Hawai’i ranked 40th out of 50 states in a new economic competitiveness index released by the Beacon Hill Institute at Suffolk University in Boston.

The annual index, which has been published since 2001, is aimed at identifying strengths and weaknesses in economic performance across the country.

Utah, Massachusetts and Colorado were the top three states in the survey. Hawai’i ranked 42nd in 2006.

The competitiveness index is based on 42 indicators that evaluate government and fiscal policy, security, infrastructure, human resources, technology, business incubation, openness and environmental policy.

You can see the entire Beacon Hill report (which is currently on the home page) at http://www.beaconhill.org.