Amid increasing budgets and declining business rankings, Garden State Initiative President Audrey Lane said in an op-ed this week that New Jersey’s lack of economic competitiveness will be a crucial issue for the state’s next governor.
“In simple terms, New Jersey’s increasing lack of economic competitiveness with our regional neighbors and the nation at large is immediate cause for concern,” Lane penned in an op-ed that ran in the USA Today Network.
“It’s time to stop accepting the status quo of being ranked the worst state for businesses – because businesses are employers, our largest taxpayers, our most charitable givers and are the building blocks of our economy.”
Lane identified New Jersey’s highest-in-the-nation top corporate business tax rate of 11.5%, as well as highlighting GSI’s 2023 report showing the positive economic impacts of states that lowered their CBT rates.
She also noted New Jersey’s current 4.9% unemployment rate, which is among the nation's worst and exceeded only by the states of Michigan, California and Nevada.
“Both inside and outside the state, employers and economists are taking notice of these employment figures,” Lane said.
To see the full op-ed, click here.
