Real-World Consequences: Under Gov. Murphy’s Lousy Business Climate, Fortune 500 Companies Fled NJ, and Companies Continue to Lay Off Workers.

We continue to learn that New Jersey’s inhospitable climate for businesses has real-world consequences. Sunlight’s readers know that New Jersey was ranked 49th or 50th for its business climate for every year of Gov. Murphy’s two terms. A status quo politician supported by New Jersey’s powerful, taxpayer-funded government unions — especially the NJEA — Murphy increased government spending by 69% and raised taxes to do it, including raising the top corporate tax rate to 11.5%, the highest in the nation. Predictably, during that exact time-period (2018 to 2025), the number of Fortune 500 companies headquartered in New Jersey fell by one-third from 22 to 15. And we continue to see the repercussions in the New Jersey job market, with dozens of large companies executing 10,800 layoffs in 2026. Like so many of our fed-up citizens, New Jersey businesses are voting with their feet. New Jersey is playing a heavy price for its special-interest-dominated status quo and the politicians — like Murphy — who benefit from it. Will Gov. Sherrill be different?

NJ 49th or 50th for every year of Murphy’s two terms. Under Gov. Phil Murphy, New Jersey was a particularly lousy place to do business. Murphy was famously in the pocket of the government unions — particularly the NJEA — hiking state spending from $35 billion to $59 billion (or 69%) to please his special interest political supporters. He also dutifully hiked New Jersey taxes to pay for it, including hiking the corporate tax rate to 11.5%, the highest in the nation. The results were predictable: according to the Tax Foundation’s State Tax Competitiveness Index, New Jersey ranked 49th or 50th among the states for every one of the eight years Murphy was governor.

Major corporations vote with their feet. NJ.com complied a list of some of the major corporations who have left New Jersey for other states (and the Tax Foundation ranking of those states):

• ExxonMobil (to #7 TX)
• Samsung America (to #7 TX)
• Mars Wrigley (to #38 IL)
• Hertz (to #5 FL)
• Sealed Air (to #13 NC)
• Mercedes-Benz USA (to #18 GA)
• Honeywell (to #13 NC)

Perhaps with the exception of IL, all of those states have significantly friendlier business climates than #49 New Jersey.

New Jersey Fortune 500 companies down from 22 to 15 during Murphy’s two terms. NJ.com quotes New Jersey Business and Industry Association President and CEO Michele Siekerka:

These are the results of decades of anti-business policies in the state. With New Jersey maintaining the highest corporate tax rate in the nation, by far, and its national reputation for business unfriendliness through regulation and other costs and burdens, we have seen our Fortune 500 companies go from 22 in 2018 to 15 in 2025.

Note that the time-period of 2018-2025 exactly matches Murphy’s two terms in office.

NJ’s job market still feeling the effects: 10,800 layoffs in 2026 — so far. NJ101.5 reports that as of July 2026, there have been 10,800 layoffs. Below are the major corporations that have executed substantial layoffs (we urge you to read the article to see all of the companies):

• Mars Wrigley
• Samsung USA
• Verizon
• JPMorgan Chase
• Amazon
• Novartis
• Bristol Myers Squibb
• AT&T
• Citibank
• Horizon BC/BS
• Prudential
• UBS
• International Paper
• Saks
• Target
• Walmart
• Merck
• ADP
• Johnson & Johnson
• Novo Nordisk
• Ernst & Young

NJ has a serious outmigration problem as both citizens and businesses leave. As Sunlight has written many times in the past, New Jersey has a serious outmigration problem. Just last week, we highlighted an Unleash Prosperity study that showed that people are leaving big-government, high-tax Blue States for lower-tax Red States. It turns out that when workers consistently earn less income, they tend to vote with their feet. Now we see that when faced with a similarly inhospitable climate, businesses are cutting jobs and voting with their feet, too. These are the real-world consequences of New Jersey’s malign political status quo.

We will say again: Murphy was a status quo politician: he was elected with the support of New Jersey’s taxpayer-funded government unions and largely governed for their benefit. Under Murphy, the special interests won and everyone else lost. Will Gov. Sherrill be any different?