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Tags: industries | new jersey | economy

Top 5 Industries in New Jersey

By    |   Wednesday, 15 April 2015 02:37 PM EDT

Known as the "Crossroads of the East," the state of New Jersey is rich in manufacturing and distribution opportunities. Awesome America reports that New Jersey contains more than 15,000 factories. The greatest chemical producing state in the country, around one-sixth of all pharmaceuticals manufactured in the United States are made in New Jersey. Here is a ranking of the top industries in New Jersey, which provide the state with the greatest financial gain.

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1. Biopharmaceuticals 

Encompassing the areas of pharmaceuticals, biotechnology, and medical device manufacturing, the biopharmaceuticals sector is one of New Jersey's primary industries. According to Choose: New Jersey, the quantity of businesses included in this category showed a growth of 9.1 percent, between the years of 2007 to 2012. This shows a more significant increase than the rest of the country. The biopharmaceuticals industry provides an enormous contribution to the workforce of New Jersey. In 2012 alone, nearly $14.8 billion in wages were paid. This industry caters to the highly educated workforce of New Jersey, as two-thirds of its workers have earned a bachelor's degree or higher.

2. Transportation 

This category includes transportation, logistics and distribution. In 2012, the transportation industry contributed $47.7 billion to New Jersey's real Gross Domestic Product, according to statistics from Choose: New Jersey. One of the main reasons this area is so lucrative for New Jersey is that it lies within a day's drive of 40 percent of the population of the U.S. It is truly a transportation hub due to the fact that three major seaports and a sizable international airport are located in New Jersey.

3. Manufacturing

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Choose: New Jersey also reports that the advanced manufacturing industry contributes greatly to the economy and workforce of New Jersey. Representing 4.8 percent of the entire state yield in 2012, the manufacturing industry contributed more than $20.7 billion to New Jersey's real GDP. This group's main moneymaker is the chemical manufacturing sector, which comprises 37 percent. In 2012, chemical manufacturing employed 49,000 workers in this category. Fabricated metal manufacturing at 17 percent and machinery manufacturing at 10 percent also contributed significantly to the state's earnings.

4. Health Care 

New Jersey's profitable health care division consists mainly of hospitals, ambulatory health care services, and nursing/residential care facilities. According to Choose: New Jersey, the health care field experienced a higher amount of growth than all of the other industries combined, between the years of 1990 and 2012. In fact, it has been estimated that New Jersey can expect that a total of 61,700 more jobs will be added between 2010 and 2020. More than $30 billion was added to New Jersey's GDP in 2012 from the health care sector.

5. Technology 

The highest yield in New Jersey's technology category consists primarily of technological services, in professional or scientific areas, representing a portion of 47.8 percent. Other areas include technological manufacturing, wholesale trade and technological information. Choose: New Jersey reports that the technology category provided a total of 353,356 jobs to the state in 2012. The average yearly wage earned by an employee in this sector was $108, 252 in the same year. 

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Known as the Crossroads of the East, the state of New Jersey is rich in manufacturing and distribution opportunities. Awesome America reports that New Jersey contains more than 15,000 factories and the greatest chemical producing state in the country.
industries, new jersey, economy
Wednesday, 15 April 2015 02:37 PM
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