Last week Forbes released its annual list of the best states for business. Washington fell out of the top 10, coming in at No. 11 for 2012. We’ve been sliding since ranking No. 2 in 2009.

As we’ve written before, it’s a mistake to assign too much weight to any of these things. There’s always a subjective element and the conditions sought by different businesses will vary. See our policy brief on business climate for more discussion of this. But they are useful gauges of what some analysts consider to be the most important factors and it’s worth noting when states move up or down the rankings.

Forbes snapshot’ of Washington emphasizes innovation and venture capital. And this quick rundown of where we place in the subindexes.