The view of Jersey City on the waterway, the state’s second-most populous city after its capital, Newark
As with every state in the U.S., there are a few industries that drive the most economic growth and support the continuous evolution of New Jersey's prosperity.
Especially in such a richly diverse state like this one, which is the neighbor of the nation’s largest city, these key sectors are helping the Garden State emerge as a dominating force.
The IT industry in New Jersey is undoubtedly booming. With thousands of tech businesses making their home in the state, approximately 8% of all workers are employed under IT-related professions. Because of its proximity to other major cities like Philadelphia and New York City, New Jersey continues to attract new and fresh talent to feed its tech ecosystem.
Although there is competition in places like the San Francisco Bay Area of Silicon Valley, the sector is still a leading source of revenue for the state’s economy in 2021 and does not show signs of giving up that title anytime soon.
Speaking of advancements in the tech world, sports betting businesses have been given a digital makeover in the virtual era and New Jersey is becoming the industry’s main beneficiary. Thanks to the passage of a landmark bill back in 2018, the state becomes the first after Delaware to fully legalize the activity both in-person and online. At the time, Governor Murphy announced he was thrilled to make this a reality for NJ as it meant that casinos in Atlantic City and those throughout the area could attract new business and fans.
Lawmakers hit the nail on the head with these predictions, as the current atmosphere of the NJ sports betting industry, especially online, is continuing to garner more jobs and generate economic wealth for the state. One reason for this is that sports fandom in the U.S. has traditionally played a huge part in the average American household with an estimated one quarter of adults, or 54 million people, tapping into sport betting pools. Since the industry’s regulation in NJ, more and more locations across the country are considering proposals that would permit providers to have a presence in their state as well.
photo courtesy of unsplash.com
Nowadays New Jersey is the country’s top provider of online sports betting, a service that is also widely adaptable for mobile and tablet users
As stated previously, the Garden State’s location next to NYC makes it a prime destination for big businesses to thrive in. Financial institutions make up a huge part of these important companies, providing investment, accounting, and banking services, among others. Especially attractive is Jersey City, a beautiful, waterfront hub for top talent in the industry.
Annually, the key sector rakes in a whopping $33 billion for the state’s economy, with some major employers like Bank of America, JP Morgan Chase & Co., and Deloitte LLP offering positions year-round.
In the same way that sports betting is forging new success in New Jersey, the Esports industry has quickly made its home in the Garden State with continuous initiatives and involvement. There are a variety of ways the sector is able to boost the economy. Firstly, since various Esports teams and tournaments are headquartered here, sponsors and endorsements from gaming companies are of wider interest.
Similarly, the fandom surrounding Esports brings tourism to the state’s different cities, and even students looking to pursue University degrees in the state have the option to become involved with Esports at Rutgers in New Brunswick, one of the nation’s oldest colleges.
Transportation-related jobs make up over 11% of the private sector workforce in New Jersey. This includes logistics and distribution where, between the port of both NJ and NYC, a huge percentage of the country’s overall GDP is produced.
When it comes to transportation between big cities nearby, the state’s transit system is one of the most efficient in the U.S. and continues to garner funds for improvement. As far as non-public transportation goes, Tesla’s electronic vehicles have made their way onto the scene in recent years, with dealerships in South Jersey and beyond. This premium brand’s presence in the state also aids the economy as EVs reduce fuel consumption and create more jobs where they are being sold.