For the first time in the history of the Best States for Business rankings, Virginia isn’t number one. Because Virginia’s labor and energy costs rose at a faster rate than Utah’s, the Commonwealth was knocked down to number two.<!–break–>

“Virginia still boasts a very favorable business climate, with an educated labor supply and solid economic growth,” writes reporter Kurt Badenhausen in an online story announcing the latest list. “But Virginia’s business costs (namely labor and energy) have crept up, which allowed Utah to leapfrog it.”

Texas recently unseated Virginia for the top spot in the CNBC Top States for Business study, where the Commonwealth also finished second.

Virginia’s strong business climate helps assure a growing economy, which in turn helps support our housing markets.