Economy in New Jersey

New Jersey is a diverse state located in the Northeastern United States. It is home to many large and famous companies, such as Johnson & Johnson, Merck & Co., Prudential Financial, Honeywell International Inc., and Public Service Enterprise Group. The state also boasts many popular tourist attractions such as Atlantic City and Six Flags Great Adventure. When it comes to living expenses, 2 bedroom rent in New Jersey is slightly higher than the US average at $1,710 compared to the national average of $1,430. Groceries are more expensive here too with a Grocery Cost Index of 106 compared to 100 nationally. Despite the higher costs for living in New Jersey, it remains an attractive option due to its diversity and thriving economy.

New Jersey has an unemployment rate of 7.8%. The US average is 6.0%.

New Jersey has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 25.0%, which is lower than the US average of 33.5%.

Tax Rates for New Jersey
- The Sales Tax Rate for New Jersey is 6.6%. The US average is 7.3%.
- The Income Tax Rate for New Jersey is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for New Jersey
- The average income of a New Jersey resident is $36,359 a year. The US average is $28,555 a year.
- The Median household income of a New Jersey resident is $72,062 a year. The US average is $53,482 a year.