CNBC's top states for doing business.(AWARDS)

In its third annual ranking of the states that put it all together for business, CNBC ranks Arkansas at No. 31.

Coming in at No. 1 was Virginia, barely ahead of Texas.

The rankings are based on factors such as cost of doing business, work force, quality of life, economy, transportation and infrastructure, technology and innovation, education, business friendliness, access to capital and cost of living.

Arkansas ranked first in cost of living and third in cost of doing business, but fell to 44th in the technology and innovation category and quality of life.

Colorado, Iowa and Utah finished out the top five. Bringing up the bottom five were Alaska at No. 50, Hawaii, Rhode Island, Nevada and West Virginia.

Among neighboring states, besides Texas, Oklahoma was 23rd; Missouri, 14th; Tennessee, 20th; Mississippi, 45th; and Louisiana, 44th.

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