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Summary Report

Detailed Industry Analysis

Health Care Study: Winter 2020-2021

The overall health, both of New Jersey's economy and its people,
is clearly tied to the capabilities of the evolving health care industry.

• The health care sector contributed over $44 billion to the
  Gross Domestic Product (GDP) in 2019, roughly 8.5 percent
  of all output
  (latest available from the U.S. Bureau of Economic Analysis).

• From 1990 through 2019, the health care Sector has added
  231,700 new jobs,while all other private Sector employment
  has had a net increase of 270,100 jobs.
• Health care is the only industry that has added jobs
  in the state every year from
  1990 through 2019 while increasing its share of jobholding from
  7.5 percent in 1990 to 12 percent in 2019.

Summary Report

Detailed Industry Analysis

Bio Pharma Life Science Study:  Winter 2020-2021

The vitality of the biopharmaceutical and life-sciences cluster in New Jersey is
fundamental to the state's economic health with its well-paying jobs.

• New Jersey's bio/pharma life sciences employment totaled 76,430 in 2019, or
• 2.2 percent of the state's private-sector workforce.
  Nationally, the proportion was just 1.2 percent.

• Establishments totaled nearly 1,600 in 2019.
  Despite recent reorganizations by pharmaceutical firms,
  the drug and pharmaceutical component’s establishment count
  increased between 2014 and 2019 by 15.1 percent.

Summary Report

Detailed Industry Analysis

TLD Study:  Winter 2020-2021

The real estate ideal of "location, location, location" aptly describes New Jersey's
transportation, logistics and distribution industry.

• In 2019, transportation, logistics and distribution
  (TLD) employed 414,610 workers in New Jersey. The cluster employed
  11.8 percent of the state’s private sector workers,
  a higher percentage than for the nation (9.0%).
• TLD contributed more than $66.9 billion to the state’s
  Real Gross Domestic Product (GDP - chained 2009 dollars) in 2019.
• In 2019, the Port of New York and New Jersey handled
  4,238,100 cargo containers, valued at nearly $206 billion.
    (Source: PONYNJ Terminal Operator Data)

Summary Report

Detailed Industry Analysis

Retail Trade Study:  Winter 2020-2021

Along with other service sectors such as the hospitality industry,
retail is a critical point of entry, or “gateway,”
into the labor force and provides workers with foundational skills
in customer service, punctuality and responsibility.

• Retail trade jobholding totaled 447,280 in 2019,
  or 12.7 percent of the state’s private sector workers,
  a higher percentage than for the nation (12.4%).
• Retail represented nearly $35.5 billion or 7.1 percent
  of the state’s real Gross Domestic Product in 2019
  while the U.S. had a slightly lower (6.7%) GDP representation.

Summary Report

Detailed Industry Analysis

Leisure & Hospitality (L&H) Study:  Winter 2020-2021

New Jersey has a well-earned reputation as a place for great entertainment,
vacations and restaurants which is why the Leisure & Hospitality
industry continues to thrive throughout the state.

• Leisure & hospitality jobholding totaled 391,520in 2019,
  or 11.2 percent of the state’s private sector workers,
  a lower percentage than for the nation (13.0%).
• L&H represented over $17.7 billion or 3.1 percent
  of the state’s real Gross Domestic Product in 2019
  while the U.S. had a 3.8 percent representation in its GDP.

New Jersey L&H employers paid over $10.3 billion in total wages during 2019,
or 4.4 percent of the state total.
In addition, the same businesses accounted for 9.0 percent
of all units in the statewide total private sector in 2019 (8.9% for US).

Summary Report

Detailed Industry Analysis

Financial Services Study:  Winter 2020-2021

New Jersey's close proximity to New York City,
highly competitive corporate real estate rates
and an unmatched talent pool make New Jersey
a prime location for financial services firms.

• Despite a relatively small employment base
  (6.3% of New Jersey’s total private sector employment in 2019)
  finance and insurance contributed more than $33 billion or
  nearly 7.0 percent to the state’s Real Gross Domestic Product in 2019.

• The finance sector relies heavily on information and technology.
  New Jersey has remained in the forefront of technological advancement
  by becoming a national leader in developing data centers to
  support the industry. Of approximately 60 data centers located in the state,
  more than a third are located in Hudson County.
  (Source: datacentermap.com)

Summary Report

Detailed Industry Analysis

Manufacturing Study:  Winter 2020-2021
The manufacturing sector in New Jersey hosts a wide range of processes
and products from food and printing to petroleum and pharmaceuticals.

• In 2019, there were nearly 250,000 people employed in industries
  classified as manufacturing in New Jersey,
  roughly 7 percent of all New Jersey employment.

• The manufacturing sector contributed over $50 billion
  to New Jersey’s Real Gross Domestic Product in 2019,
  or about 9.1 percent of all state output
  (latest available from the U.S. Bureau of Economic Analysis).

• Manufacturing employers paid more than $20 billion
  in total wages in 2019, with many industries paying
  more than the statewide average annual wage of $67,000.

Summary Report

Detailed Industry Analysis

Technology Study:  Winter 2020-2021
Industries in the technology cluster have a high proportion of scientists,
engineers and technicians. They are primarily located in the utilities,
manufacturing, information and professional, scientific and
technical services industries.

• In 2019 New Jersey’s technology sector accounted for
  183,350 jobs or 4.1 percent of private sector employment statewide.
  Nationally, the sector was responsible for 5.9 percent
  of all private sector employment.

• The annual average wage for the technology Sector was $133,940 in 2019,
  nearly double the statewide average ($67,040) for all industries.
  Employers in the industry paid more than $24.5 billion in wages,
  or about 10.4 percent of the total wages paid in all industries.

• Technology sector employment can primarily
  be found within the following sectors:
  professional, scientific and technical services (78%), and information (22%).

Summary Report

Detailed Industry Analysis

Construction & Utilities Study:  Winter 2020-2021

The construction and utilities sector provides
many employment opportunities for blue collar workers
to earn above average salaries.

• The construction and utilities sector has seen a steady increase
  in its annual average employment of 2.2 percent per year
  for the last five years.
  This is an additional 23,580 jobs since 2013,
  for a total of 174,070 in 2019.
• There were 22,930 construction and utilities establishments
  registered in New Jersey by the end of 2019.
  This accounts for 8.4 percent of all the establishments in the State.

The annual average salary for all construction workers is $74,640,
while workers in the utility industry earned an average of $122,180.
Employers in this industry paid over $13.7 billion in wages during 2019.