Virginia fell from its top spot on CNBC’s closely watched list of the “Top States for Business” thanks to economic threats posed by cuts to the federal workforce.

Reduction in the state's federal workforce has dropped Virginia to fourth place nationally, marking its lowest ranking in seven years.

From Winchester to Bristol, Interstate 81 is the backbone of western Virginia, playing a critical role in supporting our state’s economy,” said Governor Glenn Youngkin.

Sweat beaded on foreheads inside the sweltering warehouse of 84 Lumber on Richmond’s Southside Tuesday, but Gov. Glenn Youngkin appeared unfazed by the heat as he declared victory on one of his administration’s signature promises — slashing red tape across Virginia’s government by 25%.