Florida is no Texas when it comes to the amount of regulations its small businesses face. But at least it’s not New Jersey.
The Sunshine State placed sixth in the Pacific Research Institute’s 50-State Index of Small Business Regulation, released in July. The San Francisco-based nonprofit, non-partisan think tank based its report on a comparison of regulatory burdens of small businesses across all 50 states. The index, according to a statement, measures 14 regulatory components that are either positively or negatively associated with small business economic burdens.
“The purpose of the small business index is to create a benchmark that allows the comparison of regulatory burdens and to provide insights on how each state can enact pro-growth reforms,” says PRI senior fellow Wayne Winegarden, who developed the index.
Those pro-growth reforms, according to Winegarden, include a reduction in family leave mandates; a drop in the costs and time to develop and license real estate; and reigning in excessive workers’ compensation and unemployment insurance mandates.
Here’s a look at the 10 top and bottom states:
4. North Dakota
8. Alabama/South Carolina
44. New York
48. Rhode Island
50. New Jersey