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Comparing New Jersey and Massachusetts for Business
Where can your business innnovate?
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.
Statistics and Rankings:
New Jersey & Massachusetts
Innovation Rankings
| wdt_ID | Ranking | New Jersey | Massachusetts |
|---|---|---|---|
| 1 | Public Schools¹ | 1 | 2 |
| 2 | Concentration of scientists and engineers² | 1 | 2 |
| 3 | Broadband Access³ | 1 | 9 |
| 4 | NAEP Reading⁴ | 2 | 1 |
| 5 | High School Graduation Rate⁴ | 2 | 13 |
| 6 | Concentration of employees working for FDI companies⁵ | 3 | 14 |
| 7 | Public Transit Usage⁶ | 2 | 8 |
| 8 | NAEP Math⁴ | 4 | 1 |
| 9 | College Readiness⁴ | 5 | 4 |
| 10 | Patents from 1976-2020⁷ | 11 | 4 |
| 11 | Minority Business Ownership⁸ | 6 | 27 |
| 12 | Advanced Credentials⁹ | 7 | 1 |
| 13 | Top Company HQs¹⁰ | 12 | 6 |
Future STEM Workforces¹¹
| 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% | |
| 4 | Agriculture, General | 1 | 8 | 5 |
| 5 | Natural Resources Conservation and Research | 3.01 | 289 | 1,032 |
| 6 | Computer and Information Sciences and Support Services | 11 | 4,935 | 6,511 |
| 7 | Engineering | 14 | 5,223 | 8,650 |
| 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 |
| 11 | Physical Sciences | 40 | 1,077 | 1817 |
| 12 | Science Technologies/Technicians | 41 | 71 | 150 |
| 13 | Health Professions and Related Programs | 51 | 17,234 | 21,955 |
General Stats
| wdt_ID | Stat | New Jersey | Massachusetts |
|---|---|---|---|
| 1 | % of GDP¹² | 3% | 3% |
| 2 | Population¹³ | 8,882,190 | 6,547,629 |
| 3 | Square Mileage¹⁴ | 8,722 sq mi. | 10,555 sq mi |
Rankings
| wdt_ID | Stats | New Jersey | Massachusetts |
|---|---|---|---|
| 11 | Early Childhood Education¹⁵ | 1 | 33 |
| 12 | Raising a Child¹⁶ | 1 | 2 |
| 13 | Public Safety¹⁷ | 4 | 10 |
| 14 | Air and Water Quality¹⁸ | 5 | 35 |
| 15 | Health Care¹⁹ | 6 | 2 |
| 16 | Economic Opportunity²⁰ | 6 | 12 |
| 17 | Diversity²¹ | 4 | 16 |
| 18 | Economic Impact of Immigration²² | 3 | 4 |
Real Estate
| wdt_ID | Type | New Jersey | Massachusetts |
|---|---|---|---|
| 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) |
Sources:
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)
Welcome to New Jersey, The State of Innovation
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:
- Hire from the highest concentration of scientists and engineers per square mile in the U.S.
- Reach 40% of the U.S. population within a day’s drive from anywhere in the State.
- Find a new home here as the #1 state to raise children with the #1 public school system in the U.S.
- Partner with top higher education institutions including the #1 university in the U.S. for 9 consecutive years — Princeton University
- Feel welcomed within our vibrant multicultural communities. New Jersey is proud of our immigrant history as 4th most diverse state in the nation with a 45% minority population.
- Plug into most connected state in the U.S. with leading broadband access.
Leading Industries in New Jersey
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:
- Life Sciences
- Cell & Gene Therapy
- Biotechnology
- Technology
- Cybersecurity
- Food Innovation
- Financial Services
- Fintech
- Clean Energy
- Logistics
- Advanced Manufacturing
- Film and Digital Media
Choose New Jersey is Here To Help
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.
Fill out the form to learn more about what New Jersey has to offer.
Once the form is complete, you’ll get access to guides for your industry and a representative will contact you with additional details.
WHAT CAN CHOOSE New Jersey DO FOR YOU
Relocation & Expansion Services
We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.
Site Visits
We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.
Economic Development Connections
Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.
Rena Sherman
Research Manager
Ryan Fox
Business Development Officer