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New Jersey is the 47th Best State for Business 2014 - | Chief Executive magazine
Home » 2014 Best & Worst States » New Jersey is the 47th Best State for Business 2014

New Jersey is the 47th Best State for Business 2014

New Jersey’s credit rating was recently downgraded by Moody’s in conjunction with an $807 million budget deficit, resulting in pension payments and school aid being at risk.

Previous State: Massachusetts Next State: Illinois

No. 47 New Jersey

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 1.1
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -1.2


  • Unemployment Rate Dec. 2013 %: 7.3
  • Comparison with Nat’l Rate (6.70%): 0.6

Domestic Migration

  • Domestic Net Migration 2013: -45,035
  • Rank: 47

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 7,659
  • State & Local Gov’t Employees per 10k Residents: 593

State-Local Tax Burden

  • Rate (%): 12.4%
  • Compared to Nat’l Avg. (9.9%): 2.56%
Key Companies
  • Merck & Co. Inc.
  • Johnson & Johnson
  • Honeywell Interational Inc.
  • Medco Health Solutions
  • Campbell Soup
  • Quest Diagnostics
Development Trend Indicator: Neutral
Gov. Christie has helped but legislature did end run for higher minimum wage.
CEO Comments
“New Jersey will continue to lose businesses unless they find a way to alleviate the punitive taxes on businesses and personal homes.”

Based on CEO Survey by

Bureau of Economic Analysis
Bureau of Labor Statistics
The Tax Foundation

About J.P. Donlon

J.P. Donlon
JP Donlon is the Editor-in-Chief of Chief Executive magazine.