Moorestown is a Great Place to Start a New Business, Survey Says

If you’re looking to start a business and you live in Moorestown, you’re already doing things right.

Moorestown is the ninth best place in New Jersey to start a business, according to a recent NerdWallet survey. It is the only South Jersey town in the top 10.

“The township of Moorestown, which has a population of about 21,000, exemplifies the role downtown development has played in making many New Jersey towns and cities great places to start a business,” NerdWallet said in its description of the township.

Businesses in Moorestown see nearly $3.8 million in average annual revenue per business, according to NerdWallet.

NerdWallet analyzed 231 New Jersey towns that have populations of 10,000 or more, excluding those towns with less than 500 businesses.

It calculated a town’s business climate by calculating a business’s average revenue, the percentage of paid employees that business has and businesses per 100 people. The business climate accounts for 65 percent of the total score.

It calculated a town’s local economic health based on median annual income, median annual housing costs and unemployment rate. A town’s economic health is 35 percent of the score.

Moorestown’s total score was 57.66. East Hanover was ranked first with a score of 72.45.

Moorestown has 2,351 businesses, with an average annual revenue per business of $3,781,502. About 39.64 percent of businesses in Moorestown have paid employees; there are 11.35 businesses per 100 people; and Moorestown’s unemployment rate is 5 percent. The township’s population is 20,709.

See the entire list here.