Pennsylvania rose to No. 23 in this year's America's Top State for Business ranking.

The ranking, conducted and published annually by CNBC, rates all 50 states in 10 categories of business competitiveness.

Pennsylvania rose from No. 28 in 2019 to No. 23 in 2021. A ranking was not published in 2020 because of the coronavirus pandemic.

The commonwealth's best category was education, ranking as the fifth-best state in the nation. The PA general assembly furthered its commitment to education, passing a record-high $13.55 billion in eduction funding in the state's budget for the 2021-22 fiscal year. That included a $300 million increase for basic education, $30 million for early childhood education, $50 million for special education and a $200 million commitment to the Pennsylvania State System of Higher Education.

The state's biggest improvement came in infrastructure, jumping from 24th in 2019 to 13th this year. Since 2020, Gov. Tom Wolf has pushed for improved broadband internet coverage across the state, especially in underserved rural areas.

Wolf signed a bill to expand broadband to rural communities last October and has been petitioning the federal government for investment since last June.

Pennsylvania also ranked highly in access to capital (12) and technology and innovation (14).

Business friendliness was Pennsylvania's biggest decrease, falling from 29th in 2019 to 39th in 2021.

Pennsylvania's corporate tax rate of 9.990% is one of the highest in the country, and Wolf imposed business restrictions during the pandemic, most of which have only recently been lifted.

Economy was the commonwealth's worst category, ranked at 41st. The state is projected to have a $2.5 billion to $3.5 billion budget deficit this year.

Pennsylvania also performed poorly in cost of living (33), as well as life, health and inclusion (33), a new category for 2021.

Virginia was rated as the best state for business, followed by North Carolina, Utah, Texas and Tennessee in the top five. Alaska, Hawaii, Maine, West Virginia and Rhode Island ranked as the five worst.