The Importance of New Jersey to the U.S. Economy

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Small but powerful. This is the best way to characterize the state of New Jersey. While often seen standing in the shadows of neighboring New York and Pennsylvania, the Garden State is one of the greatest economic powerhouses in the country., Here are some of the factors that make New Jersey so important to the U.S. economy:, 1. Population Density, New Jersey is the most densely populated state in the union. This gives it a large, replenishable, and highly diverse workforce. Unlike many other states in the Northeast, the population of New Jersey is stable and growing. The Garden State is home to millions of professionals across thousands of specialized sectors ranging from legal transcription services to world-class neurosurgery. Companies from a variety of sectors are investing in the state to take advantage of its highly educated and skilled workforce. With this population density has come one of the highest median incomes in the nation. At $80,088 per household, it ranks 3rd in the United States., 2. Higher Education, The Garden State has one of the highest concentrations, per capita, of colleges and universities in the entire country. Rutgers, Drew, and Monmouth universities are among the top schools in the state. New Jersey is also home to the prestigious and world-renowned Princeton University. One of the oldest and most celebrated among schools in the Ivy League, Princeton has been the cradle of political, economic, and cultural leadership in America for over 250 years., 3. Industrial Capacity, New Jersey is home to cutting-edge industries and modernized versions of highly competitive old ones. Biopharmaceuticals, transportation, manufacturing, healthcare, and technology are the top five industries in the state.  , The high concentration of universities that offer advanced degrees in science and medicine has given rise to world-class biopharmaceutical companies. Pharmaceutical, biotechnology, and medical device manufacturing firms are included in this category. And according to the most recent estimate, the industry is growing at just over nine-percent annually., New Jersey also has an advanced manufacturing industry. Chemical manufacturing is the largest contributor, employing 49,000 of the state’s workers. Fabricated metal and machine manufacturing are also significant to the state’s earnings., 4. Proximity to Major Cities, New Jersey borders New York City, which is important. However, what really makes New Jersey so significant and gives the state such a vital role in the U.S. economy is the fact that it sits between New York City and Philadelphia, which is another of the country’s major financial and commercial centers. Indeed, the roadway known as the New Jersey Turnpike connects New York City to Philadelphia, Baltimore, and Washington D.C., which between them constitute the economic and political capitals of the country., The Garden State’s geographic location is not the only benefit it enjoys from being so close to New York City. Some of the largest financial companies in the world have a major presence in New Jersey. Prudential Financial, PNC Bank, PNC Financial, Merrill Lynch, Commerce Bank, Wells Fargo, Citigroup, UBS, JPMorgan Chase, Bank of New York/Mellon and Goldman Sachs all have offices in the state., For many relatively new financial services companies, New Jersey is an inexpensive option for a headquarters. Many of the more established companies have established support operations in the state for the same reason. Indeed, Jersey City Exchange Place is nicknamed Wall Street West owing to the presence of so many trading companies., 5. Important Waterways, Waterways are still important in America. New Jersey is a coastal state and home to primary ports of the Intracoastal Waterway (ICW), which is an inland waterway that runs along the Atlantic and Gulf of Mexico. The ICW provides a navigable route for commercial shipping vessels so that they do not have to risk the dangers and difficulties of the open sea., New Jersey has one of the fastest growing economies in the country. It will continue to be one of the most important regions of economic activity for the foreseeable future.