PEACHTREE CORNERS, Ga. (CBS19 NEWS) -- Virginia has been named the top state for its business climate.

Site Selection Magazine recently released its 2022 Business Climate Rankings.

According to the publication, Virginia has frequently been among the top 10 states in the annual ranking.

Georgia and North Carolina have had an ongoing rivalry for the top spot, but this year, they dropped to second and fourth respectively.

Texas came in at third while Arizona rounded out the top five.

The ranking is based partially on a survey of site selectors who were asked to rank states in order of attractiveness based on their experience of locating projects in those states.

Other factors that were considered include workforce skills, tax climate and workforce development resources.

To see the full breakdown, click here.