Economy Motors in New Jersey are important factors that fight together as a team to grow the New Jersey economy as a whole.
Let’s take a closer look at some interesting facts and an overview of New Jersey:
Overview of the New Jersey Economy
The state of New Jersey has a population of 8,882,190. Annual population growth of 0.0% over the five years to 2019 which ranks 39 out of all 50 US states. 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 an average annual employment growth of 2.6%. The top three employment sectors include Health care and social assistance, Retail trade and Professional, scientific, and technical services while the unemployment rate across the state in March 2020 was 5.3%.
But how has the New Jersey economy evolved and what are some of the industries that drive GDP growth?
A very interesting article by Ryan Downie, review by Michael Boyle, and fast checked by Pete Rathburn shows the top industries of New Jersey. Economy Motors in New Jersey have received a lot of damage especially in recent years. Inflation has hurt small businesses including Omega Roofing. COVID 19 dealt a huge blow not only to businesses in New Jersey but also around the world.
The state of New Jersey has taken some steps to help these businesses. The damage is huge but businesses are struggling to survive. Despite the rising damages and costs, Omega Roofing has managed to maintain reasonable prices for its customers.
New Jersey GDP in 2021
In 2021, around 561.782 billion chained 2012 U.S. dollars of real value was added to the Gross Domestic Product (GDP) of New Jersey from all industries. The mining, quarrying, and oil and gas extraction industry added about 496 million chained 2012 U.S. dollars of value to the state GDP in that same year.
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