The recent CNBC rankings for the top states for business in 2025 placed New Jersey at number 30 overall, a drop from its previous position of 19 in 2023. The state also ranked 49th in business friendliness. Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, expressed disappointment with these results.
Bracken noted that these rankings highlight a long-standing issue within the state's business community: New Jersey's lack of focus on economic growth and creating a welcoming environment for businesses. According to CNBC’s methodology, states that rank high in business friendliness provide clear regulatory frameworks, fair legal environments, and policies that support emerging industries such as AI and cryptocurrency.
In contrast, Bracken stated that New Jersey burdens businesses with excessive regulations and outdated policies. Despite having assets like a skilled workforce and top-tier universities, the state is not leveraging them effectively due to an unfavorable policy environment.
Bracken urged state leaders to consider CNBC's assessment factors for business friendliness to understand why other states are more successful in attracting jobs and investment. He emphasized the need for bold reforms to make competitiveness a priority.
The statement called on the next governor to prioritize restoring New Jersey’s business climate by advancing policies that reduce red tape and encourage entrepreneurship. Bracken stressed that a healthy economy is crucial for job creation, innovation, and generating tax revenue necessary for strong communities.
He concluded by stating that while New Jersey’s business community is ready to lead, it requires active government partnership to build a prosperous future.
"—Tom Bracken, President & CEO, New Jersey Chamber of Commerce"
