overall Rankings

North Carolina's Overall Rankings

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