Forbes: MN Is the 15th-Best State for Business

Minnesota didn't budge from its spot on last year's list; while the state ranked third for its quality of life and also scored higher than most other states for labor supply and growth prospects, it trailed behind most other states for regulatory environment and business costs.

Minnesota is the 15th best state for business and careers, according to a new list from Forbes-which gave the land of 10,000 lakes the same ranking as last year.

Out of all factors that contributed to the state's ranking, Minnesota fared best for quality of life; it ranked third among all states in that category. Meanwhile, it ranked 14th for labor supply and 19th for growth prospects.

Minnesota ranked in the middle of the pack (24th) when it came to economic climate. The areas in which it scored lowest were regulatory environment (32nd) and business costs (34th).

Utah topped the best-states-for-business list, and Virginia and North Carolina rounded out the top three.

Among Minnesota's neighbors, two came out ahead-North Dakota ranked fourth and Iowa ranked 10th. Meanwhile, South Dakota and Wisconsin trailed their Midwestern neighbors, ranking 17th and 40th, respectively.

Within the six broad categories that factored into the rankings-costs, labor supply, regulatory environment, current economic climate, growth prospects, and quality of life-37 specific data points were examined. Business costs, which include labor, energy, and taxes, were weighted the most heavily.

Based on the rankings, Forbes concluded that “the West is best” when it comes to business, as western states like Utah and Colorado have maintained strong business climates.

Ranking at the bottom of the list was Maine, and just before it, Hawaii and Rhode Island.

To see the full rankings, click here.