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New Jersey is 2023′s Most-Improved State for Business

CNBC released its 2023 Top States for Business rankings this past July, which saw the Garden State vault from 42nd in 2022 to 19th in 2023, cementing its status as the nation’s most-improved state for business on the list. The annual ranking rates all 50 states on 86 metrics in 10 categories of competitiveness. The organization weighs each category based on how frequently states use them as a selling point in economic development marketing materials; and overall attractiveness.  New Jersey was joined neighboring states on the list, with Pennsylvania (No. 15) and Delaware (No. 18) ranking just ahead while New York (No. 20) and Connecticut (No. 31) both ranked behind the Garden State.

The rise in the ranks recognizes the improvement in seven of the 10 categories, as well as a three consistent upgrades, a record budget surplus, current pension payments, the sunsetting of the 2.5% corporate business tax (CBT surcharge), a growing economy, fast paced housing market, and exceptional education system. “As the most-improved state in the nation for business, New Jersey’s turnaround continues,” Gov. Phil Murphy recently stated. “With a rapidly-growing economy, robust job growth, seven credit rating upgrades, full pension payments, and a record surplus, we’ve finally restored our fiscal standing.”