New Jersey Economic Report: Consumer, Business & Financial Data
New Jersey is a state with a strong and diversified economy, with a number of major industries and businesses. The state has a well-educated workforce and is home to a number of Fortune 500 companies.
New Jersey’s GDP is $569.5 billion, and the median household income is $83,868. The unemployment rate is 5.4%, and the major industries include healthcare, professional and business services, education, financial services, and manufacturing.
New Jersey Economic Report: Consumer Data
- Population: 9,362,760 (July 1, 2022 estimate)
- Age distribution:
- Under 18: 21.1%
- 18-64: 61.2%
- 65 and over: 17.7%
- Race and ethnicity:
- White: 59.3%
- Black or African American: 11.9%
- Hispanic or Latino: 20.0%
- Asian: 9.5%
- Other: 4.3%
- Educational attainment:
- High school diploma or equivalent: 88.4%
- Bachelor’s degree or higher: 35.5%
New Jersey Economic Report: Business Data
- Number of businesses: 494,700
- Employment: 4.9 million
- Major industries: Healthcare, professional and business services, education, financial services, and manufacturing
New Jersey Economic Report: Financial Data
- GDP: $569.5 billion
- Median household income: $83,868
- Unemployment rate: 5.4%
There are over 494,700 businesses in New Jersey, employing over 4.9 million people. Small businesses play a vital role in the state’s economy, accounting for over half of the private sector employment.
The following table shows the number of businesses in New Jersey by industry:
|
Industry |
Number of Businesses |
|
Healthcare |
68,000 |
|
Professional and business services |
62,000 |
|
Education |
55,000 |
|
Financial services |
47,000 |
|
Manufacturing |
42,000 |
|
Retail trade |
41,000 |
|
Construction |
39,000 |
|
Transportation and warehousing |
37,000 |
|
Wholesale trade |
35,000 |
|
Information technology |
33,000 |
|
Other services |
52,000 |
New Jersey is committed to supporting small businesses and helping them thrive. The state offers a number of resources and programs to support small businesses, including the New Jersey Small Business Development Center, the New Jersey Economic Development Authority, and the New Jersey Department of Labor and Workforce Development.
New Jersey Economic Report: Planned Purchases
New Jersey consumers are confident about the future and plan to make a number of purchases in the coming year. According to a recent survey, the most popular planned purchases include:
- Education (30%)
- Personal care (26%)
- Entertainment (24%)
- Dining out (23%)
- Clothing and accessories (20%)
- Insurance (18%)
- Investments (17%)
- Donations to charity (16%)
- Home maintenance (15%)
- Utilities (14%)
- Vacation rentals (13%)
- Other (12%)
This data is from a recent survey by the New Jersey Economic Development Authority. The survey also found that New Jersey consumers are planning to spend an average of $10,000 on planned purchases in the coming year.
New Jersey Economic Report: Conclusion
New Jersey has a strong and diversified economy, with a number of major industries and businesses. The state has a well-educated workforce and is home to a number of Fortune 500 companies.
The state is committed to supporting small businesses and helping them thrive. New Jersey offers a number of resources and programs to support small businesses, including the New Jersey Small Business Development Center, the New Jersey Economic Development Authority, and the New Jersey Department of Labor and Workforce Development.
New Jersey consumers are confident about the future and plan to make a number of purchases in the coming year. The state’s businesses are also investing in the future, with a number of major projects planned in the coming years.
Overall, New Jersey’s economy is strong and growing. The state is well-positioned for continued success in the years to come.
Sources:
New Jersey Department of Economic Development
New Jersey Labor Market Information
