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US State economic profile
New Jersey - Economic Profile
Statistics, economic information and rankings for the Garden State
In 2026, the state of New Jersey has a population of 9,699,298, having grown an annualized 0.9% over the five years to 2026, which ranks it 14th out of all 50 US states by growth rate. New Jersey's gross state product (GSP) in 2026 reached $694.9b, with growth of 1.9% over the 5 years to 2026. Businesses in New Jersey employed a total of 5,390,225 people in 2026, with average annual employment growth over the past five years of 1.9%. The top three sectors by total employment are Real Estate & Rental & Leasing, Professional, Scientific & Technical Services, Healthcare & Social Assistance, while the unemployment rate across the state in 2026 was 5.7%.
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State economic profile
New Jersey Economic Overview
$694.9b
Gross state product
9,699,298
Population
1,151,326
Businesses
What is New Jersey's Gross Domestic Product (GDP)?
In 2026, New Jersey's GDP reached $694.9b, representing an increase of 1.9% from 2025. New Jersey's GDP has grown at an annualized rate of 1.6% over the five years to 2026. Moreover, New Jersey's trailing five-year GDP growth ranks it 27th 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
Learn about current trends affecting the most significant industries for New Jersey's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 637 industries in New Jersey.
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 $175.4b, $84.0b and $82.0b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Drug, Cosmetic & Toiletry Wholesaling | $175.4b |
| 2. | Automobile Wholesaling | $84.0b |
| 3. | Life Insurance & Annuities | $82.0b |
| 4. | Commercial Banking | $57.5b |
| 5. | TV & Appliance Wholesaling | $53.5b |
| 6. | New Car Dealers | $41.5b |
| 7. | Public Schools | $40.2b |
| 8. | Hospitals | $38.8b |
| 9. | IT Consulting | $37.2b |
| 10. | Property, Casualty and Direct Insurance | $35.6b |
State economic profile
Top Companies in New Jersey
Learn about current trends affecting the top companies in New Jersey. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in New Jersey by Employment
The largest companies by employment in New Jersey are RWJBarnabas Health, Amazon.Com, Inc. and Wakefern Food Corporation, which employed 43,000, 42,000 and 39,671 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | RWJBarnabas Health | 43,000 | 0.8% |
| 2. | Amazon.Com, Inc. | 42,000 | 0.8% |
| 3. | Wakefern Food Corporation | 39,671 | 0.7% |
| 4. | Hackensack Meridien Health | 32,399 | 0.6% |
| 5. | Walmart Inc. | 25,436 | 0.5% |
| 6. | United Parcel Service, Inc. | 19,347 | 0.4% |
| 7. | Bank Of America Corporation | 14,742 | 0.3% |
| 8. | The Home Depot, Inc. | 14,189 | 0.3% |
| 9. | Johnson & Johnson | 14,000 | 0.3% |
| 10. | Public Service Enterprise Group Incorporated | 13,000 | 0.2% |
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 & Rental & Leasing, Professional, Scientific & Technical Services and Healthcare & Social Assistance sectors contributed the most to New Jersey's GDP in 2026, representing a combined 40.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing | 114,623,941,651 | 2.5% | 2.8% |
| Professional, Scientific & Technical Services | 90,327,696,685 | 5.5% | 5.8% |
| Healthcare & Social Assistance | 67,320,340,670 | 5.2% | 5.5% |
| Manufacturing | 57,829,270,374 | 1.5% | 1.4% |
| Information | 51,038,220,870 | 8.9% | 8.6% |
| Finance & Insurance | 43,778,004,586 | 2.0% | 2.0% |
| Wholesale Trade | 43,156,447,688 | -2.7% | -2.7% |
| Retail Trade | 41,756,319,814 | 3.2% | 2.0% |
| Administration, Business Support and Waste Management Services | 28,393,464,823 | 2.3% | 2.3% |
| Transportation & Warehousing | 26,157,935,553 | 2.6% | 2.0% |
| Management of Companies and Enterprises | 24,235,718,953 | 1.6% | 2.2% |
| Accommodation & Food Services | 18,002,497,865 | 5.6% | 4.8% |
| Construction | 17,068,098,767 | -3.2% | -4.0% |
| Utilities | 13,071,145,392 | 8.1% | 7.3% |
| Other Services (except Public Administration) | 11,711,071,369 | -0.3% | 0.3% |
| Educational Services | 8,411,389,576 | 2.5% | 3.1% |
| Arts, Entertainment & Recreation | 8,302,047,413 | 10.3% | 12.5% |
| Agriculture, Forestry, Fishing & Hunting | 845,645,458 | -3.8% | -3.3% |
| Mining | 470,087,723 | 4.1% | 2.2% |
What is New Jersey's Employment by Sector?
The Healthcare & Social Assistance, Retail Trade and Professional, Scientific & Technical Services sectors contributed the most to employment in New Jersey in 2026, representing a combined 36.9% 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.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 782,418 | 1.9% | 2.6% |
| Retail Trade | 671,604 | 1.4% | 2.5% |
| Professional, Scientific & Technical Services | 535,482 | 2.2% | 2.5% |
| Transportation & Warehousing | 462,621 | 4.1% | 5.1% |
| Administration, Business Support and Waste Management Services | 448,009 | 1.6% | 1.7% |
| Educational Services | 423,967 | -0.1% | 0.9% |
| Accommodation & Food Services | 348,096 | 0.6% | 5.0% |
| Wholesale Trade | 281,848 | 0.8% | 1.1% |
| Finance & Insurance | 277,433 | 0.8% | 2.0% |
| Manufacturing | 250,509 | 0.3% | 1.3% |
| Other Services (except Public Administration) | 249,981 | 1.5% | 3.4% |
| Construction | 248,753 | 1.3% | 1.9% |
| Real Estate & Rental & Leasing | 148,770 | 0.9% | 1.6% |
| Information | 117,441 | 0.8% | 3.1% |
| Arts, Entertainment & Recreation | 98,255 | 1.4% | 5.0% |
| Utilities | 38,360 | 1.1% | 0.1% |
| Agriculture, Forestry, Fishing & Hunting | 5,134 | -0.2% | -1.8% |
| Mining | 1,544 | 1.4% | 0.2% |
State economic profile
New Jersey Employment Trends
5.4m
Employment
5.7%
Unemployment
What Employment Trends are Impacting New Jersey?
The state of New Jersey employs 5,390,225 people in 2026, which ranks it 9th out of all 50 US states. Employment in New Jersey has grown at an annualized rate of 2.5% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in New Jersey include Healthcare & Social Assistance, Retail Trade and Professional, Scientific & Technical Services, which employed 782,418, 671,604 and 535,482 people in 2026, respectively. New Jersey's unemployment rate is 5.7% in 2026, which ranks it 48th out of all 50 US states. New Jersey's unemployment rate has trended downwards at a rate of -3.2% over the five years to 2026, 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.
$143.7k
Per capita disposable income
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 2026 was $143.7k, compared to the US average of $156.5k, which places it 35th 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
$6,550.7tn
Nonresidential construction
$5.3tn
Residential construction
31,364
Building permits
What can construction trends tell you about a state’s economy?
In New Jersey, non-residential construction was $6,550.7tn in 2026, which ranks it 9th out of all 50 US states. Residential construction was $5.3tn in 2026, which places New Jersey 19th out of all 50 US states. The number of building permits issued in New Jersey in 2026 was 31,364, representing a -3.3% annualized growth rate between 2021 and 2026.
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 963,408, 867,284 and 848,732 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Bergen | 963.4k | 0.2% | 9.9% |
| Middlesex | 867.3k | 0.1% | 8.9% |
| Essex | 848.7k | -0.1% | 8.8% |
| Hudson | 703.3k | -0.1% | 7.2% |
| Ocean | 676.2k | 0.8% | 7.0% |
| Monmouth | 640.6k | -0.1% | 6.6% |
| Union | 574.2k | 0.1% | 5.9% |
| Camden | 532.3k | 0.3% | 5.5% |
| Morris | 520.7k | 0.4% | 5.4% |
| Passaic | 507.8k | -0.4% | 5.2% |
| Burlington | 476.7k | 0.5% | 4.9% |
| Mercer | 380.6k | -0.1% | 3.9% |
| Somerset | 352.8k | 0.4% | 3.6% |
| Gloucester | 313.9k | 0.6% | 3.2% |
| Atlantic | 275.7k | 0.1% | 2.8% |
| Cumberland | 152.3k | N/A | 1.6% |
| Sussex | 147.5k | 0.3% | 1.5% |
| Hunterdon | 131.2k | 0.3% | 1.4% |
| Warren | 112.5k | 0.4% | 1.2% |
| Cape May | 93.4k | -0.4% | 1.0% |
| Salem | 65.8k | 0.2% | 0.7% |
State economic profile
New Jersey Demographics
In New Jersey, 45.6% of the population has a Bachelors or higher. The largest ethnic group in New Jersey is White, accounting for 49.2% of the state's population.
Education level in New Jersey
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 45.6 |
| Other | 54.4 |
Race in New Jersey
| Race | Share (%) |
|---|---|
| White | 49.2 |
| Hispanic | 24.6 |
| Black | 12.9 |
| Asian | 11.4 |
| Other | 2.0 |
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, with 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 637 New Jersey industry reports.
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Compare New Jersey’s economy with other states in the United States.
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