Looking for a good place to do business? Turn your eyes toward the great state of Utah.

In 24/7 Wall Street's new list of the best U.S. states for business, the Beehive State topped the rankings. The website ranked Utah highly in several categories indicating the risks and benefits of doing business in each state.

At 3.8 percent, Utah had the 7th-highest GDP growth among all states from 2012-2013, according to the site. Non-governmental businesses grew by 2.5 percent in 2012, the second-fastest rate of all states and twice the national rate. And Utah's working-age population is projected to grow more than 20 percent by 2020--the second-highest rate in the country.

With the eighth-lowest violent crime rate in the nation, one of the lowest home affordability ratios, and an extremely well-functioning transportation system, Utah is becoming an increasingly attractive place to live and work, 24/7 Wall Street found.

To determine the United States' best states for business, 24/7 Wall Street analyzed nearly 50 factors, including GDP growth, the job market, cost of living, the regulatory climate, and the average cost of goods and services.

Massachusetts ranked second on the list, followed by Wyoming, South Dakota, and Delaware. Louisiana was the worst state in the nation for business according to the rankings, with West Virginia, Kentucky, Mississippi, and Alabama rounding out the bottom five.