Colorado Ranks Fourth On Forbes 'Best States For Business' List

10/14/2010 01:45 pm ET | Updated May 25, 2011

Colorado was called the fourth best state for business in Forbes Magazine's annual rankings this week.

Forbes ranked Colorado the number one state in the country for labor supply, number six for economic climate and growth prospects, number nine for quality of life, number 15 for regulatory environment, and number 33 for cost of doing business.

Forbes says the study was based on 33 points of data, and cost of doing business scores were weighed more heavily than other factors.

Western states generally performed well, with Washington, Oregon and Idaho all joining Colorado in the top 12, and Utah claiming the title of "best state for business."

Virginia and North Carolina finished second and third.