The results of CNBC’s 2025 Top States for Business rankings—placing New Jersey at No. 30 overall (we were No. 19 in 2023) and an alarming No. 49 in Business Friendliness—are disappointing, but unfortunately, not surprising. These rankings reflect what many in the business community have long known: there is a lack of focus in New Jersey on economic growth and creating a welcoming environment for businesses.
CNBC’s methodology makes it clear what matters: companies seek the path of least resistance. States that rank high in Business Friendliness offer clear, efficient regulatory frameworks, fair legal environments, streamlined permitting, and policies that support—not stifle—emerging industries like AI and cryptocurrency. They minimize red tape and prioritize responsiveness, predictability, and innovation.
New Jersey, by contrast, continues to burden businesses with excessive regulations, bureaucratic hurdles, and outdated policies that discourage investment. While we boast world-class assets—a skilled workforce, top-tier universities, and a prime location—we are not leveraging them because our policy environment is not keeping pace with the needs of today’s economy.
Our state leaders must take a hard look at the factors CNBC uses to assess Business Friendliness and understand why other states are winning the race for jobs and investment. New Jersey has the potential to lead, but that will only happen if we adopt bold, pro-growth reforms and make competitiveness a top priority.
It’s time for action. Businesses are ready to invest and grow—what we need is a state government that’s ready to be a true partner in making New Jersey a top destination for innovation and opportunity.
We urge the next governor—regardless of political affiliation—to make restoring New Jersey’s business climate a top priority. That means advancing policies that reduce red tape, encourage entrepreneurship, and make it easier for companies to start, grow, and succeed here.
Our future depends on a healthy, competitive economy that creates jobs, fuels innovation, and generates the tax revenue needed to support strong communities. New Jersey’s business community is ready to lead. It’s time for our government to be an active, engaged partner in building the future we all want.
—Tom Bracken, President & CEO, New Jersey Chamber of Commerce