Indiana was ranked as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive magazine. According to a press release, this is the third ranking in less than eight months in which the Hoosier State’s business climate has scored a top ten finish nationally.

The magazine’s eighth annual “Best & Worst States” survey asks CEOs to evaluate states based on business tax policies, regulation, workforce quality and livability factors. Indiana’s ranking in the survey has moved up eleven places since 2010.

“Today’s announcement is the third prestigious ranking Indiana has received in less than eight months from people in the business of economic development,” said Daniel Hasler, secretary of commerce and CEO of the Indiana Economic Development Corporation (IEDC). “Chief executives across the nation are taking notice of our skilled work force, fiscal stability and business-friendly policies and recognize Indiana as one of the most attractive states in the country for business.”

Indiana’s 5th place ranking makes it the only Midwestern state in the publication’s top five. Among neighboring states, Kentucky ranked 25th, Ohio ranked 35st, Michigan ranked 46th and Illinois ranked 48th.

Chief Executive magazine noted in this month’s issue, “North Carolina, Tennessee, Indiana, Virginia, South Carolina, Georgia and Utah held up their position in the top 10, with Indiana moving up a notch to fifth. CEOs indicate that workforce quality is the state’s single greatest strength, and since it became the 23rd right-to-work state last year, the Hoosier State is likely to punch above its weight competitively in the future.”

The Chief Executive magazine ranking is the latest in a series of national accolades Indiana’s business climate has garnered. Site Selection magazine rated Indiana’s business climate best in the Midwest and sixth nationally, according to a November 2011 survey of national real estate executives and a review of Indiana’s economic development record. Also, Indiana’s business environment recently scored a top five finish nationally in Area Development magazine’s September 2011 top states for doing business survey.

To review the “Best & Worst States,” survey click here.