Minnesota moves up in CNBC's 'Top States for Business' rankings

Minnesota leapfrogged Texas in CNBC's latest ranking of America's Top States for Business.

Minnesota is now 5th in the rankings that assign weights to a number of factors ranging from workforce, business costs, economy, and technology -- among other categories.

The rankings showed Minnesota finished above average in most categories, scoring best with infrastructure, life/health/inclusion, and technology/innovation.

Weak spots for Minnesota, according to CNBC, include business costs and business friendliness.

Under CNBC's rankings, states can earn up to 2,500 points split across ten categories using 86 separate metrics. Workforce (Minnesota ranked 17th), infrastructure (3rd), and economy (24th) are the most heavily weighted categories.

Minnesota was the only northern state in the top 6. North Carolina took the top spot in the ranking, followed by Virginia, Tennessee, and Georgia. Michigan (10th) was the only other Midwestern state in the top 10. Among Minnesota's neighbors, Iowa was 23rd, Wisconsin finished 33rd, South Dakota finished 34th, and North Dakota was 36th.

Historically, Minnesota has always placed pretty well in the rankings. Over the years, Minnesota has regularly ranked in the top ten, finishing first in 2015.