New Jersey might be small in size, but it’s a giant when it comes to economic diversity and dynamism. The state is home to a richly diverse population, with a third of all business owners being immigrants. Coupled with its strategic location, which allows businesses to reach a third of the U.S. population within a day, New Jersey has nurtured thriving industries that make it a force to be reckoned with. Here are some of the leading industries in the state.
Home to 13 of the top 20 global pharmaceutical firms, New Jersey has a thriving life sciences sector. Major players like Eli Lilly and Novartis have found success here. The industry’s workforce is divided among pharmaceuticals (42.6%), biotechnology (40.7%), and medical device manufacturing (16.7%). The state also boasts a dense concentration of scientists and engineers, as well as an extensive support network of medical schools and world-class hospitals.
New Jersey is on the forefront of technological innovation, with key areas including AI, big data, cybersecurity, and fintech. The state ranks first in broadband connectivity and second in download speeds. Companies like Audible and Cognizant have set up shop here. Employment in tech is mostly concentrated in professional, scientific, and technical services (76.8%) and information (23.2%).
Once the global film capital before Hollywood took over, New Jersey is still a significant hub for film professionals. The state offers a robust 30% tax credit for qualified film expenses in Northern New Jersey. This financial incentive has attracted productions from TV series to Academy Award-winning films.
New Jersey has a rich manufacturing history and continues to be a key player, with over 2,500 advanced manufacturers. Companies like Suuchi Inc. represent a new era of American manufacturing. In 2018, manufacturing contributed nearly $47.4 billion to the state’s GDP.
With the nation’s second-largest seaport and a busy airport system, New Jersey is a logistics powerhouse. Companies like Amazon and Volkswagen have distribution centers here. Infrastructure projects like the Bayonne Bridge expansion ensure that the state is well-prepared for future trade activities.
New Jersey’s food industry is legendary, with companies like Campbell Soup Company calling it home since 1869. Other major food brands like Bai, Mars Wrigley, and Unilever have also set up operations in the state, making it a go-to destination for food companies worldwide.
Financial services in New Jersey benefit from a talented pool of graduates from institutions like Stevens Institute of Technology. Data centers for institutions like the New York Stock Exchange are also based here. Jersey City has become a significant financial hub, attracting major firms like Bank of America and JPMorgan Chase.
Despite its small size, New Jersey has established itself as an economic powerhouse with diverse industries that contribute significantly to its prosperity. From life sciences to financial services, the Garden State offers a conducive environment for various industries to flourish.