FORBES REPORTS
Atlanta Business Chronicle by Jacques Couret, Senior Online Editor
Date: Wednesday, December 12, 2012, 3:44pm EST

Georgia moved up three spots to No. 8 on Forbes’ annual “Best State for Business” list.

Forbes compiled the list using six vital categories: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

Georgia gained the ranking with a gross state product of $419 billion and five-year annual gross state product of -0.2 percent.

The report noted union workers make up only 4.8 percent of Georgia’s employment base, which is the second lowest rate in the country. However, it also drew attention to the Peach State’s high poverty rate — 19 percent of the population lives below the poverty line.

Coming in at No. 1 for the third-straight year is Utah, followed by Virginia (No. 2), North Dakota (No. 3) and North Carolina (No. 4). Rounding out the top five is Colorado.

According to Forbes, Utah has a pro-business climate where companies benefit from energy costs that are 29 percent below the national average. The state has expanded at 2.3 percent a year over the past five years, which is the fifth best in the U.S.

According to Forbes, Utah has a pro-business climate where companies benefit from energy costs that are 29 percent below the national average. The state has expanded at 2.3 percent a year over the past five years, which is the fifth best in the U.S.

Here’s a look at the Top Ten:

1. Utah
2. Virginia
3. North Dakota
4. North Carolina
5. Colorado
6. Nebraska
7. Texas
8. Georgia
9. Oklahoma
10.Iowa