Thanks to COVID-19, more than 200,000 businesses have closed up shop for good.

While it's true that the United States is slowly starting to bounce back from the financial and economic impacts brought on by the pandemic, that's not saying much for New Jersey. Us Jerseyans need to NOT rush out to act on what we deem as our "genius" new business idea. Why?

Cat Country 107.3 logo
Get our free mobile app

According to a brand new study, New Jersey has ranked as the worst possible state for new businesses in 2021. Wallethub recently compared every state's likelihood that a new business would succeed and, needless to say, New Jersey didn't do too well. The dimensions analyzed within the survey are each state's business environment, access to resources, and average business costs.

In terms of metrics, the business environment category could earn a state up to a total of 50 points, while the other two categories had a maximum score of 25.

After tallying up each state's totals, New Jersey never broke through the top 20 in any area taken into consideration. In fact, in more than one metric, we fell into the top 10 WORST.

Starting a Business in New Jersey (1=Best; 25=Avg.):

  • 41st – Avg. Growth in Number of Small Businesses
  • 45th – Office-Space Affordability
  • 49th – Labor Costs
  • 28th – Avg. Length of Work Week (in Hours)
  • 42nd – Cost of Living
  • 35th – Industry Variety
  • 23rd – COVID-19 Positive Tests in the Past Week per Capita


Source: WalletHub



These statistics aren't necessarily meant to crush your small business dreams, however if you're trying weigh the risk versus the reward, right now, NJ's more of a risk. Do with that information what you will.


7 Posts You'll Find on South Jersey Community Facebook Pages

NJ words that should be added to the dictionary

13 words submitted by Steve Trevelise's followers for inclusion in the Dictionary — because somebody's got to explain New Jersey to the rest of the country.

Have You Even Heard of the 30 Tiniest Towns in New Jersey?

What Not to Do on a Traffic Stop According to a NJ Cop

My husband is a police officer. He is an amazing man who saves lives and upholds the law. He makes me proud every single day.

I know being a police officer can come with a lot of criticism, especially when there are bad eggs that give police officers a bad name. I can assure you that there are many police officers that uphold the law and do not abuse it, and my husband is one of them.

I hear stories when my husband comes home and he tells me that he encounters some crazy people. I feel like it is very simple to not get arrested by a police officer once you're pulled over or have an encounter with a cop. I went right to my hubby and he gave me some tips to share with all of you.

More From Cat Country 107.3