The magazine ranked Texas first for the ninth consecutive year, followed by Florida, North Carolina, Tennessee and Indiana.
The nation's worst states for business, according to the magazine, are California, New York, Illinois, Massachusetts and New Jersey.
Utah bested the national average in a several key metrics used for the CEO ranking, including gross domestic product growth, unemployment rate and state and local tax burden.
In addition, "Utah has a young, easy to work with workforce," according to the magazine.
Chief Executive Magazine's rankings came just as Forbes magazine also listed Salt Lake City as the nation's third-best city for jobs in 2013, noting employment growth of 4 percent in 2012.
San Francisco ranked first in Forbes' survey, followed by Nashville-Davidson-Murfreesboro-Franklin, Tenn.
Fort Worth-Arlington, Texas, ranked fourth and Houston-Sugarland-Baytown, Texas, ranked fifth.
Forbes ranked all 398 current metropolitan statistical areas based on employment data from the Bureau of Labor Statistics from November 2001 through January 2013, according to its website. It based its rankings on growth trends, mid-term growth, long-term growth and each region's momentum.