Chief Executive Magazine came out with its 2021 “Best and Worst States for Business,” and New Jersey did not fare well. Again. Obviously, it’s important what CEOs think about a state because when corporations are making decisions about expanding or shrinking their corporate footprint, CEOs have a lot of say in the matter.
In this year’s rankings, New Jersey came in 47th – for the second straight year. The only states worse for business than NJ were California (50), New York (49), and Illinois (48). Like NJ, they are all high-tax, high cost-of-living states with domestic outmigration of businesses and people. This is not the sort of company NJ wants to keep.
Here were the top five states: Texas, Florida, Tennessee, North Carolina and Indiana. These are all low-tax states, which are seeing an influx in businesses and people.
This is precisely the sort of decision that Mondelez just made when they decided to close their NJ plant and take their 600 jobs out of state.
To please his public-sector union pals, Gov. Murphy just raised taxes again on the wealthy and businesses. Sunlight wagers that in 2022 NJ will remain an unattractive state for America’s CEOs.
The special interests win and NJ citizens lose. Again.