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NJ ranks 25th best state for business according to CNBC report

NJ ranks 25th best state for business according to CNBC report
NJ ranks 25th best state for business according to CNBC report

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New Jersey was ranked the 25th best state to do business in the U.S., according to CNBC’s latest report. The Garden State’s strong performance in quality of life, access to capital and education contributed to its mid-pack position, despite challenges in business-friendliness and the cost of doing business.

New Jersey secured the 3rd place spot in quality of life, reflecting the high standard of living of its residents and access to amenities. The state also ranked 7th in capital availability, highlighting the solid availability of financial resources for businesses. In education, New Jersey came in 8th, highlighting the state’s commitment to a well-educated workforce.

However, the state struggled in terms of business friendliness, where it ranked 49th, and in terms of the cost of doing business, where it ranked 42nd—two points higher than in 2023. These problem areas indicate significant hurdles for companies operating in the state.

The Garden State also ranked 30th in infrastructure, suggesting there is room for improvement in its transportation and utility systems. Its economy ranked 17th, helped by a diverse industrial base and an unemployment rate of 4.6%.

Despite the high cost of living (ranking New Jersey 37th), its strengths in quality of life, access to capital and education make it an attractive location for companies looking to invest in a skilled workforce and vibrant communities.

Michele Siekerka, president and CEO of the New Jersey Business and Industry Association, said some of the lower rankings were not surprising, but also highlighted the positive aspects of the report for the state.

“…It is also important to remember that this annual ranking reflects a current moment in time,” Siekerka said in a statement. “We remain committed to policies that will make New Jersey a more attractive and competitive place for business over the years and decades to come.”

What are the ten best states to do business?

According to the CNBC report, these are states that received the highest scores for business activity.

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

Which states are ranked worst for doing business?

According to the report, Hawaii is considered the worst state in which to do business.

Here is the ranking of the states considered the worst for business.

  1. Hawaii
  2. Mississippi
  3. Alaska
  4. Louisiana
  5. Montana
  6. Arkansas
  7. Rhode Island
  8. New Mexico
  9. Maine
  10. New Hampshire

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