Hawaii and New York remain the most expensive states to run a business, while South Dakota is the cheapest, according to a recent study by the Milken Institute.

Soaring electricity costs kept Hawaii in the number one spot for the third year in a row on the Santa Monica, Calif.-based think tank's annual business-cost index. Record-high rates for office space put New York high in the second spot.

Breaking down expenses, the study found Connecticut had the highest wages, while Vermont had highest business taxes.

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