Key Facts
- Per Capita Real GDP
- $45,052 Rank: 6/50 (2007)
- Population
- 8,682,660 Rank: 11/50 (2008)
- Per Capita Personal Income
- $46,344 Rank: 2/50 (2006)
- Unemployment Rate
- 4.50% Rank: 24/50 (2008)
- Business Tax Climate Index
- Rank: 49/50 (2008)
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New Jersey: Introduction
The northeast state of New Jersey shares its borders with New York, Pennsylvania, and Delaware. New Jersey was the third state admitted to the union and played an important role in the American Revolutionary War due to its close proximity to the key cities of New York and Philadelphia. 130 miles of Atlantic coastline provide a popular tourist destination with quaint seaside towns and boardwalks. The state’s urban population accounts for over 94% of its residents, giving New Jersey one of the highest urban population percentages in the nation. It also has the highest population density of all U.S. states.
Though New Jersey’s earliest roots were in agriculture, the state was among the earliest to industrialize. New Jersey is now home to several large industries and a particularly diverse economy. Chemical manufacturing, pharmaceuticals, fabricated metal manufacturing, food processing, and petroleum refining are among the largest industries. New Jersey’s pharmaceutical industry is one of the major engines of the state economy. Nearly half of the national total in drug-related R&D money is spent in New Jersey. The real estate, finance, and insurance industries lead the service sector of New Jersey’s economy and provide a large base of employment. The metropolitan areas of New York and Philadelphia cross into the state and provide a heavy concentration of jobs in a variety of industries.
