New Jersey ranked near the bottom when comparing all 50 states in terms of economic competitiveness, according to a new report by the American Legislative Exchange Council.
The report found New Jersey ranked No. 46 in terms of economic competitiveness.
ALEC said it measured 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, to determine the rankings. ALEC said small businesses rely on these variables to grow.
“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,” Laurie Ehlbeck, state director of NFIB in New Jersey, said. “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.”
Here’s the Top 10 state’s in terms of economic competitiveness:
- Utah;
- Idaho;
- North Dakota;
- Nevada;
- Indiana;
- North Carolina;
- Tennessee;
- Florida;
- South Dakota;
- Arizona.
To see the full report, click here.
