Rich States, Poor States (NJ drops again)
Bottom-dweller NJ in list of Rich States, Poor States
(New Jersey Ranks 48th in 2016 State Economic Competitiveness Ranking “Rich states, poor states”)
New Jersey ranks 48th for economic outlook in 2016, according to the newest edition of the Rich States, Poor States report issued by the American Legislative Exchange Council (ALEC). The Garden State fell two spots in the ranking, from 46th place last year to 48th place this year.
“New Jersey unfortunately remains near the very bottom of the Rich States, Poor States Economic Outlook Index, weighed down by the nation’s heaviest property tax burden in addition to very high corporate and personal income tax rates,” said Jonathan Williams, co-author of the report and vice president of the ALEC Center for State Fiscal Reform.
The report also revealed many states significantly improved or fell in the rankings. Tennessee was the biggest winner in the rankings this year, climbing ten spots to seventh place. Florida gained seven spots in the rankings, while New Hampshire and Oklahoma improved by six spots. On the other hand, Georgia was the biggest loser this year, dropping twelve spots in the rankings to nineteenth place. Alaska fell by eleven spots, while Idaho and Kansas lost nine spots.
The fifteen economic policy variables used by the authors to rank the economic outlook of states have shown over time to be among the most influential drivers of state growth. The top ten and bottom ten states for 2016 are:
Rich States, Poor States examines the latest movements in state economic growth. The data ranks the 2016 economic outlook of states using fifteen equally weighted policy variables, including various tax rates, regulatory burdens and labor policies. The ninth edition examines trends over the last few decades that have helped or hurt states’ economies.
Used by state lawmakers across America since 2008, Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, is authored by economist Dr. Arthur B. Laffer; Stephen Moore, distinguished visiting fellow at the Heritage Foundation; and Jonathan Williams, vice president of the ALEC Center for State Fiscal Reform.
To download a copy of Rich States, Poor States and to see individual state data, visit www.alec.org/rsps.