From the Star Ledger:
You might have missed it amid the holiday rush, but 2021 ended with some incredibly positive economic news: for the third quarter, the Garden State ranked fourth in Gross Domestic Product, or GDP, growth. Not fourth in the region, or fourth among states that start with “New” in their name — fourth in the nation.
Economists describe GDP as a calculation of the size of a given economy, and New Jersey grew faster than states that critics often point to as role models — places like Texas, North Carolina and Pennsylvania. According to the U.S. Bureau of Economic Analysis, which published this data, New Jersey’s strong performance was fueled by notable growth in core industries like finance, professional services, and manufacturing.
This top-five ranking is particularly remarkable given our state’s recent history – in the eight years prior to Gov. Phil Murphy taking office, New Jersey ranked 47th in the U.S. in GDP growth. And this GDP data follows other recent data indicating New Jersey is regaining its market share in venture capital dollars invested in the state, as well as outpacing the region and the country for new business formation.