NJBIA Statement on NJ’s Ranking in CNBC’s Top States for Business for 2024

NJBIA President & CEO Michele Siekerka issued the following statement regarding New Jersey’s placement of 25th overall in America’s Top States for Business for 2024, announced by CNBC this morning. 

“As in past years in this ranking, there is both good and bad to be found for New Jersey as it relates to business. It’s encouraging to see our state fares well in areas like quality of life (3rd), access to capital (7th) and education (8th).

“These are attributes to be proud of, forming a solid and needed foundation which is needed for business growth and employer success.

“Our disappointing rankings in business friendliness (49th) and cost of doing business (42nd) are unfortunately not surprising, particularly after New Jersey just maintained the top corporate business tax in the nation after a broken promise in the reduction of that tax.

“Factoring that national outlier status with our other high business taxes, our extreme regulatory burdens that bring further high costs and our sharp decline in Fortune 500 companies, it’s clear there is much improvement to be made in these areas so we can better compete. And we have the power to make considerable improvements, if only we had the appetite for it.

“Further, it’s also important to remember that this annual ranking represents a current moment in time. 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.”