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 Business | 128 | 44 | 45 | D |
Infrastructure | 215 | 16 | 39 | B |
Life, Health & Inclusion | 249 | 10 | -- | B |
Workforce | 209 | 11 | 14 | B |
Economy | 101 | 39 | 40 | D+ |
Business Friendliness | 64 | 42 | 45 | D |
Access to Capital | 133 | 12 | 12 | B+ |
Technology & Innovation | 99 | 20 | 15 | B- |
Education | 118 | 3 | 4 | A+ |
Cost of Living | 15 | 41 | 41 | F |
Overall | 1331 | 26 | 36 |
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