Low labor costs and leasing prices help make Tampa the cheapest place to do business among large U.S. cities, according to a new study by the audit firm KPMG LLP.

In a study released Tuesday, KPMG compared business costs in 22 U.S. communities with more than 2 million people. The firm measured 26 cost factors including labor, taxes, real estate and utilities over a 10-year period.

Companies can use the study to see which regions offer a cost-competitive business environment, KPMG says.

According to the study, Tampa had a cost index of 96, representing business costs 4 percent below the U.S. national baseline of 100. Tampa was followed closely by Atlanta at 96.3, Miami at 97 and Baltimore at 97.1.

Finishing last out of the 22 large communities was San Francisco, which was hurt by its high labor and sales tax costs, the survey found.

Bruce Register, who recruits businesses for the Hillsborough County Economic Development Department, was enthused and somewhat surprised by the survey. Real estate costs have fallen in the Bay area, and ordinarily that would be an advantage for Tampa, he said.

In the current economy, many communities can boast of discounted real estate. But Register said KPMG's ranking might be useful in marketing the area to businesses.

"When we get ranked as low-cost, that's a great thing," he said.