A new study found that New Jersey isn’t doing so well compared to other states when it comes to economic outlook.

The study by the American Legislative Exchange Council (ALEC) found that the Garden State ranks 46th among the other states in the nation.

ALEC is an organization made up of conservative state legislators. The group released its 11th annual "Rich States - Poor States" competitiveness index this week. The study is an economic forecast based on 15 factors like taxes, debt and minimum wage.

Tony Howley, with the grassroots group Americans for Prosperity, says that New Jersey’s ranking is “mostly due to our large tax burden in the state and because of our pension system...and having the highest out migration."

“Our elected officials in Trenton should be on notice with reports like this,” Howley says.

Howley says that reports like the "Rich States - Poor States" are important, particularly when it comes to bringing big businesses to New Jersey.

"When a business is looking to possibly move or open somewhere and they see reports like this - they will overlook New Jersey,” Howley says.

Howley says that New Jersey should overhaul the state’s tax system in order to allow the state to be competitive.

Utah was ranked No. 1 in the study. New York was ranked last.