New Jersey’s Economy: Positive Signs Amid Lower Ranking

New Jersey recently received recognition as the 28th best economy in the nation according to a report by WalletHub. The ranking was determined based on three key dimensions: economic activity, economic health, and innovation potential, across 28 metrics.

Despite this ranking, there are positive signs in the state’s economic landscape. In terms of economic performance, New Jersey ranked 12th in innovation potential, 34th in economic activity, and 37th in economic health. This is good news for the state, as it shows that despite its lower ranking overall, there are areas where it excels.

One of the most notable achievements for New Jersey’s economy is its GDP growth rate over the past five years. This rate increased by an annualized rate of 0.7%, with a 22.5% increase from 2022 to 2023 alone. This shows that the state has been making progress and growing economically despite its lower overall ranking.

Another positive sign is that New Jersey’s unemployment rate has decreased from November according to the U.S. Bureau of Labor Statistics. This means that more people are finding work and contributing to the state’s economy, which is great news for residents and businesses alike.

Overall, while New Jersey may not be at the top of every list when it comes to its economy, there are still many positive signs to look at when considering its progress over time