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