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Virginia was ranked as the third-best state in the country for its economic outlook in a report released Thursday by the American Legislative Exchange Council. In its fifth edition of “Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index ” Virginia outperformed other states on economic policy based on a ranking that uses 15 equally-weighted variables in the areas of tax, labor, and regulatory policy.

 The report, authored by world-renowned economist  Dr. Arthur B. Laffer, Stephen Moore, senior economics writer at The Wall Street Journal, and Jonathan Williams, director of ALEC’s Center for State Fiscal Reform, shows Virginia outperforming other states on economic competitiveness and economic policy.

The Commonwealth of Virginia is one of the best states in the nation to do business, ranking 3^rd best in the economic outlook ranking. The authors of the report show how taxpayers “vote with their feet and dollars,” by migrating away from high tax states, and moving into low tax states, such as Virginia.

“In Virginia we are constantly working to control taxes, reduce regulation and promote economic creativity.  Rich States, Poor States shows that these pro-growth initiatives translate into a thriving business community and a high standard of living for our citizens, ” said Speaker of the House, William Howell.

“We appreciate this acknowledgement from ALEC.  Virginia continues to be ranked as one of the best states in the country for business, and this recognition is another ‘jewel in the crown’ for the work that has been done to make Virginia a more business-friendly state,” said Virginia Chamber of Commerce President, Barry DuVal.

“Once again another study from a credible organization such as ALEC highlights Virginia’s success in creating a pro-business climate,” said Nicole Riley, State Director for the National Federation of Independent Business.  “We appreciate the efforts of the General Assembly under the leadership of Speaker Howell and Governor McDonnell to promote policies that allow Virginia’s small businesses to expand and create jobs.”

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