Are you looking to start a business? Don’t do it in New Jersey. Garden State is the worst state to start a new business, according to The best and worst WalletHub states to start a business in 2021. ”
To determine fertile ground for planting and growing new businesses, analyst Jill Gonzalez said the personal finance website compares the 50 states across 28 key metrics of startup success. This includes business costs, the overall business environment, and access to resources.
Starting a business is never easy and it has been even worse during the COVID-19 pandemic, Gonzalez said. This resulted in 200,000 more business closures than usual.
In New Jersey, it was even harder to start a business, which is why it ranks last (# 50) on WalletHub’s list. Business costs in New Jersey are among the highest in the country when it comes to office affordability. Labor costs in the state are the highest in the United States, which means wages are high.
Not only are labor costs, cost of living, and office affordability expensive, but New Jersey taxes are too.
On top of all this, New Jersey’s five-year business survival rate is one of the worst in the country.
However, there was a silver lining for the Garden State in that report. Gonzalez said he has done better when it comes to accessing funding resources. There are great assets for higher education in New Jersey schools.
“It’s just about making sure people stay there when they really want to start a business,” Gonzalez said.
Texas is the best state to start a business. Georgia is second followed by California, Florida and Idaho. While New Jersey is the worst state to start a business, Connecticut is the second worst, followed by Rhode Island, West Virginia and Wyoming. Neighbors to New York are 22nd on the list and Pennsylvania is number 43.
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