St. Louis is among the top 10 most cost-friendly cities to do business in the country, according to a study of the largest metro areas in the U.S. by audit, tax and advisory firm KPMG.

In its analysis of metro areas with a population of at least 2 million people, KPMG's study evaluated costs associated with taxes, labor, facilities, transportation and utilities.

Cincinnati took the top spot in the study with a cost index of 94, which means its business costs are 6 percent below the U.S. national baseline of 100, KPMG said.

St. Louis ranked 9th in the study, with a cost index of 96.1. KPMG found St. Louis has the lowest electricity and the second lowest industrial lease costs of the cities studied. "St. Louis also has the lowest effective corporate income tax rate, assisted by Missouri's withholding tax rebate for new job creation and the state's move to 'location of benefit' sourcing for income from services," according to the study.

Kansas City ranked 10th in the study, making Missouri the only state with two cities ranking in the top 10.

A full copy of the 2016 Competitive Alternatives report can be found here.