New Jersey Chamber of Commerce President and CEO Tom Bracken expressed disappointment over the state's decline in CNBC's 2024 Top States for Business list. Last year, New Jersey had climbed 23 places to become the most improved state for doing business, but it has now fallen from No. 19 to No. 25.
"We placed second to last in business friendliness, we have one of the highest costs of doing business – and we fell in the infrastructure, cost of living, and technology and innovation categories," Bracken stated.
Bracken acknowledged ongoing initiatives aimed at improving infrastructure and technology but emphasized the need for continued focus on these areas. He also highlighted concerns about neighboring states New York and Pennsylvania being ahead in the rankings, as they actively attract companies and jobs away from New Jersey.
"This year’s ranking does not take into account the negative impact of the recent budget, including the Corporate Transit Fee, which gives New Jersey the highest CBT rate for large companies and will certainly impact our future business attraction and retention efforts," Bracken noted.
He concluded by reiterating a longstanding call for more support from both the Administration and legislature towards enhancing conditions for businesses in New Jersey.
