The Twin Cities ranked 34th on Forbes' 13th annual "Best Places for Business and Careers" list, which was released on Wednesday.
The list, which includes the country's 200 largest metropolitan areas, is based on metrics including past and projected job growth, income growth, business and living costs, education, projected economic growth, and quality of life.
Minneapolis ranked high (19th) based on the area's education, but fared poorly for both the cost of doing business and job growth, ranking 156th and 127th, respectively. And although it was beat out by about three dozen other metros on this year's list, the Twin Cities did move up significantly from last year's list, when it ranked 57th.
And other rankings have suggested that Minneapolis is a great place for people seeking employment. A Forbes report published in March-which cited research from New York-based recruiting firm Ajilon Professional Staffing-said that Minneapolis was the best city in the country for finding employment.
Duluth also made this year's overall top 100 ranking of the "Best Places for Business and Careers" list, coming in at 89th.
Raleigh, North Carolina, topped the Forbes list, due to its low business costs-18 percent lower than the national average-and an educated labor force, with 42 percent holding a college degree.
On a state-by-state basis, Texas seemed to outshine the rest of the country with five cities among Forbes' top 25: Austin (7th), San Antonio (8th), Dallas (10th), Fort Worth-Arlington (16th), and Houston (19th).
View the entire Forbes list here, and the related commentary here.