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Jul 12th

N.J. ranks 41st overall in the business world

Wednesday, 11 July 2012 10:31
BY MATTHEW R. FARRELL
NEWJERSEYNEWSROOM.COM

A report by CNBC has New Jersey ranked rather poorly as a state in which to do business. The Garden State was placed in the bottom fifth in four out of ten subcategories as well as a 41st overall ranking.

New Jersey's worst category was business friendliness, placing 48th ahead of only Rhode Island (49th) and New York (50th). Other poor rankings included cost of living (45th), cost of business (43rd) and infrastructur and transportation (41st).

Though not in the bottom fifth, New Jersey also had less-than-desireable scores in economy (39th) and workforce (28th).

New Jersey didn't do horribly in every category however. The state ranked in the top half for quality of life (20th), technology and innovation (13th) and access to capital (11th) in addition to tying Vermont in education (4th). States with better education scores included, from 3rd to 1st, Massachusetts, Connecticut and New York.

In fact, there seemed to be an odd relationship between education score and overall score. No state in the top ten in education was in the top ten overall and one state, Utah, ranked 45th in education and second overall.

New Jersey's neighbors did not fare well either. Delaware and Connecticut did worse overall ranking 43rd and 44th respectively. Pennsylvania ranked 30th and New York ranked 34th.

New Jerseyans can take heart at not being ranked the worst state in which to do business. That distinction went to Rhode Island. Its worst category was infrastructure and transportation (50th) though it also ranked 49th in economy and buisiness friendliness, as well as 46th in workforce and 44th in cost of living. Its best category was access to capital (10th).

The number one state on the list was Texas. Its best category was infrastructure and transportation (1st), though it also did very well in technology and innovation (2nd), cost of living (3rd), economy (5th), workforce (7th) and access to capital (8th). Its worst category was quality of life (35th).

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