Is New Jersey’s Business Environment That Bad?

Is the state of New Jersey’s business environment not as bad as it seems? Well, it depends on who you ask.

Business groups often point out the migration of New Jerseyans – especially wealthy ones – to other states as proof that New Jersey’s business climate is terrible. National rankings often find that business owners in the Garden State face some of the toughest regulations and tax systems in the nation, inhibiting growth, discouraging entrepreneurs, and making the state uncompetitive overall.

But one study claims that the situation in New Jersey is not quite that bad; in fact, it is better than most states, the study claims. Using factors like nationwide unemployment rates, changes in unemployment in recent years, GDP and annual wages, the study ranked New Jersey in fourth place among the healthiest state economies in the nation.

New Jersey was shown to have the ninth highest average income at $58,210, the eighth highest GDP at $622 billion, and a plummeting, now historically-low unemployment rate. Put those all together and you have a cocktail of success waiting to be used.

But even with this generous ranking, it is difficult to dispel the belief carried by many New Jersey residents that their state is terrible for business. A recent study showed that almost half of New Jersey’s residents would consider moving out of state. Many of the study’s respondents cited New Jersey’s oppressive tax system as their primary reason to move out.

Regardless of how good or bad New Jersey is for business, it is clear that New Jersey’s residents want more from political leaders. They want lower taxes, less regulation, and more opportunity to succeed in the state they call home.

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  1. You want a better business environment change the elected people in Trenton, there is no other way. Keep the same people Keep the same problems.

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