California has fallen eight spots in CNBC's annual ranking of America's Top States for Business. The state dropped from No. 32 to No. 40, thanks mainly to a 23-spot drop (from No 7 to No. 30) in the category of infrastructure and transportation. California still ranks among the nation's best in access to capital (No. 1) and technology and innovation (No. 3). Texas leads this year's overall rankings, followed by Utah, Virginia, North Carolin and North Dakota.