Comparing New Jersey and North Carolina for Business

Where can your business innovate for the future?

Are you looking to relocate or expand your business, or searching for the best place to start up? Both North Carolina and New Jersey present significant opportunities for growth. Both states are strategically located along the East Coast, yet New Jersey offers a stronger workforce, high quality education and a robust transportation infrastructure.  

If you’re debating whether New Jersey or North Carolina would be more lucrative for your business, Choose New Jersey has provided the following stats and rankings between the two states for your consideration.

Stay up to date with the latest on New Jersey business news and opportunities.

Statistics and Rankings: New Jersey &
North Carolina

Innovation Rankings

wdt_ID Ranking New Jersey North Carolina
1 Public Schools¹ 1 33
2 Concentration of scientists and engineers² 1 13
3 Broadband Access³ 1 18
4 NAEP Reading⁴ 2 34
5 High School Graduation Rate⁴ 2 21
6 Concentration of employees working for FDI companies⁵ 3 6
7 Public Transit Usage⁶ 2 26
8 NAEP Math⁴ 4 24
9 College Readiness⁴ 5 17
10 Patents from 1976-2020⁷ 11 13

Real Estate

wdt_ID Type New Jersey North Carolina
1 Class A Office Space¹¹ $36.78 (North), $30.44 (Central), $24.67 (South) $32.91 (Charlotte)
4 LAB Space¹² $22.28 (Statewide) $23.21 (Raleigh –Durham)
5 FLEX Space¹³ $13.39 (Statewide) $11.63 (Statewide)
6 Industrial Space¹⁴ $6.77 (North), $7.43 (Central), $6.18 (South) $4.80 (Charlotte)

General Stats

wdt_ID Stat New Jersey North Carolina
1 % of GDP¹⁵ 3% 4%
2 Population¹⁶ 8,882,190 12,801,989
3 Square Mileage¹⁷ 8,722 sq mi. 46,056 sq mi

Rankings

wdt_ID Stats New Jersey North Carolina
11 Early Childhood Education¹⁸ 1 25
12 Raising a Child¹⁹ 1 18
13 Public Safety²⁰ 4 11
14 Air and Water Quality²¹ 5 19
15 Health Care²² 6 21
16 Economic Opportunity²³ 6 30
17 Diversity²⁴ 4 29
18 Economic Impact of Immigration²⁵ 3 14

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, ¹¹Bureau of Economic Analysis: GDP by State Q1 2020, ¹²US Census 2019, ¹³enchantedlearning.com: US States Area and Ranking, ¹⁴24/7 Wall Street: States with the Best & Worst Early Education May 2018, ¹⁵Save the Children 2020, ¹⁶US News & World Report: 2020 Public Safety Ranking, ¹⁷US News & World Report: 2020 Air & Water Quality Rankings, ¹⁸US News & World Report: 2020 Health Care, ¹⁹US News & World Report: 2020 Economic Opportunity Rankings, ²⁰WalletHub: Most & Least Diverse States in America September 2019, ²¹WalletHub: Economic Impact of Immigrants by state, ²²Cushman & Wakefield Office Marketbeat Q2 2020 (Q1 2020 South NJ), ²³JLL 2019 Life Sciences Outlook, ²⁴Flex CoStar Analytics August 2020, ²⁵Cushman & Wakefield Marketbeat for Manufacturing Q2 2020 (Q1 2020 South NJ)

Do you need specific information for your business? Contact us.

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

New Jersey’s Key Industries:

New Jersey’s highly-diverse communities make it a great place to live, work and play. New Jersey also offers remarkable economic opportunity, quality of life, and workforce sustainability. We urge companies in the following industries to learn more about what New Jersey has to offer:

  • Financial Services
  • Fintech
  • Clean Energy
  • Logistics
  • Advanced Manufacturing
  • Film and Digital Media
  • Life Sciences
  • Cell & Gene Therapy
  • Biotechnology
  • Technology
  • Cybersecurity
  • Food Innovation

Choose New Jersey is Here To Help

There are a countless number of benefits to doing business in New Jersey. We have the talent, space, resources, and partnerships to make your business flourish. Since 2010, Choose New Jersey has assisted over 250 companies in their site selection process. We will find the best property to meet your specific requirements by leveraging our relationships with local economic development organizations. Once your company chooses to grow in New Jersey we will also help you publicize the exciting news. Use our multi-step form to tell us about you and we’ll match you with one of our exceptional team members. If you are looking to drive your business forward, we are prepared to assist you in any way possible.

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.

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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
Chantel Figueroa
Business Development Officer