Let our low business costs and history of fiscal responsibility lead to your long-term success.
Low cost of doing businessWest Virginia's cost of doing business is among the lowest in the country and ranks 7th best in CNBC's America's Top States for Business 2015 "cost of doing business" category.
Our electricity rates are 33 percent lower below the national average and are lower than all of our neighboring states. Employee turnover in West Virginia is below the national average at 8.8 percent, compared to the national average of 9.1 percent. We have the fifth lowest turnover rate in manufacturing at 5 percent, compared to the national average of 6.1 percent. And to top it off, our overall cost of living is 14 percent lower than the national average.
A track record of fiscal responsibilityWest Virginia has made it a top priority to address and respond to the needs of today’s companies by ensuring we offer a stable and predictable business climate.
Thanks to aggressive pro-business legislation, West Virginia has some of the lowest worker’s compensation rates in the country. In fact, the state just announced its 12th reduction in workers' compensation rates, which collectively, have saved employers more than $352 million since the fund was privatized in 2006.
West Virginia eliminated its Business Franchise Tax in 2015, saving taxpayers more than $450 million from the first reduction to the final elimination. The state's Corporate Net Income Tax rate was reduced to 6.5 percent in 2014, helping corporations to realize more than $53 million per year in net annual tax savings. West Virginia also removed approximately $180 million of business tax burden in FY 2014 and more than $660 million over the past eight years.
More importantly, however, our state has not added any new business taxes in the last 20 years.
According to the Tax Foundation's 2015 State Business Tax Climate Index, West Virginia is rated 21st nationally – better than any neighboring state. We also have the third best cash surplus in the U.S. and a “A” Cato Institute Fiscal Policy rating.
Let us show you how our business climate can put your company at an advantage.