New Jersey Business Opportunities

New Jersey shares the Delaware Water Gap with neighboring Pennsylvania
New Jersey shares the Delaware Water Gap with neighboring Pennsylvania[1]

A Quick Glance at New Jersey

New Jersey, whose nickname is The Garden State, first obtained its statehood in 1787. With a population of 8,899,339 people, New Jersey is the eleventh most populated state in the United States.

If you are considering starting your new business in New Jersey, you might want to look into one of New Jersey's top three most populous cities - Newark, Jersey City or Paterson and also in the state's capital of Trenton.

Top Industry

The largest industry in the state of New Jersey is ambulatory health care services.

  • The gross domestic product (GDP), of this industry, is roughly $19.8 billion and accounts for 3.5% of New Jersey's GDP.
  • Ambulatory health care services also employs 4.9% of New Jersey's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 1.8 million small businesses, in the state, of New Jersey.
  • Small businesses in New Jersey, make up 39.8% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of New Jersey, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6.88% -0.03% 6.85% 26 n/a
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in New Jersey, their official state page might be a good place to start. If you are looking to own your own established franchise in New Jersey, we have collected a comprehensive list of companies that are actively looking to expand in New Jersey, for you to explore.

References

  1. By Nicholas . The original uploader was CPacker at English Wikipedia - originally posted to Flickr as Kittatinny View, CC BY 2.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
  6. Small Business Trends from the U.S. Small Business Administration
  7. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  8. State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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