Colorado ranked No. 4 on Forbes annual list of best states for business for the second consecutive year.

Forbes determines its rankings by comparing states in six crucial business categories: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Colorado ranked in the top 10 in four of those categories, earning number one honors for labor supply, sixth for both growth prospects and economic climate, and ninth for quality of life.

The state’s only sub-median ranking came in the business costs category, where it ranked 33rd in the nation.

Virginia, which earned back-to-back No. 1’s the past two years, was knocked out of the top spot by Utah this year. North Carolina snagged the No. 3 ranking and Colorado was followed by Washington (state), Oregon, Texas, Georgia, Nebraska and Kansas.