New Jersey Ranks One Of The Worst States To Start A Business
Local Small Businesses are the heart of any community because they are owned by the people who live in that town and area. But in the aftermath of the COVID-19 Pandemic, starting a small business or someone expanding their current business is presented with many challenges.
The website Simplify LLC compiled metrics from the Census Bureau, Federation of Tax Administrators, and Bureau of Economic Analysis to compile a list of the best states to start a business. Last year 5.5 Million new businesses were started and one in nearly five working adults is a new business owner.
Despite many New Jersey residents being proud to live here, the Garden State ranks as the 8th Worst State to start a business in 2024. The state of New Jersey has the fourth-worst Maximum Corporate Tax Rate (9%) and ranks as the fourth-worst Business Performance.
New Jersey saw new business growth at 1.8 percent last year, which was ninth worst in the United States. The Garden State also lost 18,232 educated workers which is the seventh worst total in America. Maybe that is one of the reasons why more people are moving out of New Jersey than any other state.
Here are the rankings of the Top Ten States To Start a Business:
3. South Dakota
9. South Carolina
Yes, your eyes do not deceive you, New Jersey's neighbor Delaware is on this list of the best states to start a business. I wonder how many people are moving out of the Garden State to go to "The First State" and then start a new business. Or maybe it is just because New Jersey is one of the most expensive states to live in.
LOOK: Best counties to raise a family in New Jersey
Gallery Credit: Stacker