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Indiana is tops in the Midwest for its business climate.

Chief Executive Magazine ranked Indiana sixth nationwide as the best place to do business after surveying more than 500 CEOs for its annual "Best & Worst States For Business" ranking. The Hoosier State was the only midwestern state in the top 10.

"We've worked hard to create a low-cost, pro-growth economic environment here in Indiana," Gov. Mike Pence said.

"This ranking confirms what we already know as Hoosiers. With an honestly balanced budget, robust infrastructure and a top-notch workforce, Indiana is a state that works for business."

Illinois placed 49th in the country in the annual ranking.

Chief Executive magazine found CEOs favored states with low taxes, quality living environments and progressive business development programs. The Connecticut-based trade magazine is not the only one to laud Indiana's business climate.

Area Development magazine ranked Indiana best in the Midwest for its Top States for Doing Business last year. Pollina Corporate Real Estate also ranked the Hoosier state's pro-business environment seventh nationally.

Despite the accolades, Indiana's much-vaunted business climate has failed to translate into actual economic performance in the past few years.

Indiana has the second-highest unemployment rate out of the 12 midwestern states, after only Illinois, and has lagged behind neighboring states in economic development projects, according to Site Selection Magazine.

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Business reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.