Phoenix finished just outside the Top 10 in a study identifying the most cost-friendly big cities to do business.

Phoenix was No. 11 in the 2016 Competitive Alternatives study by KPMG, an audit, tax and advisory firm.

Cincinnati is the most cost-friendly city to do business among the 31 largest U.S. metro areas with more than 2 million residents.

“KPMG’s Competitive Alternatives study provides insight into business location costs in cities across the United States and serves as a valuable benchmark for business executives, economic developers and policymakers considering sites for their business operations,” said Ulrich Schmidt, a KPMG managing director.

Cincinnati’s favorable leasing costs and low property taxes contributed to its first place ranking in the study, which compares key cities across a range of costs and other factors related to doing business. 

The study measured 26 key cost components in each market, including costs associated with taxes, labor, facilities, transportation and utilities, as they apply to seven different business-to-business service sector operations and 12 different manufacturing sector operations.

Orlando was the second most cost-competitive location in the large-cities category, followed by Tampa, Cleveland, San Antonio and Atlanta. Other locations ranked among the Top 10 were Charlotte, N.C., Miami, St. Louis and Kansas City, Mo.

The study’s baseline cost index  of 100 is defined as the average business costs in the four largest U.S. metropolitan areas: New York, Los Angeles, Chicago and Dallas-Fort Worth.

Phoenix was at 96.21 on the index, a few points behind Cincinnati at 94.

Kansas City was at 96.18 on the index, at No. 10 on the list, one spot ahead of Phoenix 

San Francisco and New York represent the most expensive large U.S. cities in which to do business, with cost indexes of 104.5 and 104.7 respectively.