Roanoke Region Gets High Marks in Southern Business & Development

Southern Business & DevelopmentIn the latest edition of Southern Business & Development magazine, several Roanoke Region locations are mentioned in the list of “Who’s winning the economic development game in the South?

The best of list ranks locations from all over the Southern part of the country in 60 different categories.

Here are the highlights from the Roanoke Region:

  • Best-Kept Secrets for Great Quality of Life in the South: Mid-Markets: Roanoke, Va.
  • Best Data Center Locations in the Southeast: Roanoke County, Va. (honorable mention)
  • Best Cities and Counties in the Southeast for the Creative Class: Roanoke, Va.
  • Best Mid-Markets in the Southeast for the Automotive Industry: Roanoke, Va.

WalletHub Ranks Roanoke Among Best Small Cities to Start a Business

computerWalletHub looked at 1,268 locations to start a business and Roanoke made the grade, ranking in the top 10 percent nationally.

Ranked 126th overall, the region earned high marks thanks to business environment, access to resources, and for having low business costs.

Here’s how the WalletHub ranking works: “WalletHub’s analysts compared the business-friendliness of 1,268 small-sized cities to identify the best overall for launching an enterprise. Our data set of 15 key metrics ranges from average growth in number of small businesses and prevalence of investors to office-space affordability, and corporate taxes.

These elements make Roanoke a top location for entrepreneurs. See the full list at WalletHub.

Thinking of starting a business? Check out our entrepreneur resources.

Virginia Employers to See Tax Savings in 2016

Gov. Terry McAuliffe announced that Virginia employers will enjoy lower unemployment insurance taxes in 2016 as a result of Virginia’s improved economy.

Due to the solvency of the unemployment insurance fund in Virginia, employers statewide are expected to see total savings of more than $74 million next year. Virginia’s savings advantages are only getting better for employers operating in Virginia.

Unemployment insurance rates in Virginia are among the most attractive in the country and well below national averages. Rates are typically lower than many competing states in the Southeast.

Unemployment Insurance Rates
  Virginia North Carolina South Carolina Tennessee United States
UI Tax Rate 0.47% 0.91% 0.87% 0.47% 0.82%
UI Tax Per Employee $209 $441 $320 $221 $235
Source: VEDP and Average Employer Contribution Rates by State, Employment and Training Admin., U.S. Department of Labor, 2014.

Speaking about the Nov. 17 announcement, Gov. McAuliffe said, “I am thrilled to announce these additional tax savings for Virginia’s employers, which are a direct result of the progress we have made in building a new Virginia economy. When you are running a business, every dollar counts, and I am hopeful that this is just the beginning of the benefits Virginia companies, communities and families will derive from our ongoing efforts to grow and diversify our economy.”