Where Does NJ Rank Among America’s Top States For Businesses?

NEW JERSEY — A new analysis from CNBC ranks New Jersey at No. 19 in a list of the best U.S. states for business competitiveness.

For its America’s Top States for Business rankings released Tuesday, CNBC scored states in 86 areas across 10 broad categories of competitiveness, with a maximum possible score of 2,500 points. The categories were weighted based on how frequently the states use them to sell business opportunities in economic development marketing materials.

“That way, our study ranks the states based on the attributes they use to sell themselves,” CNBC explained of its methodology, developed in consultation with a diverse group of business and policy experts, and the states themselves.

The Garden State was ranked 19th with 1,362 points, up 23 places from CNBC’s 2022 rankings.

New Jersey had high ranks in education (A), as well as the life, health and inclusion category (A-). However, the state posted an F rating for "business friendliness" and a D for the cost of doing business.

Here are some other notes CNBC posted for New Jersey's economic profile:

• Population: 9,261,699
• GDP growth (Q1 2023): 1.0 percent
• Unemployment rate (May 2023): 3.60 percent
• Top corporate tax rate: 9.0 percent
• Top individual income tax rate: 10.75 percent
• Gasoline tax: 69.10 cents/gallon
• Bond rating (Moody’s/S&P): A1, Stable/A, Stable

Data sources used in the economic profile were: the U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (including 18.40 cent/gallon federal tax), Moody’s Investor Service, and S&P Global Market Intelligence.

According to CNBC, the top 10 states for business are:

1. North Carolina
2. Virginia
3. Tennessee
4. Georgia
5. Minnesota
6. Texas
7. Washington
8. Florida
9. Utah
10. Michigan

See the full rankings via CNBC.