Georgia finished #8 on Forbes’ annual “Best State for Business” list, up 3 spots from 2011.

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.

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

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.

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.

For the complete list, visit www.forbes.com/beststates.