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CNBC has listed New Jersey has the 42nd worst states for business in its annual survey, a steep drop from its No. 26 ranking last year.

The cable business network tallied its rankings on a series of metrics and grades, giving the Garden State a grade of ‘F’ for business friendliness, its economy and cost of living. New Jersey also recorded a D+ in the cost of doing business and infrastructure.

As part of its ledger on New Jersey, CNBC also noted New Jersey’s top corporate tax rate (11.5%) and individual income tax rate (10.75) – which are both the highest in the nation. New Jersey’s -2.2% GDP growth rate in Q1 of 2022 was also slower than other states in the region.

To see CNBC’s ranking on New Jersey, click here.

To see the overall rankings, click here.