Virginia’s business-friendly policies bear fruit since the state offers numerous advantages for new and established enterprises and has one of the country’s lowest corporate income tax rates (6%).According to the BLS, Virginia added 193,000 jobs during the 2008 crisis, bringing the state’s unemployment rate down to 4.8% in July from the national average of 5.3%. Meanwhile, the Joint Economic Committee of the United States Congress reports that private sector workers’ average hourly earnings have increased by 1.9% over the past year, exceeding the national gain of 1.3%, Checkout, a technology company. State tax credits for recycling obsolete equipment, grants for economic and infrastructural development, reimbursement for recruiting and training services, and economic development loan funds and grants are all incentives businesses can take advantage of.
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Virginia’s Prime Locations for New Ventures
1. Tyson’s Corner
Tysons Corner, in unincorporated Fairfax County, has more than 26 million square feet of office space, making it the county’s economic hub. Tysons Corner had the highest average annual business income in our sample at $11.4 million, which is more than three times the income of the next highest neighborhood. Tysons Corner is home to 23.9 businesses for every 100 residents, making it the second most business-dense area in all of Virginia. Companies like Boeing, Booz Allen Hamilton, and Hilton Worldwide are widely regarded as some of the best places to work in the world. The largest shopping mall in Virginia, Tysons Corner Center, is also located in this area.
Fairfax has the highest number of businesses per resident (25), and the lowest unemployment rate (4%).The city of Fairfax and the Fairfax Nursing Center are two of the city’s largest employers. Monthly networking events, workshops, marketing programs, and leadership development seminars are just some of the things the Central Fairfax Chamber of Commerce offers to local businesses.
Located about an hour west of the District of Columbia, Warrenton is a small town near Shenandoah National Park that has the fourth-highest rate of businesses per capita in the Commonwealth of Virginia, at 21.2%. Forty-one percent of these businesses provide wages to their workers. The Greater Warrenton Chamber of Commerce offers a business assistance team with the stated mission to “support and educate local businesses towards sustained profitability and success.” The chamber provides its members with free access to expert information, resources, and guidance.
Abingdon, Virginia, is one of the most economically dynamic cities on our list, with a median housing cost of $663 per month and 19 businesses per 100 residents. Those who love the outdoors will find paradise in Abingdon, which is situated in the Blue Ridge Highlands of southern Virginia. The Appalachian Trail and the Virginia Creeper Trail, two of the country’s most popular hiking routes, both begin and end in this community. Washington County, Virginia’s Chamber of Commerce supports regional commerce.
5. Falls Church
Falls Church, a suburb of Washington, D.C., makes the grade because to its high median income of $91,932, high density of businesses (13.2 per 100 persons), and high number of firms with paid employees (44%). Despite having a high median annual housing cost of $2,149, the city boasts a low unemployment rate of 3.8%. The Falls Church Chamber of Commerce promotes local business events and serves as a networking hub for its members.
The Lynchburg suburb of Forest Forest Forest has a low median monthly housing cost of $943 and a high number of businesses per 100 people (11.1). It ranks eighth in our poll because more than 45 percent of its firms pay their employees. Thomas Jefferson’s former plantation home, Poplar Forest, is now a museum in Forest. The Chamber of Commerce for the Greater Bedford Area is a great resource for regional businesses.
Vienna, located just 17 miles west of downtown D.C., has the greatest median income ($83,125), second-lowest unemployment rate (2.1%), and most businesses per capita (16.3%). The median rent in the city is a little high at $2,254 per month. The Navy Federal Credit Union, the Fairfax County Public Schools, and Contemporary Electrical Services Inc. are the top three area employers. You may make connections and promote your business at the Vienna Business Association.
The Merrifield area of Fairfax County, Virginia, ranks well on our list due to the high number of paying businesses and the high average annual salary of $75,569. Merrifield has become one of Fairfax County’s most popular retail and entertainment hubs thanks to the Mosaic District’s wide variety of stores, restaurants, and movie theaters.
Hollins, a suburb of Roanoke, rates highly because 51.2% of its firms pay their employees a wage and create an average of $2.3 million in annual sales. The 3.3% unemployment rate in Hollins is also much lower than the rates in both the state and the nation. Hollins University is a private, all-female college in Hollins that currently enrolls 550 first-year students.
Ashland, 18 miles north of Richmond, is the least populated of our top 10. The town’s positives, on the other hand, include a low median monthly housing cost of $902, high annual revenue of $2.25 million per business, and an incredible 45.4% of businesses with paid workers. Over 1,400 undergraduates study at Randolph-Macon College, a private liberal arts and sciences university in Ashland. Some of the best restaurants in the region include O’Banks Cafe & Grill, Virginia Barbeque, Homemades by Suzanne, and Thai Gourmet Restaurant.
In conclusion, these are the best places to start a business in virginia. All the cities mentioned earlier have their unique benefits and attraction. It all depends on the type of business you would like to start.