Top States for Business 2021

26. New Jersey

The education system in the Garden State is cultivating great minds. But high costs can choke off company profits.

New Jersey Score and Ranking

Category 2021 Score 2021 Rank 2019 Rank 2021 Grade
Cost of Doing Business1284445D
Life, Health & Inclusion24910--B
Business Friendliness644245D
Access to Capital1331212B+
Technology & Innovation992015B-
Cost of Living154141F

Economic Profile

Governor: Phil Murphy, Democrat

Population: 8,882,371

GDP growth (Q1 2021): 5.6%

Unemployment rate (May 2021): 7.2%

Top corporate tax rate: 9%

Top individual income tax rate: 10.75%

Gasoline tax: 50.70 cents/gallon

Bond rating (Moody's/S&P): A3, stable/BBB+, stable

Major employers: Wakefern Food Corporation, Johnson & Johnson

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

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