NJ Ranks Next to Last When it Comes to Starting a Business, WalletHub Study Finds

The personal-finance website WalletHub Monday released its report 2019’s Best & Worst States to Start a Business as well as accompanying videos. The study ranked New Jersey as the second-worst state in which to start a business. Rhode Island ranked last, while Texas came in first.  

WalletHub compared the 50 U.S. states across 26 key indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability.

With 1 equaling “Best” and 25 equaling “Average,” New Jersey’s rankings were: 

  • 33rd for Average Growth in Number of Small Businesses
  • 45th for Office-Space Affordability
  • 49th for Labor Costs
  • 16th for Availability of Human Capital
  • 27th for Average Work Week (in Hours)
  • 42nd for Cost of Living
  • 36th for Industry Variety