CNBC has ranked Indiana first in the nation for cost of doing business in its annual “America’s Top States For Business” report. The Hoosier state ranks 13th overall, also scoring well in cost of living and economy.

Indiana’s cost of doing business rating is partly due to ongoing reductions in personal and corporate tax rates. Indiana also has a AAA credit rating from all three major credit agencies. CNBC took into account factors such as state incentives and utility and rental costs, as well.

Chief Executive magazine recently recognized Indiana as best in the Midwest for doing business also and Area Development magazine named it best in the region last year.

According to CNBC’s rankings, Indiana does have some areas of concern, however. The state ranked 46th overall in quality of life and 42nd in work force.

CNBC’s top ten overall states were:

1. Minnesota
2. Texas
3. Utah
4. Colorado
5. Georgia
6. North Dakota
7. Nebraska
8. Washington
9. North Carolina
10. Iowa

For the full rankings, visit CNBC’s website.

Source: Inside Indiana Business