It’s no surprise that New Jersey ranks dead last in Business Friendliness. It received an “F” grade. The study explained that contributing factors are flat GDP growth in Q1, a high corporate tax rate of 11.5%, high living costs and excessive regulation.

As a result of its dismal business friendliness environment, job-creating businesses like Hertz Global Holdings, Eos Energy Enterprise, Bristol Myers Squibb, Exxon, Samsung, and Burlington Stores are relocating to more business-friendly states like Florida and Texas.

There are good lessons for other states. First and foremost, states cannot tax and regulate their way to prosperity. Free people want to keep more of what they earn. They don’t want to pay extra for goods and services made more expensive by high corporate taxes. And they aren’t afraid to vote with their moving vans when things get too oppressive.