New Jersey Is 2023’s 4th Worst State to Start a Business – WalletHub Study
With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, the personal-finance website WalletHub today released its report on 2023’s Best & Worst States to Start a Business, as well as expert commentary.
To determine the most fertile grounds for planting and growing new ventures, WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to the percentage of residents who are fully vaccinated against COVID-19 to office-space affordability.
Starting a Business in New Jersey (1=Best; 25=Avg.):
- 38th – Avg. Growth in Number of Small Businesses
- 45th – Office-Space Affordability
- 49th – Labor Costs
- 27th – Availability of Human Capital
- 34th – Avg. Length of Work Week (in Hours)
- 43rd – Cost of Living
- 35th – Industry Variety
For the full report, please visit: