3 Reasons One Study Says New Jersey Is Tough For New Businesses
In a recent study, New Jersey ranked among the three worst states to start a new business. With all the great reasons to open a business here, what dropped our ranking so low?
The study was done by WalletHub, and considered 26 indicators to determine the rankings. So, where did it go wrong for the Garden State? Three factors really seem to stand out.
It turns out that, as with most other things in New Jersey, it all comes down to the price of things. In the category "Business Costs", the Garden State ranked dead last at #50. Here are three conclusions that helped lead to our dismal ranking.
Labor costs - NJ ranks #49
Office space availability - NJ ranks #45
Cost of living - NJ ranks #42
There must be some good news somewhere in the study though, right? Well if you dig deep, there is a positive stat for those who can twist anything into a 'glass half full' situation.
We do rank 15th in "availability of resources", so that is something. But despite that, our overall ranking is #49, or second worst state in the nation for those who needed more clarity on that one.
Here's another highlight in the research for the Garden State. We ranked 5th in the "most educated population" category. Thta's pretty impressive, so let's be proud of that at least.
And let me add this. Yes, things are pricey here, and starting a business can be tough here. i think that's why it's important for all of us to support our local businesses whenever we can. It's good for all of us.
Stay up to date on everything Jersey Shore with the free 94.3 The Point App.
More From Monmouth & Ocean Counties