State ranks No. 5 in nationwide business survey

Font: Regular Medium Large

Print Story

Email Story

State ranks No. 5 in nationwide business survey

Published: Saturday, November 22, 2008

From Press staff reports

New Jersey usually is a bottom dweller in business surveys, but in one it is solidly among the nation's best: the State New Economy Index.

States are ranked annually for how much their economies are global, entrepreneurial, innovative and knowledge-based by the Kauffman Foundation and the Information Technology and Innovation Foundation.

In the 2008 rankings released this week, New Jersey placed fifth in the nation - behind perennial powerhouse Massachusetts, as well as Washington, Maryland and Delaware.

While the Garden State fell from last year's No. 2 rank, it remained solidly in the Top 10, where it has been since 1999.

The survey considers 29 indicators grouped under five broad categories: knowledge jobs, globalization, economic dynamism, transformation to a digital economy and capacity for technological innovation.

New Jersey topped all states in broadband telecommunications, had the third-highest score for number of information technology professionals and was fourth in foreign direct investment.

Areas holding the state back included its 48th ranking in alternative-energy use, 42nd in non-industry investment in research and development and 41st in manufacturing value-added.

In October, New Jersey was ranked worst in the nonpartisan Tax Foundation's 2008 State Business Tax Climate Index.