(Center Square) – New Jersey’s economy ranks higher than its population size, and gross domestic product growth was strong in the first and last quarters of last year.
However, those positive combinations could only propel Garden State to 29th place among all states for 2021 growth. His 4.9% in New Jersey is well below the national average of his 5.7%. The Jersey think tank spoke of a recent report by the US Bureau of Economic Analysis.
Charles Steindel, the state’s former Chief Economist, analyzed some of the USBEA’s findings on the Garden State Initiative. He recognized this data as part of a larger pattern across the state, and indeed across the Northeast and Midwest. This is a “chronic gap with the whole country” for about 30 years.
Q1 and Q4 growth rates were 7.5% and 7.4%, respectively. New Jersey is her 11th largest state in terms of population, but boasts her 7th largest economy in the nation.
Unlike most other states whose economies have benefited from government action in 2021, New Jersey’s growth will be “predominantly [from] Professional, scientific, and technical services were the industries that contributed the most to the state’s fourth-quarter increase, according to GSI’s analysis. real estate and rental and leasing. Management and support, waste management and remediation services. Finance and insurance proved to be the biggest positive contributors to the New Jersey economy this year.
The industries that have impacted New Jersey’s economic growth the most have been hit hard elsewhere. Finance and insurance were the “major contributors” to growth in 10 states. Professional, scientific, and technical services were also major contributors in seven states.