Bussiness
NJ is middle of the pack for best states to do business. What are the pros and cons?
Phil Murphy on emerging industries during 2024 State of State Address
Governor Phil Murphy’ discusses emerging industries in New Jersey at the 2024 State of the State Address.
New Jersey has been ranked the 25th best state to do business in the U.S., according to CNBC’s latest report. The Garden State’s strong performance in quality of life, access to capital, and education contributed to its mid-tier position, despite challenges in business friendliness and cost of doing business.
New Jersey secured the No. 3 spot in quality of life, reflecting its residents’ high living standards and access to amenities. The state also ranked No. 7 in access to capital, highlighting the robust availability of financial resources for businesses. In education, New Jersey placed No. 8, underscoring the state’s commitment to a well-educated workforce.
However, the state struggled in business friendliness, where it ranked 49th, and in the cost of doing business, which placed 42nd—two points higher than in 2023. These areas of concern indicate significant hurdles for businesses operating in the state.
The Garden State also ranked 30th in infrastructure, suggesting room for improvement in its transportation and utility systems. Its economy ranked 17th, supported by a diverse industrial base and a 4.6% unemployment rate.
Despite its high cost of living, which ranks 37th, New Jersey’s strengths in quality of life, access to capital, and education make it an attractive destination for businesses looking to invest in a skilled workforce and vibrant communities.
Michele Siekerka, New Jersey Business and Industry Association president and CEO, said some of the lower rankings were not surprising but also highlighted the positive parts of the report for the state.
“… It’s also important to remember that this annual ranking represents a current moment in time,” Siekerka said in a statement. “We continue to encourage policies that will make New Jersey a more desired and competitive destination for business over the course of years and decades.”
What are the top 10 states to do business in?
According to the CNBC report, these are states that earned the highest points to do business in.
- Virginia
- North Carolina
- Texas
- Georgia
- Florida
- Minnesota
- Ohio
- Tennessee
- Michigan
- Washington
What are the worst ranked states to do business in?
According to the report, Hawaii ranked the worst state to do business in.
Here are the rankings for states considered the worst for doing business.
- Hawaii
- Mississippi
- Alaska
- Louisiana
- Montana
- Arkansas
- Rhode Island
- New Mexico
- Maine
- New Hampshire
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