Washington is the fifth-best state in the U.S. for business, according to Forbes Magazine. The state moved up seven places on this year's list, tying Tennessee for the biggest leap of all states. Virginia came out on top in the magazine's rankings, followed by Utah, North Carolina and Texas.

Washington was the only state to score in the top five in the categories of labor, which includes educational attainment and projected population growth; regulatory environment, including tort climate and bond ratings; and growth, including projected job growth, income and gross state product growth.

Forbes noted that one of the state's biggest strengths is its Office of Regulatory Assistance, which has reduced red tape by helping individuals and businesses sort through the thicket of government regulations all in one place.

Additionally, the magazine said Washington has had more businesses open per capita the past three years than any other state in the U.S., and venture capital spending in the state is the fifth highest in the country, totaling $2.6 billion the past three years.