Colo. ranks fifth for business climate

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When it comes to the economy, the West is best.

Forbes ranked Colorado as the fifth best state for business, and neighboring Utah as the top state for businesses.

That’s in a climate of growth of only 2 percent in the third quarter, lower than expected – but better than the first six months, which saw anemic growth of just .9 percent.

According to Forbes, the ranked states are the best places to do business – they factor in costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

CNBC also ranked Colorado fifth in the nation for business in June.

Virginia ranked number two, North Carolina came in third and North Dakota was fourth.

At the bottom: Mississippi, Michigan, Rhode Island and Hawaii. Maine ranked dead last in the study.