The good news is things could be worse when it comes to starting a business in New Jersey, you could be starting one in Rhode Island – the only state to rank lower in a new study evaluating the best, and worst, places to establish a new venture.
New Jersey came in at No. 49 on personal-finance website WalletHub’s 2019’s Best & Worst States to Start a Business list, released Monday.
No. 1 on the list was Texas, which scored a total 61.05 points – compared with the Garden State’s score of 36.42.
In a detailed breakout of the rankings, the Garden State did not perform much better.
New Jersey also placed 49th, besting only Maryland, on cost of labor. The WalletHub study found a 74-times difference among states with the lowest and highest costs. Mississippi, Arkansas and West Virginia led the category in the No. 1, 2 and 3 spots, respectively.
New Jersey ranked 45th on office-space affordability; 42nd on cost of living; 36th on variety of industries and 33rd on average growth in the number of small businesses.
The state’s highest rankings came for the length of an average work week (No. 27) and available human capital (No. 16).
Scores were based upon three indicators: business environment, access to resources and business costs and evaluated using 26 metrics, according to WalletHub.