Economy

What is the gross domestic product (GDP) in New Jersey?

Data updated January 9, 2025
About $663.9 billion in 2023. Gross domestic product (GDP) measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $663.9 billion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
Showing data for

$663.9B

Real GDP (2023)

+2.1%

Change in real GDP (2022 to 2023)
Changes in spending and investment cause the GDP to fluctuate.
As of 2023, the real GDP was $663.9 billion. This was 2.1% higher than in 2022. 2023’s GDP was the highest to-date.

Real GDP increased from 2022 to reach $663.9 billion in 2023.

Real GDP in New Jersey, adjusted for inflation (chained 2017 dollars)

The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.

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The professional and business services industry contributed the most to New Jersey’s GDP in 2023, generating a value of $126.5 billion. It was followed by real estate, rental, and leasing ($106.5B) and educational services, health care, and social assistance ($65.6B).
The information industry grew the most, with a 2023 GDP that was 1.8 times the 2013 GDP.

In 2023, the professional and business services industry contributed the most to GDP in New Jersey.

Real gross domestic product by industry in New Jersey, chained 2017 dollars

Another way to understand a population’s standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2023, GDP per person in New Jersey was $71.5 thousand, up 1.8% from 2022.

In 2023, real GDP was equivalent to $71,456 per person.

Real gross domestic product per person in New Jersey, chained 2017 dollars

GDP and the economic experience vary by location due to factors like cost of living, population density, workforce education, and the area’s main industries.
In 2023, New Jersey's real (that is, inflation-adjusted) GDP per person was 11th highest out of all 50 states.

In 2023, New Jersey ranked 11th in state GDP per person.

Real gross domestic product per person by state (2023)

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Methodology

USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.

The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.

Page sources

USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.

  • U.S. Bureau of Economic Analysis

    Interactive Access to Industry Economic Accounts Data and 2 others

    U.S. Bureau of Economic Analysis logo

  • United States Census Bureau

    Population Estimates Program

    United States Census Bureau logo