CNBC's annual rankings of the best states for business is out, and Utah comes in at #3 on the list behind Washington and Texas.

Utah's #3 ranking is up from #8 in 2017. Utah held the top spot in 2016.

The CNBC rankings are based on several factors including workforce, infrastructure, cost of doing business, education and quality of life.

Utah's individual rankings were mostly in the top half of all states, with the state's economy ranked the highest at #4 overall. However, the state got a D+ grade for education, coming in at #34 nationwide. 

Other individual rankings for Utah:

 

Category
Score
2018 Rank
2017 Rank
Grade
Workforce 265 11 18 B+
Infrastructure 246 10 9 B+
Cost of Doing Business 198 23 24 (Tie) B
Economy 251 2 4 A+
Quality of Life 206 12 20 B
Technology & Innovation 133 19 18 (Tie) B-
Education 87 34 34 (Tie) D+
Business Friendliness 103 12 16 B
Access to Capital 64 18 18 (Tie) B-
Cost of Living 29 22 17 C+
Overall 1582 3 8 -