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Minnesota makes top 10 in Forbes' 'Best States for Business' list

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Minnesota is the eighth best state for business in the country, according to a new list from Forbes.

The publication says the No. 8 ranking came on the state's "strength of an improved economic outlook."

The state was No. 20 on last year's list.

Forbes noted how Minnesota served as the economic hub for several major businesses in the country, including Target, U.S. Bancorp, General Mills, 3M and Medtronic.

Several factors help determined the rankings on the list, including business costs, labor supply, regulatory environment, growth prospects, quality of life and population.

Coming in at No. 1 on the list was Virginia, because of its "widely diverse economy that includes local and federal government, military, farming and manufacturing," Forbes says.

North Dakota came in at No. 2. Forbes credits the "development of the Bakken oil shale fields in the western part of the state" for the ranking.

The Forum of Fargo-Moorhead says North Dakota's ranking is up one slot from last year.

Rounding out the Forbes top 5 are Utah, North Carolina and Colorado.

Finishing just ahead of Minnesota on the list was Nebraska at No. 6 and Texas at No. 7. Washington and Georgia rounded out the top 10.

South Dakota and Iowa came in 11th and 12th on the list, respectively, while Wisconsin ranked 41st.

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