Economy of New Jersey

By | March 4, 2023

New Jersey is a densely populated state located in the northeastern region of the United States. It has a robust economy, with a Gross Domestic Product (GDP) of $584 billion in 2018, which ranks it as the 11th highest in the nation.

The state’s economy is diverse and includes manufacturing, finance and insurance, real estate, information technology, healthcare and pharmaceuticals. Manufacturing is particularly important to New Jersey’s economy with many major corporations having their headquarters or operations located there. This includes companies such as Johnson & Johnson, Honeywell International Inc., Merck & Co., and Bayer Corporation.

The finance and insurance sector of New Jersey’s economy is also quite large. Many of the world’s largest financial institutions are based in New Jersey such as Goldman Sachs, Prudential Financial Inc., Merrill Lynch & Co., and UBS Financial Services Inc. The real estate industry is also an important part of the state’s economy with many large corporations having their headquarters located in New Jersey such as Cushman & Wakefield Inc.

Information technology is another important component of New Jersey’s economy with many large companies such as Microsoft Corporation having their operations based there. Additionally, New Jersey has become a hub for data centers due to its proximity to major cities like Philadelphia and Newark. Healthcare and pharmaceuticals are also an important part of the state’s economy with many major corporations such as Novartis International AG having their headquarters or operations based there.

New Jersey’s tourism industry also plays an important role in its economy due to its location on the East Coast between Philadelphia and New York City. The state attracts millions of visitors every year who come to enjoy its beaches, boardwalks, amusement parks, museums, historic sites and other attractions. Additionally, Atlantic City has become a popular destination for gambling enthusiasts who come to enjoy its casinos.

Overall, New Jersey has a strong economy that relies on multiple industries including manufacturing finance and insurance real estate information technology healthcare pharmaceuticals tourism and more for its economic success. The state offers businesses access to numerous resources which makes it attractive for businesses looking to relocate or expand their operations here while offering residents access to numerous job opportunities that provide them with competitive wages benefits and job security that they can rely on for years to.

Top 3 Counties in New Jersey

According to, main counties in New Jersey include:

1. Bergen County: Located in the northeastern corner of New Jersey, Bergen County is the most populous county in the state with over 900,000 residents. It serves as a hub for businesses, transportation and culture, and is home to many universities and cultural attractions. Bergen County is also known for its diverse population, which includes many ethnic backgrounds and languages. Residents can enjoy a variety of outdoor activities at places like Ramapo Valley County Reservation and Palisades Interstate Park. The county offers excellent shopping opportunities at malls like Garden State Plaza and Paramus Park Mall, as well as numerous restaurants.

2. Essex County: Located just west of Bergen County, Essex County is one of the most densely populated counties in New Jersey with a population of around 790,000 people. It’s home to the cities of Newark and East Orange, both of which are important cultural centers for the state’s African-American community. Other cities within Essex include Bloomfield, Nutley and Belleville. The county has some great recreational opportunities like Branch Brook Park (the oldest county park in the US) or Turtle Back Zoo (home to more than 200 species). Shopping enthusiasts can enjoy places like The Mills at Jersey Gardens or Livingston Mall.

3. Middlesex County: Located just south of Mercer County, Middlesex is one of New Jersey’s most populous counties with over 830,000 residents spread out over four townships: Edison Township, Woodbridge Township, Old Bridge Township and South Brunswick Township. It’s home to many universities including Rutgers University-New Brunswick Campus as well as numerous parks such as Cheesequake State Park or Thompson Park Zoo & Aquarium where visitors can observe animals from all around the world. Shopping options abound here too with places like Menlo Park Mall or Woodbridge Center Mall offering plenty of retail therapy opportunities.

Economy of New Jersey