Raleigh is no longer America’s “Best City for Business,” but North Carolina’s capital didn’t slip much on the annual list from Forbes magazine.

The City of Oaks dropped to No. 2 from the top spot it held in the 2011 survey based on a variety of economic categories.

Provo, Utah, is the new No. 1 in the latest ranking.

Durham, meanwhile, is hot. The Bull City soared 17 spots on the list to No. 14 from a year ago. Two other North Carolina cities also climbed.

Asheville vaulted to No. 17 from 24 a year ago. Charlotte, meanwhile, climbed to No. 18 from 22nd.

Why did Raleigh slip? Living costs.

Writes Forbes: 

“Last year’s top city, Raleigh, N.C., dipped to No. 2 this year as living costs rose to 5% above the national average. Raleigh continues to be an attractive destination for companies with business costs 18% below the national average, according to Moody’s Analytics, and a highly educated workforce thanks to nearby schools like North Carolina State, Duke University and University of North Carolina.”

Not all the news was bad, however,

Forbes notes that Raleigh’s net migration rate is the nation’s second highest over the past five years with 116,500 people arriving.

Job growth also is projected to be 2.9 percent despite a sluggish economy.

Forbes likes Raleigh. The capital has ranked highly in several lists over the past year, from tech jobs and jobs market overall to No. 2 on the magazine’s “Young Professionals” report.

Durham, meanwhile, gets high marks in the survey due largely to the Research Triangle Park.