Des Moines is No. 2 on the Forbes "Best Places For Business and Careers" list in 2014, falling a spot from No. 1 in 2013.
Raleigh, N.C., jumped to No. 1 from No. 3 last year.
Forbes credits Des Moines with being a financial services hub and notes that high-tech firms such as Microsoft Corp. and Facebook Inc. have been making their way to the area to take advantage of low energy costs.
Forbes also points out that business costs in Des Moines are 17 percent below the U.S. average and living costs are 6 percent lower than the national average. The city's economy is projected to grow at a 4 percent annual rate over the next three years, according to Moody's Analytics.
Des Moines was No. 1 on the list in 2013 and 2010. It was No. 2 in 2011 and No. 4 in 2012.
Raleigh last took the No. 1 spot in 2011, and had a three-year run in the top spot from 2007 to 2009. Forbes credits Raleigh for having business costs that are 18 percent below the national average, and also points out that it is home to North Carolina State University and nearby Duke University and the University of North Carolina at Chapel Hill.
Interestingly, the cities come out even in the rankings when averaged over the last five years. Both cities have a five-year average of No. 2
Rounding out this year's top five cities are: Provo, Utah; Denver; and Fort Collins, Colo.