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Comparing New Jersey and New York for Business
Where Can Your Business Innovate on the East Coast?
Are you searching for the best home for your business? Whether just starting out, expanding, or relocating, both New Jersey and New York are appealing options for many businesses. With both states located in the Northeastern part of the U.S., they have direct access to the largest cargo port on the East Coast and the ability to fly almost anywhere in the world. However, a New Jersey location offers the same access to New York City at almost half the cost. New Jersey also has excellent educational opportunities and ability to hire from a talented workforce.
To provide more insight into how New Jersey and New York might compare when considering a potential new home for your business, Choose New Jersey has compiled the following stats and rankings between the two states.
Statistics and Rankings: New Jersey & New York
Innovation Rankings
| wdt_ID | Ranking | New Jersey | New York |
|---|---|---|---|
| 1 | Public Schools¹ | 1 | 8 |
| 2 | Concentration of scientists and engineers² | 1 | 7 |
| 3 | Broadband Access³ | 1 | 2 |
| 4 | NAEP Reading⁴ | 2 | 33 |
| 5 | High School Graduation Rate⁴ | 2 | 37 |
| 6 | Concentration of employees working for FDI companies⁵ | 3 | 18 |
| 7 | Public Transit Usage⁶ | 2 | 1 |
| 8 | NAEP Math⁴ | 4 | 24 |
| 9 | College Readiness⁴ | 5 | 9 |
| 10 | Patents from 1976-2020⁷ | 11 | 5 |
| 11 | Minority Business Ownership⁸ | 6 | 8 |
| 12 | Advanced Credentials⁹ | 7 | 15 |
| 13 | Top Company HQs¹⁰ | 12 | 5 |
Future STEM Workforces¹¹
| wdt_ID | Programs and Occupations | SOC Code | New Jersey (Degrees Awarded) | New York (Degrees Awarded) |
|---|---|---|---|---|
| 2 | Total Degrees Awarded | 35,436 | 105,977 | |
| 3 | % of STEM awards to all graduates | 34% | 31% | |
| 4 | Agriculture, General | 1 | 8 | 101 |
| 5 | Natural Resources Conservation and Research | 3.01 | 289 | 1,171 |
| 6 | Computer and Information Sciences and Support Services | 11 | 4,935 | 14,946 |
| 7 | Engineering | 14 | 5,223 | 13,165 |
| 8 | Engineering Technologies and Engineering-Related Fields | 15 | 1,397 | 4,301 |
| 9 | Biological and Biomedical Sciences | 26 | 3,851 | 10,925 |
| 10 | Mathematics and Statistics | 27 | 1,351 | 4,471 |
| 11 | Physical Sciences | 40 | 1,077 | 4,738 |
| 12 | Science Technologies/Technicians | 41 | 71 | 192 |
| 13 | Health Professions and Related Programs | 51 | 17,234 | 51,967 |
General Stats
| wdt_ID | Stat | New Jersey | New York |
|---|---|---|---|
| 1 | % of US GDP¹² | 3% | 15% |
| 2 | Population¹³ | 8,882,190 | 19,378,102 |
| 3 | Square Mileage¹⁴ | 8,722 sq mi. | 163,695 sq mi |
Rankings
| wdt_ID | Stats | New Jersey | New York |
|---|---|---|---|
| 1 | Early Childhood Education¹⁵ | 1 | 3 |
| 2 | Raising a Child¹⁶ | 1 | 14 |
| 3 | Public Safety¹⁷ | 4 | 12 |
| 12 | Air and Water Quality¹⁸ | 5 | 36 |
| 13 | Health Care¹⁹ | 6 | 13 |
| 14 | Economic Opportunity²⁰ | 6 | 35 |
| 15 | Diversity²¹ | 4 | 5 |
| 16 | Economic Impact of Immigration²² | 3 | 1 |
Real Estate
| wdt_ID | Type | New Jersey | New York |
|---|---|---|---|
| 1 | Class A Office Space²³ | $36.78 (North) $30.44 (Central) $24.67 (South) | $81.59 (Manhattan) $59.18 (Brooklyn) |
| 2 | LAB Space²⁴ | $22.28 (Statewide) | $79.93 (Manhattan) |
| 3 | FLEX Space²⁵ | $13.39 (Statewide) | $14.90 (Statewide) |
| 4 | Industrial Space²⁶ | $6.77 (North) $7.43 (Central) $6.18 (South) | $11.07 (Long Island) |
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.
Top Industries in New Jersey
New Jersey provides a unique opportunity for businesses of all kinds. Pulsing with energy and excitement, here you will find outstanding diversity, economic growth, workforce sustainability, and exceptional quality of life. Companies in the following industries are highly recommended to learn more about what New Jersey has to offer:
- Advanced Manufacturing
- Biotechnology
- Cell & Gene Therapy
- Clean Energy
- Cybersecurity
- Film and Digital Media
- Financial Services
- Fintech
- Food Innovation
- Logistics
- Life Sciences
- Technology
Choose New Jersey is Here To Help
Choose New Jersey is a privately funded economic development organization, focused on propelling businesses – small and large – forward. Our goal is to help you take advantage of everything New Jersey has to offer you. We work with a wide variety of public and private partners to ensure that your business has a seamless transition to its new home. We encourage you to explore all of our resources and use the multi-step form below to tell us about who you are. Then, we will connect you with one of our experienced team members to get you started on the path to success. In 2019, Choose New Jersey committed 58 companies to relocating or expanding in New Jersey. Ready to join them?
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