These are the top 5 states for business in 2024
4 out of top 5 business-friendly states are led by Republican governors
Virginia Lt. Gov. Winsome Sears discusses the state's actions amid college protests, President Biden's remarks and negotiations between schools and protesters.
A new winner has been crowned as the best state in America for business, but it is no stranger to the top spot.
The annual rankings conducted by CNBC scored all 50 states on a range of 10 categories, including infrastructure, workforce and economy, and determined these are the five best states for business in the U.S.
1. Virginia
This view shows Virginia Beach, Virginia. The state was ranked No. 1 out of all 50 states for business in 2024. (iStock / iStock)
The Commonwealth of Virginia reclaimed its throne in 2024, clinching the title of No. 1 for a record sixth time since the outlet launched the rankings in 2007.
The Old Dominion's standing as having the best education system in the country pushed it to the front once again, and it also ranked third for infrastructure, which was the most heavily weighted category this year given the billions of federal dollars distributed to states through the Infrastructure Investment and Jobs Act passed in 2021.
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Virginia Republican gubernatorial nominee Glenn Youngkin speaks during his election night party at a hotel in Chantilly, Virginia, on Nov, 3, 2021. (REUTERS/Jonathan Ernst / Reuters)
Virginia is led by Republican Gov. Glenn Youngkin, who took office the same year the legislation was passed, turning the state red after running on a platform of strengthening the education system and lowering taxes.
2. North Carolina
North Carolina, which was No. 1 in the ranking for the past two years, came in second this year, edged out by Virginia by only three points.
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The Tar Heel state ranked second overall for its business-friendliness in the study, and came in third and fourth, respectively, for its workforce and economy.
3. Texas
This view shows the downtown skyline of Austin, Texas. (Brandon Bell/Getty Images / Getty Images)
Texas climbed to third place in CNBC's rankings this year after previously dropping out of the top five. But in 2024, the outlet ranked both Texas' workforce and its technology and innovation as the best in the nation.
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The Lone Star State came in second for the business-friendly category, but it was hurt by its lower ranking for infrastructure at No. 26.
4. Georgia
Georgia ranked No. 4 overall in the study for the second consecutive year. The Peach State was determined to have better infrastructure than any other U.S. state, but its quality of life ranked near the bottom for quality of life at 40th.
5. Florida
This view shows the downtown skyline of Tampa, Florida. (Joe Sohm/Visions of America/Universal Images Group via Getty Images / Getty Images)
Florida made it into the top five for the first time this year, boasting the nation's best state economy for the second year in a row.
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The Sunshine State ranked No. 2 both for its workforce and access to capital, but it was dragged down by its rankings for quality of life (38th) and cost of living (42nd).