Virginia named one the best states for business

The Commonwealth of Virginia may be a great place to purchase real estate as it has recently been named one of the top states for business. Those looking at homes for sale in Richmond may have an easier time finding a job than residents of other states as Virginia ranks number three on CNBC's annual ranking of the best states for business based on economic competitiveness.

Although Virginia dropped two notches this year, down from number one in 2011, most would agree that being third best to Texas and Utah isn't too bad. The publication reports that the key industries in the Commonwealth include defense, agriculture and government. Northern Virginia and Richmond are popular areas to live for professionals working in Washington DC, whereas Goochland and Hanover counties, as well as Southwest Virginia, host much of the agricultural opportunities.

Furthermore, Virginia may have placed third for best states for business, but it's unemployment rate in May was 5.6 percent. This is lower than the unemployment rates in both Utah (6 percent) and front runner, Texas (6.9 percent).