Categories: 2014 Best & Worst States

New Jersey is the 46th Best State for Business 2013

Previous State: Connecticut Next State: Massachusetts

No. 46New Jersey

Taxations & Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP % Growth ’10-’11: -0.5 % Growth ’10-’11 v. Nat’l Avg. (1.5%): -2.0 Unemployment Unemployment Rate Dec. 2012 %: 9.5 Comparison with Nat’l Rate (7.80%): 1.7 Domestic Migration Domestic Net Migration ’10-’11: -54,098 Rank: 47 State Government Debt per Capita Fiscal Year ’10 ($): 6,944 State & Local Gov’t Employees per 10k Residents: 593.0 State-Local Tax Burden Rate (%): 9.3 Compared to Nat’l Avg. (9.9%): -0.61

Key Metrics

State GDP

% Growth ’10-’11: -0.5
% Growth ’10-’11 v. Nat’l Avg. (1.5%): -2.0

Unemployment

Unemployment Rate Dec. 2012 %: 9.5
Comparison with Nat’l Rate (7.80%): 1.7

Domestic Migration

Domestic Net Migration ’10-’11: -54,098
Rank: 47

State Government

Debt per Capita Fiscal Year ’10 ($): 6,944
State & Local Gov’t Employees per 10k Residents: 593.0

State-Local Tax Burden

Rate (%): 9.3
Compared to Nat’l Avg. (9.9%): -0.61

Key Companies
Merck & Co. Inc. Johnson & Johnson Honeywell Interational Inc. Medco Health Solutions Campbell Soup Quest Diagnostics

Development Trend Indicator: Positive
At least now the debate is over which tax to cut rather than to cut or raise taxes.

CEO Comments
“New York and New Jersey have high costs of doing business and favor local companies to a greater extent than other states favor their local companies.” “New Jersey is more proactive for business opportunities.” “New Jersey actually seems like it is trying to get a little bit more business friendly. But historically, I have never dealt with a state that had more of a ‘gotcha’ attitude and treated businesses like they were guilty until proven innocent.”

CEO Comments

“New York and New Jersey have high costs of doing business and favor local companies to a greater extent than other states favor their local companies.”

“New Jersey is more proactive for business opportunities.”

“New Jersey actually seems like it is trying to get a little bit more business friendly. But historically, I have never dealt with a state that had more of a ‘gotcha’ attitude and treated businesses like they were guilty until proven innocent.”

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

Previous State: #45 Connecticut Next State: #47 Massachusetts

J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.