Cost of Doing Business
Economy
State Business Tax Climate Index, 2020
|
Virginia
|
5.02
|
|
Michigan
|
5.54
|
|
Idaho
|
5.23
|
|
Kentucky
|
5.10
|
|
Mississippi
|
4.96
|
|
Illinois
|
4.87
|
|
South Carolina
|
4.96
|
|
Georgia
|
4.91
|
|
Pennsylvania
|
4.97
|
|
United States
|
5.00
|
|
Alabama
|
4.53
|
|
Massachusetts
|
4.81
|
|
Arizona
|
5.26
|
|
Louisiana
|
4.41
|
|
West Virginia
|
5.12
|
|
District of Columbia
|
4.24
|
|
North Carolina
|
5.43
|
|
Rhode Island
|
4.57
|
|
Minnesota
|
4.35
|
| Maryland |
4.37
|
| Iowa |
4.38
|
| Ohio |
4.67
|
| Connecticut |
4.23
|
| New Jersey |
3.24
|
| California |
4.02
|
| New York |
4.01
|
| Note: The higher the score, the more favorable a state’s tax system is for business. |
|
| Source: Tax Foundation | |
Forbes.com: “The Best States for Business”
Virginia Ranks fourth in “The Best States for Business” according to Forbes.com.“Virginia remains an excellent location for new or existing businesses. It has the best regulatory environment by our count, thanks to the second-best incentive programs in the country—as well as the fifth best tort atmosphere. Other high points include energy costs 30% below the national average and an educated labor force fueled by its proximity to Washington, D.C., and top colleges like the University of Virginia and William and Mary.”
“Our rankings measure states on six main areas of importance: business costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Business costs are weighted the most…. We look at a total of 32 data points to compile rankings of the six main categories.”
Cost Comparison: Newport News, Virginia and Selected Large Cities
| WAGES* |
|
in Newport News are:
|
|
• 40% lower than in San Jose, CA
• 31% lower than in Boston • 18% lower than in Chicago • 12% lower than in Atlanta |
|
Source: U.S. Bureau of Labor Statistics, May 2009
*Average annual pay for all covered workers, 2009 |
|
CONTRUCTION COSTS
|
|
in Newport News are:
|
|
• 35.1% lower than in New York City
• 33.9% Lower than in Long Island • 24.5% lower than in Philadelphia • 12.4% lower than in Washington, DC • 3.5% lower than in Atlanta |
|
Source: RS Means Building Construction Cost Data Book, 2013
|
|
HOUSING COSTS
|
|
in Newport News are:
|
|
• 275.4% lower than in New York City
• 660.5% lower than in San Francisco • 207.1% lower than in Washington, DC • 232.4% lower than in Boston • 26.4% lower than in Chicago |
|
Source: Sperling BestPlaces Index, ACCRA Cost of Living Index, The Council for Community and Economic Research
|
|
HEALTH CARE COSTS
|
|
in Newport News are:
|
|
• 20% higher than in Boston
• 8.1% lower than in New York City • 3.7% higher than in San Francisco • 5.6% lower than in Philadelphia |
|
Source: 2020 Sperling BestPlaces Index,ACCRA Cost of Living Index, The Council for Community and Economic Research
|
|
OVERALL COST OF LIVING
|
|
in Newport News is:
|
|
• 101.7% lower than in New York City
• 190.2% lower than in San Francisco • 63.9% lower than in Washington, DC • 75% lower than in Boston • 9.1% lower than in Philadelphia |
| Source: 2020 Sperling BestPlaces Index, The Council for Community and Economic Research |
Workers’ Compensation, Selected States, 2014
|
per $100 Payroll
|
|
|
Ohio
|
$1.01
|
|
Montana
|
$2.49
|
|
Vermont
|
$1.83
|
|
California
|
$1.85
|
|
Oklahoma
|
$2.22
|
|
Illinois
|
$1.34
|
|
Connecticut
|
$1.15
|
|
New Jersey
|
$1.36
|
|
Texas
|
$.75
|
|
New York
|
$1.41
|
|
Tennessee
|
$1.13
|
|
New Hampshire
|
$1.28
|
|
South Carolina
|
$1.82
|
|
Georgia
|
$1.16
|
|
U.S. Average
|
$1.35
|
|
Louisiana
|
$1.61
|
|
Alabama
|
$1.19
|
| Pennsylvania |
$1.51
|
| Rhode Island |
$1.10
|
| Kentucky |
$1.16
|
| North Carolina |
$1.19
|
| Mississippi |
$1.36
|
| Florida |
$1.27
|
| Idaho |
$1.63
|
| Maryland |
$1.07
|
| Michigan |
$.99
|
| Oregon |
$1.39
|
| Massachusetts |
$.76
|
| VIRGINIA |
$.81
|
| Indiana |
$.86
|
| Arkansas |
$.80
|
| Source: VEDP/NASI | |
Unemployment Insurance Tax Rates, 2020
|
Oregon
|
0.7-5.4%
|
|
Rhode Island
|
0.7-5.4%
|
|
Massachusetts
|
0.94-14.37%
|
|
Michigan
|
0.06-10.3%
|
|
Pennsylvania
|
1.3-9.9%
|
|
New Jersey
|
0.4-5.4%
|
|
Connecticut
|
1.9-6.8%
|
|
West Virginia
|
1.5-8.5%
|
|
Kentucky
|
.23-8.9%
|
|
California
|
1.5-6.2%
|
|
Vermont
|
1.5-6.2%
|
|
Maryland
|
0.3-7.5%
|
|
|
|
|
Florida
|
0.1-5.4%
|
|
New York
|
0.6-7.9%
|
|
Tennessee
|
0.01-10%
|
|
Illinois
|
.43-6.9%
|
|
North Carolina
|
0.06-5.76%
|
| Ohio |
0.3-9.4%
|
| Texas |
0.31-6.31%
|
| Alabama |
0.65-6.8%
|
| South Carolina |
0.06-5.46%
|
| Georgia |
0.04-8.1%
|
| Mississippi |
0.2-5.6%
|
| VIRGINIA |
0.11-6.21%
|
| New Hampshire |
0.1-7%
|
| Source: Virginia Economic Development Partnership/ADP | |
Unemployment Insurance Tax Rates for Employers in Virginia, 2020
|
Minimum
|
0.11% of First $8,000
|
|
Maximum
|
6.21% of First $8,000
|
|
New Employer
|
2.51% of First $8,000
|
|
Out of State Construction Contractors (1st 3 yrs)
|
6.21% of First $8,000
|
|
Pool Tax
|
0.01%
|
| Fund Building Tax |
0.20%
|
|
Virginia Average Unemployment Insurance Tax Rate
|
0.96%
|
| Source: VEC/ADP | |
Unemployment Insurance Tax Rates, 2016
|
Average per Employee
|
|
|
Idaho
|
$520
|
|
Oregon
|
$929
|
|
Washington
|
$594
|
|
New Jersey
|
$805
|
| Rhode Island |
$748
|
| Massachusetts |
$597
|
| Connecticut |
$561
|
| Michigan |
$323
|
| Pennsylvania |
$570
|
| Alaska |
$508
|
| Minnesota |
$418
|
| Wisconsin |
$358
|
| Maryland |
$231
|
| New York |
$369
|
| Arkansas |
$331
|
| U.S. Average |
$392
|
| West Virginia |
$348
|
| Vermont |
$672
|
| Illinois |
$333
|
| North Carolina |
$381
|
| Tennessee |
$107
|
| Kentucky |
$323
|
| Ohio |
$226
|
| Florida |
$98
|
| Texas |
$229
|
| Georgia |
$176
|
| Alabama |
$128
|
| South Carolina |
$247
|
| VIRGINIA |
$146
|
| New Hampshire |
$140
|
| Mississippi |
$172
|
| Source: Virginia Economic Development Partnership | |
Economy
State Business Tax Climate Index, 2020
|
Virginia
|
5.02
|
|
Michigan
|
5.54
|
|
Idaho
|
5.23
|
|
Kentucky
|
5.10
|
|
Mississippi
|
4.96
|
|
Illinois
|
4.87
|
|
South Carolina
|
4.96
|
|
Georgia
|
4.91
|
|
Pennsylvania
|
4.97
|
|
United States
|
5.00
|
|
Alabama
|
4.53
|
|
Massachusetts
|
4.81
|
|
Arizona
|
5.26
|
|
Louisiana
|
4.41
|
|
West Virginia
|
5.12
|
|
District of Columbia
|
4.24
|
|
North Carolina
|
5.43
|
|
Rhode Island
|
4.57
|
|
Minnesota
|
4.35
|
| Maryland |
4.37
|
| Iowa |
4.38
|
| Ohio |
4.67
|
| Connecticut |
4.23
|
| New Jersey |
3.24
|
| California |
4.02
|
| New York |
4.01
|
| Note: The higher the score, the more favorable a state’s tax system is for business. |
|
| Source: Tax Foundation | |
Forbes.com: “The Best States for Business”
Virginia Ranks fourth in “The Best States for Business” according to Forbes.com.“Virginia remains an excellent location for new or existing businesses. It has the best regulatory environment by our count, thanks to the second-best incentive programs in the country—as well as the fifth best tort atmosphere. Other high points include energy costs 30% below the national average and an educated labor force fueled by its proximity to Washington, D.C., and top colleges like the University of Virginia and William and Mary.”
“Our rankings measure states on six main areas of importance: business costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Business costs are weighted the most…. We look at a total of 32 data points to compile rankings of the six main categories.”
Cost Comparison: Newport News, Virginia and Selected Large Cities
| WAGES* |
|
in Newport News are:
|
|
• 40% lower than in San Jose, CA
• 31% lower than in Boston • 18% lower than in Chicago • 12% lower than in Atlanta |
|
Source: U.S. Bureau of Labor Statistics, May 2009
*Average annual pay for all covered workers, 2009 |
|
CONTRUCTION COSTS
|
|
in Newport News are:
|
|
• 35.1% lower than in New York City
• 33.9% Lower than in Long Island • 24.5% lower than in Philadelphia • 12.4% lower than in Washington, DC • 3.5% lower than in Atlanta |
|
Source: RS Means Building Construction Cost Data Book, 2013
|
|
HOUSING COSTS
|
|
in Newport News are:
|
|
• 275.4% lower than in New York City
• 660.5% lower than in San Francisco • 207.1% lower than in Washington, DC • 232.4% lower than in Boston • 26.4% lower than in Chicago |
|
Source: Sperling BestPlaces Index, ACCRA Cost of Living Index, The Council for Community and Economic Research
|
|
HEALTH CARE COSTS
|
|
in Newport News are:
|
|
• 20% higher than in Boston
• 8.1% lower than in New York City • 3.7% higher than in San Francisco • 5.6% lower than in Philadelphia |
|
Source: 2020 Sperling BestPlaces Index,ACCRA Cost of Living Index, The Council for Community and Economic Research
|
|
OVERALL COST OF LIVING
|
|
in Newport News is:
|
|
• 101.7% lower than in New York City
• 190.2% lower than in San Francisco • 63.9% lower than in Washington, DC • 75% lower than in Boston • 9.1% lower than in Philadelphia |
| Source: 2020 Sperling BestPlaces Index, The Council for Community and Economic Research |
Workers’ Compensation, Selected States, 2014
|
per $100 Payroll
|
|
|
Ohio
|
$1.01
|
|
Montana
|
$2.49
|
|
Vermont
|
$1.83
|
|
California
|
$1.85
|
|
Oklahoma
|
$2.22
|
|
Illinois
|
$1.34
|
|
Connecticut
|
$1.15
|
|
New Jersey
|
$1.36
|
|
Texas
|
$.75
|
|
New York
|
$1.41
|
|
Tennessee
|
$1.13
|
|
New Hampshire
|
$1.28
|
|
South Carolina
|
$1.82
|
|
Georgia
|
$1.16
|
|
U.S. Average
|
$1.35
|
|
Louisiana
|
$1.61
|
|
Alabama
|
$1.19
|
| Pennsylvania |
$1.51
|
| Rhode Island |
$1.10
|
| Kentucky |
$1.16
|
| North Carolina |
$1.19
|
| Mississippi |
$1.36
|
| Florida |
$1.27
|
| Idaho |
$1.63
|
| Maryland |
$1.07
|
| Michigan |
$.99
|
| Oregon |
$1.39
|
| Massachusetts |
$.76
|
| VIRGINIA |
$.81
|
| Indiana |
$.86
|
| Arkansas |
$.80
|
| Source: VEDP/NASI | |
Unemployment Insurance Tax Rates, 2020
|
Oregon
|
0.7-5.4%
|
|
Rhode Island
|
0.7-5.4%
|
|
Massachusetts
|
0.94-14.37%
|
|
Michigan
|
0.06-10.3%
|
|
Pennsylvania
|
1.3-9.9%
|
|
New Jersey
|
0.4-5.4%
|
|
Connecticut
|
1.9-6.8%
|
|
West Virginia
|
1.5-8.5%
|
|
Kentucky
|
.23-8.9%
|
|
California
|
1.5-6.2%
|
|
Vermont
|
1.5-6.2%
|
|
Maryland
|
0.3-7.5%
|
|
|
|
|
Florida
|
0.1-5.4%
|
|
New York
|
0.6-7.9%
|
|
Tennessee
|
0.01-10%
|
|
Illinois
|
.43-6.9%
|
|
North Carolina
|
0.06-5.76%
|
| Ohio |
0.3-9.4%
|
| Texas |
0.31-6.31%
|
| Alabama |
0.65-6.8%
|
| South Carolina |
0.06-5.46%
|
| Georgia |
0.04-8.1%
|
| Mississippi |
0.2-5.6%
|
| VIRGINIA |
0.11-6.21%
|
| New Hampshire |
0.1-7%
|
| Source: Virginia Economic Development Partnership/ADP | |
Unemployment Insurance Tax Rates for Employers in Virginia, 2020
|
Minimum
|
0.11% of First $8,000
|
|
Maximum
|
6.21% of First $8,000
|
|
New Employer
|
2.51% of First $8,000
|
|
Out of State Construction Contractors (1st 3 yrs)
|
6.21% of First $8,000
|
|
Pool Tax
|
0.01%
|
| Fund Building Tax |
0.20%
|
|
Virginia Average Unemployment Insurance Tax Rate
|
0.96%
|
| Source: VEC/ADP | |
Unemployment Insurance Tax Rates, 2016
|
Average per Employee
|
|
|
Idaho
|
$520
|
|
Oregon
|
$929
|
|
Washington
|
$594
|
|
New Jersey
|
$805
|
| Rhode Island |
$748
|
| Massachusetts |
$597
|
| Connecticut |
$561
|
| Michigan |
$323
|
| Pennsylvania |
$570
|
| Alaska |
$508
|
| Minnesota |
$418
|
| Wisconsin |
$358
|
| Maryland |
$231
|
| New York |
$369
|
| Arkansas |
$331
|
| U.S. Average |
$392
|
| West Virginia |
$348
|
| Vermont |
$672
|
| Illinois |
$333
|
| North Carolina |
$381
|
| Tennessee |
$107
|
| Kentucky |
$323
|
| Ohio |
$226
|
| Florida |
$98
|
| Texas |
$229
|
| Georgia |
$176
|
| Alabama |
$128
|
| South Carolina |
$247
|
| VIRGINIA |
$146
|
| New Hampshire |
$140
|
| Mississippi |
$172
|
| Source: Virginia Economic Development Partnership | |