Are you looking for a new home for your business? Are you a business that is expanding, relocating, or just starting up? For many businesses, both New Jersey and Massachusetts are appealing options, particularly for industries that thrive on innovation. New Jersey offers similar access to a specialized, diverse workforce and research universities but at a more affordable cost than the Boston/Cambridge area.
To provide a better understanding of how New Jersey and Massachusetts might compare for businesses considering a new home, Choose New Jersey has provided the following stats and rankings between the two states.
|2||Concentration of scientists and engineers²||1||2|
|5||High School Graduation Rate⁴||2||13|
|6||Concentration of employees working for FDI companies⁵||3||14|
|7||Public Transit Usage⁶||2||8|
|10||Patents from 1976-2020⁷||11||4|
|11||Minority Business Ownership⁸||6||27|
|13||Top Company HQs¹⁰||12||6|
|wdt_ID||Programs and Occupations||SOC Codes||New Jersey (Degrees Awarded)||Massachusetts (Degrees Awarded)|
|2||Total Degrees Awarded||35,436||50,043|
|3||% of STEM awards to all graduates||34%||35%|
|5||Natural Resources Conservation and Research||3.01||289||1,032|
|6||Computer and Information Sciences and Support Services||11||4,935||6,511|
|8||Engineering Technologies and Engineering-Related Fields||15||1,397||914|
|9||Biological and Biomedical Sciences||26||3,851||6,422|
|10||Mathematics and Statistics||27||1,351||2,587|
|13||Health Professions and Related Programs||51||17,234||21,955|
|1||% of GDP¹²||3%||3%|
|3||Square Mileage¹⁴||8,722 sq mi.||10,555 sq mi|
|11||Early Childhood Education¹⁵||1||33|
|12||Raising a Child¹⁶||1||2|
|14||Air and Water Quality¹⁸||5||35|
|18||Economic Impact of Immigration²²||3||4|
|1||Class A Office Space²³||$36.78 (North), $30.44 (Central), $24.67 (South)||$82.82 (Cambridge)|
|4||LAB Space²⁴||$22.28 (Statewide)||$63.44 (Cambridge)|
|5||FLEX Space²⁵||$13.39 (Statewide)||$14.33 (Statewide)|
|6||Industrial Space²⁶||$6.77 (North), $7.43 (Central), $6.18 (South)||$8.41 (Boston)|
¹Education Week, Quality Counts 2020, ²National Science Foundation: Science & Engineering Indicators 2020, ³Broadband Now 2020, ⁴US News & Work Report: 2020 Pre-K-12 Ranking, ⁵Bureau of Economic Analysis: Activities of US Affiliates of Foreign Multinational Enterprises 2017, ⁶US News & Work Report: 2020 Transportation Rankings, ⁷US Patent & Trademark Office 2020, ⁸US Census 2016 Annual Survey of Entrepreneurs, ⁹Lumina Foundation: A Stronger Nation Report 2020 South NJ Q1 2020, ¹⁰US News & World Report: 2020 Business Enviroment Ranking, ¹¹JobsEQ, ¹²Bureau of Economic Analysis: GDP by State Q1 2020, ¹³US Census 2019, ¹⁴enchantedlearning.com: US States Area and Ranking, ¹⁵24/7 Wall Street: States with the Best & Worst Early Education May 2018, ¹⁶Save the Children 2020, ¹⁷US News & World Report: 2020 Public Safety Ranking, ¹⁸US News & World Report: 2020 Air & Water Quality Rankings, ¹⁹US News & World Report: 2020 Health Care, ²⁰US News & World Report: 2020 Economic Opportunity Rankings, ²¹WalletHub: Most & Least Diverse States in America September 2019, ²²WalletHub: Economic Impact of Immigrants by state, ²³Cushman & Wakefield Office Marketbeat Q2 2020 (Q1 2020 South NJ), ²⁴JLL 2019 Life Sciences Outlook, ²⁵Flex CoStar Analytics August 2020, ²⁶Cushman & Wakefield Marketbeat for Manufacturing Q2 2020 (Q1 2020 South NJ)
New Jersey’s highly-educated workforce, robust infrastructure, and strategic East Coast location can take your business to the next level. We surpass our competitors in many key areas, including education, talent, diversity and quality of life. What’s more, we offer all the accessibility at a more affordable cost than other major metro areas like New York City, Boston and the San Francisco Bay Area. We invite you to discover all the possibilities of a New Jersey location:
With incredible diversity, economic opportunity, great quality of life, and workforce sustainability, New Jersey represents an ideal opportunity for businesses small and large. For those considering Massachusetts for their business, New Jersey should also be a strong consideration for companies in the following industries:
New Jersey has incredible opportunities for businesses both new and established, and Choose New Jersey can help you get there. As a privately funded, non-profit economic development organization, we work with businesses and organizations across the state, allowing us to be a key resource for businesses looking to expand, relocate, or get started. Tap into our extensive array of resources today by first telling us about who you are using the multi-step form below, and we’ll connect you with the perfect member of our team. Whether you need help organizing your site visits or need the right connections, we can show you how to thrive in the state of innovation.
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