CNBC has completed its third annual review and rankings of the business climates in each state, it’s “America’s Top States for Business ’09.”

Victory Goes To Virginia

Virginia is back at the top, squeezing past last year’s winner, Texas, by a nose—just four points. Texas remains a business powerhouse, but the Old Dominion State, always a solid performer across the board, managed just enough improvement in the right areas—economy, for one–to regain the title it won in 2007.

The top five:

1. Virginia

2. Texas

3. Colorado

4. Iowa

5. Utah

Virginia is No. 1. So why are we illustrating it with a cover illustration from The Economist with Texas? Eh. It’s just a good illustration. (And a good story, too.)

A strength of the CNBC survey is its separate categories, which attempt to quantify the various factors that go into creating a state’s business climate. California these days is a wreck, a budget nightmare dragged down by the Legislature, regulators, unions and environmental utopionizers. And voters. Yet California ranks 32nd in the CNBC survey. How is that possible?

It’s because the state still has many great advantages, ranking No. 1 in access to capital and No. 1 in  technology and innovation.

But it’s living off its investments, its heritage and its weather. The disaster of its polity means the state is ranked 49th in cost of doing business, business friendliness, and cost of living.

To end on an up note, here’s the kind of thing that happens when you enact policies that put you at the top of CNBC’s list, “Areva, Northrop Grumman break ground on Virginia nuclear facility.”

And kudos to CNBC reporter, Scott Cohn. He does a nice job on the state profiles.

Infrastructure, legal reform and defending nation’s domestic security are all top issues facing the United States today, and this week on “America’s Business with Mike Hambrick,” we hear from prominent leaders working to reinforce these pillars of our economy.

Ed Fox, assistant secretary of the U.S. Department of Homeland Security, brings us up to date on the agency’s activities, with an emphasis on keeping business owners and operators aware of the threats they face.

Former Texas Congressman Max Sandlin talks about the work of the NAM-founded Alliance for Improving America’s Infrastructure to strengthen the country’s roads, bridges, rails, harbors, and airports – the bricks and mortar of our advanced industrial economy. Sandlin co-chairs the alliance.

Providing the private-sector perspective is Ronald DeFeo, chairman and CEO of the Terex Corporation, the global diversified manufacturer, best known for its construction equipment. Earlier this year, DeFeo gathered business, labor and political leaders from around the country for a national summit to discuss strategies for addressing infrastructure needs.

Scott Cohn of CNBC returns to “America’s Business” with the second annual report on the network’s “Top States for Business” rankings. Good job, Texas!

And NAM Senior Vice President Jay Timmons surveys the political scene with an eye on legal issues and how trial lawyers’ are expanding the grounds on which to sue – in the process, taking millions of dollars away that business could better spend hiring and paying employees.

In our regular segments, Renee Giachino of American Justice Partnership reports the latest on tort reform and the NAM’s Hank Cox recalls “The Way It Was.” And our program will close with “The Last Word” from the National Association of Manufacturers President Gov. John Engler.

For more about “America’s Business with Mike Hambrick” and to listen to the program online, please click here.  And for video highlights and more, check out www.americasbusiness.org.

CNBC has just released its second annual rating, “America’s Top States for Doing Busines.”

No. 1 is Texas, replacing Virginia from the top spot: “The state’s large population, abundance of natural resources, and diverse population and geography have created a dynamic economy. The energy industry, of course, is king, and is the reason the Lone Star State unseated last year’s winner, Virginia.”

Top five:

1. Texas
2. Virginia
3. Utah
4. Idaho
5. Colorado

More …

Overall, seems like a pretty good ranking, one that meshes well with our general sense of things.

Ah, good, CNBC is repeating its exercise from 2007, ranking the states according to their business climates, using a variety of categories (and with input from the NAM). Reporter Scott Cohn comments,

Not to give too much away, but our second annual study does show some notable changes from the 2007 results. 

Remember, the U.S. economy has been slowing down. Energy and commodity prices are rising.  That hurts some states, but helps others. Big changes in the jobless rate hurt some state economies, but increase the supply of available workers. Can Virginia repeat as America’s Top State for Business this year? Will those high energy prices help Alaska rebound from the bottom?

Lots of different organizations and media outlets do state-by-state rankings on all sorts of things; the public seems to like lists and once you settle on the criteria, they’re easy to do. If you take the methodologies into account, combine and compare and contrast, they’re pretty informative.

Look for the reports tomorrow, July 9th.