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Economic Summary of New Jersey

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The GDP for New Jersey was $508 billion in 2012[1]. New Jersey had an estimated population of 8.864 million in 2012[2]. The GDP per capita of New Jersey was $49,430 in 2012[3].

Counties

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There are 21 counties in New Jersey[4]. Below are the top ten localities ranked by population 2010.

Rank Locality Population 2010
1 Bergen 905,116
2 Middlesex 809,858
3 Essex 783,969
4 Hudson 634,266
5 Monmouth 630,380
6 Ocean 576,567
7 Union 536,499
8 Camden 513,657
9 Passaic 501,226
10 Morris 492,276

Cities

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Top 10 cities in New Jersey by estimated city proper population in 2010[5]

Rank City Locality Population 2010
1 Newark 277,140
2 Jersey City 247,597
3 Paterson 146,199
4 Elizabeth 124,969
5 Toms River 88,791
6 Trenton 84,913
7 Clifton 84,136
8 Camden 77,344
9 Passaic 69,781
10 Union City 66,455

Industries

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New Jersey industries by GDP 2012.[6]

Industry GDP value added $ billions 2012 % of total GDP
Real estate and rental leasing 85.10 16.75%
Government 55.70 10.96%
Professional, scientific, and technical services 47.74 9.40%
Finance and insurance 40.85 8.04%
Health care and social assistance 39.16 7.71%
Wholesale trade 39.86 7.85%
Retail trade 30.92 6.09%
Non-durable manufacturing 24.73 4.87%
Information 22.46 4.42%
Administrative and waste support services 16.69 3.29%
Transportation and warehousing 16.45 3.24%
Management of companies and enterprises 15.83 3.12%
Construction 15.68 3.09%
Durable manufacturing 13.46 2.65%
Accommodation and food services 12.26 2.41%
Other private services 10.46 2.06%
Utilities 10.22 2.01%
Educational services 5.40 1.06%
Arts, entertainment, and recreation 4.21 0.83%
Agriculture, forestry, fishing and hunting 0.76 0.15%
Mining .087 0.02%
Total 508.00 100%

Corporations

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Top 10 New Jersey based corporations by revenue in 2012[7]

Rank Corporation Revenue $ millions 2012 Profit $ millions 2012 Assets 2012 Debt Ratio 2012 Headquarters Employees 2012 Market cap 3/29/12 $ billions Industry
1 Medco Health Solutions 70,063 Franklin Lakes
2 Johnson & Johnson 65,030 New Brunswick
3 Prudential Financial 49,045 Newark
4 Merck 48,047 Whitehouse Station
5 Honeywell International 37,059 Morris Township
6 Toys "R" Us 13,909 Wayne
7 Chubb 13,585 Warren
8 Public Service Enterprise Group 11,191 Newark
9 Automatic Data Processing 9,879 Roseland
10 NRG Energy 9,079 Princeton

Employment

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New Jersey employment by industry in June 2013.[8]

Industry Employment thousands June 2013 Percent of total employment
Trade, transportation and utilities 833.6 21.00%
Education & health services 644.0 16.22%
Professional & business services 630.7 15.89%
Government 629.2 15.85%
Leisure & hospitality 355.8 8.96%
Financial activities 252.1 6.35%
Manufacturing 246.1 6.20%
Construction 135.0 3.65%
Other services 167.5 4.22%
Information 74.5 1.88%
Mining and logging 1.3 0.03%
Total non-farm 3,969.8 100%

Government Finances

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In 2011, the state government of New Jersey had total revenue of $70.80 billion. Total expenditures were $67.11 billion.[9]

The total debt outstanding in 2011 was 64.00 billion[10] (12.59% of GDP[11]).

The total cash and security holdings in 2011 was 114.09 billion[12].

Revenue by Source $ millions Percent of revenue
Insurance trust revenue 18,136 25.62%
Intergovernmental revenue from Federal Government 14,155 20.00%
Sales and gross receipts 11,921 16.84%
Individual income tax 10,617 15.00%
Charges and miscellaneous general revenue 9,701 13.70%
Corporate income tax 2,216 3.13%
Other taxes 1,835 2.59%
Utility revenue 986 1.39%
Intergovernmental revenue from local governments 637 0.90%
Motor vehicle license 587 0.83%
Property taxes 4 <0.01%
Liquor store revenue 0 0%
Total 70,798 100%
Expenditure $ millions Percent of expenditure
Insurance trust expenditure 16,209 24.15%
Public welfare 13,221 19.70%
Intergovernmental expenditure 11,167 16.64%
Education 8,081 12.04%
Hospitals 2,100 3.13%
Highways 2,987 4.45%
Other and unallocable 2,449 3.65%
Utility expenditure 2,173 3.24%
Interest on general debt 2,067 3.08%
Correction 1,409 2.10%
Health 1,206 1.80%
Judicial and legal 877 1.31%
Financial administration 686 1.02%
Natural resources 514 0.76%
Police protection 498 0.74%
Housing and community development 465 0.69%
Protective inspection and regulation 297 0.44%
Parks and recreation 282 0.42%
Employment security administration 193 0.29%
Other governmental administration 90 0.13%
Solid waste management 39 0.06%
Air transport 34 0.05%
Sea and inland port facilities 27 0.04%
General public buildings 24 0.04%
Veterans' services 12 0.02%
Libraries 4 <0.01%
Sewerage 3 <0.01%
Fire protection 0 0%
Parking facilities 0 0%
Miscellaneous commercial activities 0 0%
Liquor store expenditure 0 0%
Total 67,114 100%

Financial Institutions

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Top ten banks by assets in New Jersey.[13]

Rank Bank Assets $ millions 3/31/13 Profit $ millions _____ Headquarters Employees
1 CIT Group Inc. 44,966 Livingston
2 Hudson City Bancorp 40,283 Paramus
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References

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https://meta.wikimedia.org/wiki/Global_Economic_Map