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.

The Aloha State also ranks 49th in specific categories, including cost of doing business (down from 48th in 2013), workforce (down from 45th in 2013), and cost of living (up from dead last in 2013). Other improvements came in infrastructure and transportation, up to 43th from 50th in 2013; economy, up to a tie for 34th from 41st; 33rd in technology and innovation, up from 45th last year; and in access to capital, up to a tie for 33rd from 39th place in 2013. Rankings were based on analysis of publicly available data.