According to CNBC's America's Top States for Business 2014 rankings, Utah is the third best state for business in the nation, trailing No. 1 Georgia and No. 2 Texas, and ranking in front of No. 4 Nebraska and No. 5 North Carolina.

In 2013, the state tied for the No. 5 spot.

In scoring all 50 states for the rankings, CNBC looked at 10 specific categories: cost of doing business, economy, infrastructure, workforce, quality of life, technology and innovation, business friendliness, education, cost of living and access to capital.

Here's a look at where Utah fell in each of these 10 areas:

Cost of doing business
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Ranking out of 50: 16

2013 ranking out of 50: 21

State ranking 1st: Oklahoma

State ranking 50th: New York

Utah's score: 287/450

In this category, CNBC looked at factors like city, state, individual income, business, gasoline and property taxes, as well as the cost of wages and rental costs for businesses.

According to the 2014 State Business Tax Climate Index from the Tax Foundation, Utah had the ninth best business tax climate out of the 50 states. Tax Freedom Day for Utahns this year was April 17, the organization said, and as of 2011, the state had the 23rd lowest tax burden.

Economy
Ravell Call, Deseret News

Ranking out of 50: 6

2013 ranking out of 50: 10

State ranking 1st: Texas

State ranking 50th: Alaska

Utah's score: 289/375

In this category, CNBC looked at factors like economic growth, job creation and the residential real estate market, as well as each state's fiscal health and the number of major corporations headquartered there.

According to this year's U.S. Chamber of Commerce Foundation report on Enterprising States, "Utah's economy remained stronger than those of most other states during 2013," and "has been consistently ranked as one of the nation's most diverse."

Utah received the No. 1 spot in the American Legislative Exchange Council's 2014 economic outlook rankings.

Infrastructure and transportation
Jeffrey D. Allred, Deseret News

Ranking out of 50: 28

2013 ranking out of 50: 21

State ranking 1st: Texas

State ranking 50th: Rhode Island

Utah's score: 187/350

In this category, CNBC looked at factors like air travel availability, road and bridge quality, commute times and the supply of safe drinking water.

In the 2014 U.S. Chamber of Commerce Foundation report on Enterprising States, Utah ranked third in the infrastructure policy area, ranking 12th in broadband speed availability, 13th in broadband provider availability, 20th in road quality and 5th in bridge quality.

According to 2009 data from census.gov, the mean travel time for most of the Wasatch Front fell somewhere between 20 and 24.9 minutes.

Workforce
Scott G Winterton, Deseret News

Ranking out of 50: 12

2013 ranking out of 50: 19

State ranking 1st: Georgia

State ranking 50th: Vermont

Utah's score: 189/300

In this category, CNBC looked at factors like workforce education levels, available workers, right-to-work laws and union membership and government worker training programs.

Utah is one of 24 states with right-to-work laws in place, with the law stating that it is "the public policy of the state that the right of persons to work, whether in private employment or for the state, its counties, cities, school districts or other political subdivisions, may not be denied or abridged on account of membership or nonmembership in any labor union, labor organization or any other type of association; and further, that the right to live includes the right to work."

Quality of life
Jeffrey D. Allred, Deseret News

Ranking out of 50: 15

2013 ranking out of 50: 21

State ranking 1st: Hawaii

State ranking 50th: Tennessee

Utah's score: 195/300

In this category, CNBC looked at factors ranging from crime rates to health care, parks and recreation, local attractions and environment.

In the 2013 Gallup-Healthways State of American Well-Being report, Utah ranked 5th in life evaluation, 27th in emotional health, 20th in work environment, 26th in physical health, 14th in healthy behaviors and 9th in basic access, finishing 12th overall.

The three metropolitan statistical areas identified for the state — Ogden-Clearfield, Provo-Orem and Salt Lake City — ranked 46th, 1st and 38th respectively in the Gallup-Healthways report.

Technology and innovation
Nathan Weston, University of Utah

Ranking out of 50: 18

2013 ranking out of 50: 23

State ranking 1st: California

State ranking 50th: South Dakota

Utah's score: 196/300

In this category, CNBC looked at things like state support for innovation, patents issued to state residents, research grants and high-tech business formation.

In the U.S. Chamber of Commerce Foundation report on Enterprising States, Utah ranked fourth in innovation and entrepreneurship, coming in 4th in STEM job growth, 13th in STEM job concentration, 7th in the high-tech share of all businesses, 4th in business birthrate, 10th in academic research and development intensity and 18th in the growth of the self-employed.

Business friendliness
Jeffrey D. Allred, Deseret News

Ranking out of 50: 4

2013 ranking out of 50: 4

State ranking 1st: Delaware

State ranking 50th: West Virginia

Utah's score: 164/200

In this category, CNBC looked at things like regulatory freedom in the states and the "perceived friendliness" of the states' legal and tort liability systems.

In the George Mason University's Mercatus Center Freedom in the 50 States rankings, Utah ranked 10th overall in 2013, coming in in seventh place for its regulatory policy. The Mercatus Center regulatory policy ranking is created by looking at freedom from tort abuse, property right protection, health insurance freedom, labor market freedom, occupational licensing freedom, miscellaneous regulatory freedom and cable and telecom freedom.

Education
Matt Gade, Deseret News

Ranking out of 50: 46

2013 ranking out of 50: 39

State ranking 1st: New York

State ranking 50th: Arizona

Utah's score: 42/150

In this category, CNBC weighed things like test scores, class size, spending, higher education funding trends and higher education institutions in the states.

In CNBC's explanation for Utah's No. 3 rank, the CNBC website states specifically that, "large class sizes and small budgets hurt education in the state."

According to a recent 247wallst.com article, Utah spent $6,206 per pupil in 2012, which was less than any other state. However, the article said, educational attainment rates "were exceptionally good."

New York topped the 247wallst.com list in per-pupil spending, spending $19,522 per pupil in 2012.

The U.S. Chamber of Commerce Foundation report on Enterprising States puts Utah in 4th place for the state's talent pipeline, with it ranking 3rd in higher education degree output, 8th in college affordability, 22nd in educational attainment, 7th in high school advanced placement scores and 6th in job placement efficiency.

Cost of living
Laura Seitz, Deseret News

Ranking out of 50: 20

2013 ranking out of 50: 11

State ranking 1st: Kentucky

State ranking 50th: New York

Utah's score: 31/50

In this category, CNBC looked at cost-of-living measurements such as housing, food prices and energy prices.

Access to capital
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Ranking out of 50: 1

2013 ranking out of 50: 7

State(s) ranking 1st: California, Utah, Colorado

State(s) ranking 50th: Iowa, West Virginia

Utah's score: 25/50

In this category, CNBC examined venture capital investments and small-business lending within the states.