New Jersey is the 45th Best State for Business 2012

May 2 2012 by ChiefExecutive.net


No 45: New Jersey

No. 45

New Jersey

Taxation and Regulations
Workforce Quality
Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP 

  • % Growth ’07-’10: -1.33
  • % Growth ’07-’10 v. Nat’l Avg. (-0.33%): -1.00

Unemployment

  • Unemployment Rate Dec. 2011 %: 9.00
  • Comparison with Nat’l Rate (8.50%): 0.50

Domestic Migration

  • Domestic Net Migration ’00-’09: -451,407
  • Rank: 46

State Government

  • Debt per Capita Fiscal Year ’10 ($): 6,944
  • State & Local Gov’t Employees per 10k Residents: 592.98

State-Local Tax Burden

  • Rate (%): 12.21
  • Compared to Nat’l Avg. (9.8%): 2.41
Key Companies
  • Merck & Co. Inc.
  • Johnson & Johnson
  • Honeywell Interational Inc.
  • Medco Health Solutions
  • Campbell Soup
  • Quest Diagnostics
Development Trend Indicator: Positive
Gov. Christie’s boldness rallies business, but possible minimage-wage boost looms.
CEO Comments
“I am not sure NJ wants to do business.”

“NJ makes it very difficult to do business due to all the taxes, regulations and hoops you have to jump through. We’re building a large building and had to pay a $20,000 fee just to be able to connect to city water. This was not a plumbing fee or permit, this was just a paperwork fee. Had to pay an $800 fee to move our own dirt from one spot, to another spot and then back to the original spot. This is what makes NJ so hard to do business.”

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation