Maryland drops two spots on Forbes' top states for business list

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Jaclyn Borowski

Forbes ranks Maryland No. 20 on a new list of the best states for business. Above, the State House in Annapolis.

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Ryan Sharrow

Managing Editor- Baltimore Business Journal

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Maryland slipped two spots on Forbes' 2014 list of best states for business.

The state ranks No. 20, down from 18th a year ago.

Maryland's business climate has come even more into focus over the last few months as Governor-elect Larry Hogan pinned his campaign on improving the state's economy. (See the Business Journal's print and digital editions Friday for a look at how Hogan can improve the business climate.)

In the new report, Forbes ranks Maryland No. 41 for business costs and 36th for regulatory environment. The state, with a population of nearly 6 million, ranks fifth for labor and eighth for quality of life.

Neighboring Virginia ranks No. 4 on this year's Forbes list, while Delaware ranks 11th and Pennsylvania is No. 30.

Utah is first on this year's list. Mississippi is last.

Other publications tend to rank Maryland lower on business climate rankings. For example, CNBC says the state is the 35th best state for business, while Chief Executive magazine lists Maryland No. 41.