During his 2023 State of the State address to the legislature, Governor Murphy highlighted New Jersey’s progress in various areas, including the economy and justice system. While a recent report by WalletHub ranked New Jersey as the 28th-best state in the U.S. for its economy, placing it in the bottom half of the nation’s economic standings, there are positive aspects to New Jersey’s economic health.
The state’s GDP in 2023 reached $586.8 billion, showing an increase of 22.5% from the previous year. This growth places New Jersey’s GDP growth at an annualized rate of 0.7% over the past five years, ranking it 10th among all 50 states. Additionally, New Jersey’s unemployment rate has decreased since November, according to the U.S. Bureau of Labor Statistics.
Despite its overall ranking, there are hopeful signs of growth and improvement in New Jersey’s economy. The state is home to many major companies and industries, including pharmaceuticals, finance, and tourism. These sectors contribute significantly to New Jersey’s economy and provide employment opportunities for residents throughout the state.
According to WalletHub’s report, the top five best economies in the U.S. are Washington, Utah, Massachusetts, Texas, and California, while the worst five economies are Mississippi, Hawaii