Sorry, Utah. You’re no longer the best state for business.
North Carolina topped Forbes’ best state for business in 2017, unseating the Beehive State, which claimed the top spot last year.
“North Carolina has built one of the country’s strongest business climates over the past two decades, fueled by low business costs, incentives and a young, educated workforce, many of whom have been trained at the strong universities in the state and Research Triangle Park,” according to Forbes.
The Tar Heel State has ranked among the best states for business for the past 12 years, but this is the first time it's claimed the top spot. The state ranked second last year.
You can read the full Forbes list here.
The Beehive State dropped two spots this year to No. 3 on the list, finishing behind Texas. The state dropped in the rankings “due to rising business costs and a softer economic outlook,” according to Forbes.5 comments on this story
Utah’s growing tech sector made it the top business state last year, fueled by a heavy amount of venture capitalism within the state propelled the Beehive State.
A report last year from Moody’s Analytics found that Utah would be the third state in the nation for business over the next five years based on job growth.
A 24/7 Wall Street list earlier this year ranked Utah as the best state for business, too. The state's growing job market and cost-effective climate made it the country's top business, according to the rankings.