Economic Outlook Rank New Jersey is currently ranked 49th in the United States for its economic outlook. This is a forward-looking forecast based on the state’s standing (equal-weighted average) in 15 important state policy variables.
How is the economy in New Jersey?
Overview of the New Jersey Economy
New Jersey’s gross state product (GSP) in 2019 reached $564.0bn, with growth of 1.4% over the 5-years to 2019. Businesses in New Jersey employed a total of 24.2 million in 2018, with average annual employment growth of 2.6%.
Is New Jersey a rich or poor state?
New Jersey is one of the wealthiest states in the United States of America, with a per capita income of $35,928 (2012) and a personal per capita income of $50,781 (2010).
Where does New Jersey’s economy rank?
49th of 50
(The Center Square) – In the most recent edition of the recurring report Rich States, Poor States, New Jersey ranked 49th for economic outlook and 44th for economic performance from 2010 to 2020 among U.S. states.
What is New Jersey’s main source of income?
corporate income taxes
New Jersey’s greatest source of tax revenue is individual and corporate income taxes, followed closely by various sales taxes. Licenses and property taxes provide smaller portions of revenue.
What is New Jersey famous for?
What Is New Jersey Known For? New Jersey is known for its beautiful beaches, casinos, entertaining boardwalks, and untouched nature. With its crucial role in American history and distinctive culture today, there is much to discover. New Jersey is also famous for its food.
Why are so many companies in New Jersey?
While New Jersey may be attractive in the above ways, it is the state’s labor market and location which are the top two relocation-driving factors, according to Brown. She says, “We know that companies are always driven by workforce, and, so, for us, it is a combination of workforce and location.
What is the poorest U.S. state?
Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).
What is America’s richest state?
These Are the 10 Richest States in the U.S.
- Maryland. John GreimGetty Images.
- Massachusetts. Boston GlobeGetty Images.
- New Jersey. John MooreGetty Images.
- Hawaii. Mark BosterGetty Images.
- California. George RoseGetty Images.
- Connecticut. Brooks KraftGetty Images.
- Washington. Dan Callister/Getty Images.
- New Hampshire.
What is the richest city in NJ?
This Northern New Jersey town is home to some of the wealthiest residents in New Jersey with a median income of $216,875. Ho Ho Kus has a population of 4258.
4. Ho Ho Kus, NJ.
| Median Household Income | $216,875 |
|---|---|
| Bachelor’s Degree of Higher | 84.0% |
| Median Home Value | $775,900 |
What state has the strongest economy?
Washington topped the list of best state economies, ranking third on economic activity, seventh on economic health, and second on innovation potential. Utah and California rounded out the top three state economies. At the bottom of the list were Louisiana, Alaska, and West Virginia.
What is the #1 best state to live in?
Best States 2021
Massachusetts topped the list, receiving high marks for quality of healthcare and family-friendliness.
Is NJ a good state to live in?
New Jersey now officially ranks as the best state in America to live in, according to WalletHub’s annual list released Tuesday. The Garden State just edged out Massachusetts for top honors, with New York coming in third. In 2019, New Jersey was fourth on the WalletHub list.
What is the most common job in New Jersey?
Retail salespeople
The most common occupation among New Jerseyans in 2015, with more than 136,000 people in the field, was retail salesperson. That’s 34.9 positions for every 1,000 jobs in the state.
Who is the largest employer in New Jersey?
ADP
LARGEST EMPLOYERS IN NEW JERSEY
| Rank | Company | Industry |
|---|---|---|
| 1 | ADP | Professional Services |
| 2 | Amazon | Logistics & Trans. |
| 3 | AT&T Corp. | IT & Comm. |
| 4 | Atlantic City Showboat Inc | Hospitality |
What is the biggest industry in NJ?
Key Takeaways. New Jersey’s largest industries include financial services, transportation and logistics, and life sciences.
Why should I live in New Jersey?
According to U.S. News & World Report 2019-2020, New Jersey ranked #4 for the lowest property crime and violent crime rates. If you already have kids or are thinking about starting a family, we’re sure safety is a top priority for you. New Jersey suburbs also offer much more indoor and outdoor living space than a city.
What is it like to live in New Jersey?
New Jersey is consistently named among the safest, healthiest and best places to live in the nation. Our diverse neighborhoods with exceptional school districts make New Jersey an ideal location for families. That’s why we’re ranked the #1 state to raise children in the U.S.
What is the cost of living in New Jersey?
Our cost of living indices are based on a US average of 100. An amount below 100 means New Jersey is cheaper than the US average.
New Jersey cost of living is 120.4.
| COST OF LIVING | New Jersey | United States |
|---|---|---|
| Health | 88.4 | 100 |
| Housing | 142.4 | 100 |
| Median Home Cost | $397,900 | $291,700 |
| Utilities | 109.2 | 100 |
Is New Jersey a good place to start a business?
NEW JERSEY — New Jersey was ranked as the worst state to start a business, according to personal finance website WalletHub’s annual list of the Best and Worst States to Start a Business. Nearby Connecticut (No. 49) and Pennsylvania (No. 43) also ranked in the bottom ten, while neighboring New York came in at No.
Is New Jersey good for business?
New Jersey gives companies access to one of the most concentrated and affluent consumer markets in the world. New Jersey offers a strategic location in the middle of Boston – New York City – Washington, D.C. corridor. The Northeast corridor has 56.5 million residents and $3.75 trillion in economic output.