The least-expensive states to open a business: Would you believe N.J. came in at No. 16?

The state is not No. 1 in these rankings – so, your corner pizza or bagel stores aren’t getting company any time soon. But a recent study by Simplify LLC (we haven’t heard of it either) gave N.J. a ranking that may be worth celebrating more.

It’s certainly more surprising.

New Jersey has long been known as an expensive place to do business.

According to Simplify, which touts itself as an independent publication that provides free guides for small business owners, New Jersey is the 16th cheapest state to start a business.

Simplify came to the conclusion after analyzing nine data points – including the cost of labor, corporate tax rates, available commercial real estate, commercial electric bills, and the health of the business environment in all 50 states and D.C.

New Jersey came out with a score of 10.142 (the higher the better).

According to Simplify, which used data from the department of labor and other sources, business owners in N.J. pay workers $59,812 on average annually, pay 8.6% corporate tax rate, and have an average monthly commercial electric bill of $722.09.

The N.J. score was far better than for New York (7.964, or No. 50) or Pennsylvania (9.221, good for No. 33).

The states with the highest scores, meaning they are most affordable:
· Nevada
· Colorado
· Arkansas
· Montana
· North Carolina

The states with the lowest scores, meaning they are least affordable:
· Alaska
· Alabama
· Louisiana
· New York
· Minnesota