Although New Jersey continues to lag the rest of the country when it comes to overall employment, the Ewing Marion Kauffman Foundation, which measures the entrepreneurial economy, ranks the state 10th in its “new economy” index.
While that doesn’t sound terrible, given New Jersey’s pressing problems, the state has dropped six places since 2010. In 2007, New Jersey ranked second and in 2010, it ranked fourth.
The ranking is determined by which states the Kauffman Foundation believes have the ability to adapt to steady economic evolution.
The factors in New Jersey’s positive ranking include the number of patents, its widespread availability of broadband, and industry investment in R&D. It performed poorly compared with other states when it comes to entrepreneurial activity, electronic government, and non-industry investment in R&D.
Massachusetts ranked first in the index, followed by Delaware, California, Washington, Maryland, Colorado, Virginia, Connecticut, and Utah.