MANKATO — Forbes has ranked Mankato third on its list of the Best Small Places for Business in America, just behind Fargo, N.D., and College Station, Texas.

The town made a significant leap on the list this year.

A chamber of commerce member said Mankato had previously ranked 10th, 11th and 25th. He said the town’s greatest strength is the diversity of its economy.

The Forbes list is produced based on rankings of cost of business, job growth, education and population.

Two other Minnesota towns made the list’s top 25. Rochester and St. Cloud were ranked 23rd and 24th, respectively.