NorthJersey.com Op-Ed by New Jersey Economic Development Authority President and CEO Tim Sullivan - “We Have to Sustain New Jersey’s Economic Growth. This is How.”
October 6, 2023 | nj.gov
Credit: NJ EDA Official Logo
When Gov. Phil Murphy took office in 2018, he inherited an economic mess. New Jersey ranked 42nd in the nation and dead last in the region for job creation. Five years later, it’s a totally different picture — a state which is attracting more private sector investment and has become a leader in job creation.
The Murphy Administration’s work of transforming the state’s economy is far from done, but our momentum has never been stronger. Since 2018, New Jersey has added more than 200,000 new jobs — despite the economic shocks that accompanied COVID-19. Since June 2020, New Jersey has ranked first among Northeast states for private sector job creation. Additionally, personal income has grown across the state. Between the first two quarters of 2023, New Jersey saw an over five percent annualized increase in personal income — the fifth largest increase in the nation. This summer, CNBC’s annual rankings of the Best States for Business named New Jersey the Most Improved State for Business in the country, rising 23 spots to nineteenth overall. We also ranked third overall for quality of life in those same rankings.
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NJ SEED: The state has done well with its comeback from the pandemic. The economy appears to be strong with wage increases keeping pace with inflation. The NJEDA continues to work to stimulate “programs and initiatives that improve quality of life, enhance economic vitality, and strengthen New Jersey's long-term economic competitiveness.” However, beware of “transforming” until it is understood transforming to what.