The American Legislative Exchange Council has released the 6th Edition of its Rich States, Poor States competitiveness rankings for the fifty states.
Rich States, Poor States, authored by esteemed economists Arthur B. Laffer, Stephen Moore, and Jonathan Williams, measures states based on both past performance and future economic outlook. Economic Performance Rank is comprised of three variables: State GDP, Absolute Domestic Migration and Non-Farm Payroll Employment. Economic Outlook Rank forecasts how well the state is expected to do economically in the coming year versus other states.
NJ Economic Performance Rank: 48th
The bad news for New Jersey is the state continues to do poorly on Economic Performance Rank, coming in 48th out of the 50 states. State GDP and job creation lag well below the national average.
Economic Outlook Rank: 39th
The good news is New Jersey now ranks 39th out of 50 states on the Economic Outlook Rank, which is three spots higher than last year–although it should be pointed out that NJ’s Economic Outlook Rank last year was 42nd yet the actual performance turned out to be 48th (as noted above).
Despite the expected improvement, New Jersey remains uncompetitive with most states. Implementing free-market policies and reining in Trenton will be critical for making the Garden State more business-friendly and prosperous in the years ahead.
As always, this information will be housed at our Liberty Library where you can find numerous scholarly research and reports regarding New Jersey’s fiscal condition and economic policy issues.