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

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