For the first time since CNBC started ranking the best states for business, Utah was ranked the No. 1 state for business, (though Utah has been ranked in the top 10 every year the survey has been conducted).
Each state was measured by how it performed in 10 different categories: workforce, cost of doing business, economy, infrastructure, quality of life, technology and innovation, business friendliness, cost of living, education and access to capital.
While the state didn't take first in any of the categories, Utah became the first state to rank in the top half of each of the 10 categories. Utah's highest rank was third in economy, and its worst rank was 24th in access to capital.
"That means that Utah is relatively strong even in its weakest areas," said Scott Cohn, CNBC special correspondent.
The study used tax rates, business expenses, state credit ratings and other publicly available data to determine how states measure up to each other. In addition to this, CNBC consulted business and policy experts, official government sources and the states themselves. Over 60 different factors within the 10 categories were used to calculate the rankings.
The categories carry different weight based on how frequently the states use it to promote "economic development marketing materials," the report said. For instance, if more states are advertising their economy, it is ranked higher.
"That way, we grade the states on the criteria they use to sell themselves," according to the CNBC report.
Unemployment levels in Utah are below the national average and the state also has strong job growth. According to CNBC, Intermountain Health Care is the state's largest employer.