Hawaii’s quality of life is No. 1 in the nation, "but residents and businesses pay dearly for it," according to a new CNBC study.

Hawaii ranks 49th overall among the 50 states when analyzed on 56 measures of competitiveness, CNBC reported. Hawaii had ranked dead last in 2013.

Hawaii also ranks 49th in specific categories, including cost of doing business (down from 48 in 2013), workforce (down from 45 in 2013), and cost of living (up from dead last in 2013).

Other year-over-year improvements came in infrastructure and transportation, up to 43 from 50 in 2013, economy, up to a tie for 34 from 41; 33rd in technology and innovation, up from 45 last year; and in access to capital up to a tie for 33rd, from 39th place in 2013.

The rankings were based on analysis of publicly available data, not public opinions, CNBC reported.

http://www.cnbc.com/id/101758236