CNBC has named South Dakota as the number one state for business in America's Top States for Business 2013.
"Thanks to a history of fiscal responsibility, South Dakota is the place to do business," said Gov. Dennis Daugaard. "Businesses plan for the long-term. When considering moving or expanding, they need stability and certainty. They need to know that government won't get in their way. That's what we can offer here in South Dakota."
Previously ranked seventh in last year's study, South Dakota earned the number one spot by scoring 1,639 out of 2,500 points, the highest score of any state since CNBC launched the study in 2007.
"South Dakota has always been a solid performer in our study, but with businesses focusing more than ever on low costs, the state really shines," said CNBC Senior Correspondent Scott Cohn. "We found it has one of the lowest tax burdens in the country as well as low wage and utility costs. The regulatory climate is one of the friendliest to business anywhere, and the biggest issue in South Dakota's booming economy is that low unemployment means fewer available workers."
CNBC's study uses 55 measures of economic competitiveness, which are developed with input from business groups including the National Association of Manufacturers, the Council on Competitiveness and the states themselves.
The 55 metrics are further separated into 10 broad categories: cost of doing business, economy, infrastructure and transportation, workforce, quality of life, technology and innovation, business friendliness, education, cost of living and access to capital.
Among the subcatergories, South Dakota ranked No. 1 in cost of doing business, No. 2 in business friendliness, No. 6 in economy and No. 7 in quality of life.
To learn more about CNBC's Top States for Business 2013, visit: http://www.cnbc.com/id/100874421.