New Jersey 4th Worst State to Start a Business, According to Wallethub

New Jersey is ranked at the bottom of the list of best states to start a business, according to a new survey by Wallethub.

The Garden State ranks as the 4th worst state at 47th on the finance website’s on 2023’s Best & Worst States to Start a Business.

WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to the percentage of residents who are fully vaccinated against COVID-19 to office-space affordability.

Ranking in first place on the list is Utah, followed by Florida in second and Texas in third.

Outranking New Jersey in the Tri-State area is Pennsylvania in 44th and New York in 31st.

Starting a Business in New Jersey (1=Best; 25=Avg.):

• 38^th – Avg. Growth in Number of Small Businesses
• 45^th – Office-Space Affordability
• 49^th – Labor Costs
• 27^th – Availability of Human Capital
• 34^th – Avg. Length of Work Week (in Hours)
• 43^rd – Cost of Living
• 35^th – Industry Variety
• Source: WalletHub

Check out the list below:

Main Findings

State	Rank
Utah	1
Florida	2
Texas	3
Colorado	4
Idaho	5
Georgia	6
Arizona	7
Nevada	8
Oklahoma	9
California	10
North Carolina	11
Montana	12
Maine	13
Kentucky	14
Washington	15
South Carolina	16
Tennessee	17
South Dakota	18
Massachusetts	19
Mississippi	20
Michigan	21
Hawaii	22
Indiana	23
Arkansas	24
Nebraska	25
Illinois	26
Iowa	27
Alabama	28
Louisiana	29
New Mexico	30
New York	31
Oregon	32
Vermont	33
Delaware	34
Ohio	35
Kansas	36
Wisconsin	37
Minnesota	38
New Hampshire	39
Missouri	40
Maryland	41
Virginia	42
North Dakota	43
Pennsylvania	44
Wyoming	45
Rhode Island	46
New Jersey	47
West Virginia	48
Connecticut	49
Alaska	50

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