Hawaii has the worst business ranking of all 50 states, according to an analysis by the Chicago-based watchdog group Truth in Accounting.

Truth in Accounting, incorporating six separate state rankings, provided the study exclusively to Watchdog.org.

Hawaii’s average rank across the six studies was 45.5, edging California’s 45.2 for the worst. Connecticut was third-worst with an average of 43.8, the analysis showed.