According to the 2019 Rich States, Poor States report by the American Legislative Economic Council, New Jersey is ranked 46th for economic competitiveness.
To determine ranking, the ALEC report measures 15 variables, including a variety of state taxes, state debt, policies that impact economic growth, the cost of doing business, and the quality of the state’s legal system. This is the third time New Jersey was ranked as low as 48th.
“When a small business is unable to predict their future costs, taxes are high, and there is a threat of they could rise further, a company owner will hold off on expanding or adding new jobs,” said NFIB’s New Jersey State Director Laurie Ehlbeck in an interview with ROI-NJ.com. “If you look at the federal data on migration, Americans vote with their feet. Many businesses and families move to states that are more competitive. Their state taxes go with them, so that isn’t good for New Jersey’s economy.”
The 10 “richest” states for economic competitiveness are: Utah, Idaho, North Dakota, Nevada, Indiana, North Carolina, Tennessee, Florida, South Dakota, and Arizona. The 10 “poorest” states for economic competitiveness are: Connecticut, Rhode Island, Maine, Oregon, Hawaii, New Jersey, California, Illinois, Vermont, New York.
Read the full report here: 2019 Rich States, Poor States
