New Jersey Score and Ranking
CATEGORYÂ | 2022 SCOREÂ | 2022 RANK | 2021 RANKÂ | 2022 GRADEÂ |
---|---|---|---|---|
WORKFORCE | 223 | 23 | 11 | C+ |
INFRASTRUCTURE | 176 | 34 | 16 | D+ |
COST OF DOING BUSINESS | 109 | 43 | 44 | D+ |
ECONOMY | 81 | 50 | 39 | F |
LIFE, HEALTH & INCLUSION | 232 | 8 | 10 | B |
TECHNOLOGY & INNOVATION | 131 | 27 | 20 | C+ |
BUSINESS FRIENDLINESS | 59 | 47 | 42 | F |
EDUCATION | 127 | 3 | 3 | A+ |
ACCESS TO CAPITAL | 30 | 13 | 12 | C+ |
COST OF LIVING | 11 | 40 | 41 | F |
OVERALL | 1179 | 42 | 26 |
Economic Profile
Governor: Phil Murphy, Democrat
Population: 9,267,130
GDP growth (Q1 2022): -2.2%
Unemployment rate (May 2022): 3.9%
Top corporate tax rate: 11.5%
Top individual income tax rate: 10.75%
Gasoline tax: 50.70 cents/gallon
Bond rating (Moody's/S&P): A2, stable/A-, stable
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