STATE ECONOMIC PROFILE
New Jersey Economic Overview
$666.9b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.6%
25
9,328,338
POPULATION
Growth Rate 2019-24
State Growth Rank
1.0%
9
1,080,860
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.1%
31
Overview of the New Jersey Economy
In 2024, the state of New Jersey has a population of 9,328,338, having grown an annualized 1.0% over the five years to 2024, which ranks it 9th out of all 50 US states by growth rate. New Jersey's gross state product (GSP) in 2024 reached $666.9b, with growth of 1.6% over the 5 years to 2024. Businesses in New Jersey employed a total of 4,973,582 people in 2024, with average annual employment growth over the past five years of 0.9%. The top three sectors by total employment are Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 4.9%.
What is New Jersey's Gross Domestic Product (GDP)?
In 2024, New Jersey's GDP reached $666.9b, representing an increase of 1.6% from 2023. New Jersey's GDP has grown at an annualized rate of 1.6% over the five years to 2024. Moreover, New Jersey's trailing five-year GDP growth ranks it 25th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in New Jersey's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
New Jersey Industry Trends
What are New Jersey's Largest Industries by Revenue?
The largest industries by revenue in New Jersey are Drug, Cosmetic & Toiletry Wholesaling, Automobile Wholesaling and Life Insurance & Annuities, which generated $177.6b, $79.2b and $75.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in New Jersey
Top 10 Companies Headquartered in New Jersey by Employment
The largest companies by employment in New Jersey are Amazon.Com, Inc., RWJBarnabas Health and Wakefern Food Corporation, which employed 46,000, 41,000 and 40,200 people in 2024.
STATE ECONOMIC PROFILE
New Jersey Sector Statistics
In New Jersey, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is New Jersey's GDP by Sector?
The Real Estate and Rental and Leasing, Professional, Scientific and Technical Services and Healthcare and Social Assistance sectors contributed the most to New Jersey's GDP in 2024, representing a combined 39.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is New Jersey's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Professional, Scientific and Technical Services sectors contributed the most to employment in New Jersey in 2024, representing a combined 36.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
New Jersey Employment Trends
5.0m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.1%
19
4.9%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
6.9%
21
What Employment Trends are Impacting New Jersey?
The state of New Jersey employs 4,973,582 people in 2024, which ranks it 10th out of all 50 US states. Employment in New Jersey has grown at an annualized rate of 1.1% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in New Jersey include Healthcare and Social Assistance, Retail Trade and Professional, Scientific and Technical Services, which employed 737,880, 569,691 and 513,257 people in 2024, respectively. New Jersey's unemployment rate is 4.9% in 2024, which ranks it 45th out of 50 states. New Jersey's unemployment rate has trended upwards at a rate of 6.9% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in New Jersey, and compare them to the US economy, using the chart below.
$121.7k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
4.2
41
What is New Jersey's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New Jersey's DPI in 2024 was $121.7k, compared to the US average of $129.8k, which places it 41st out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in New Jersey's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
New Jersey Construction & Building Trends
$7,914.5tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
2.6%
16
$6.0tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
5.3%
18
38,435
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
3.7%
33
What can construction trends tell you about a state’s economy?
In New Jersey, non-residential construction was $7,914.5tn in 2024, which ranks it 16th out of all US states. Residential construction was $6.0tn in 2024, which places New Jersey 18th in the United States. The number of building permits issued in New Jersey in 2024 was 38,435, representing a 3.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in New Jersey, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
New Jersey Population Statistics
Which Counties in New Jersey have the Largest Populations?
The counties with the highest populations in New Jersey are Bergen County, Middlesex County and Essex County, which had populations of 951,916, 861,825 and 844,222 people in 2024.
STATE ECONOMIC PROFILE
New Jersey Demographics
Education Level New Jersey
Race in New Jersey
New Jersey State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 647 New Jersey Industry Reports.
