Most of the giant factories are gone — but that doesn’t mean production in New Jersey has shut down. In fact, gross domestic product figures for the past four years show that the state is faring far better than most.
New Jersey’s manufacturing output grew 5.8% on an annualized basis between the fourth quarter of 2017 and the fourth quarter of 2021 – numbers that ranked the state seventh best in the country.
The state far exceeded the national growth rate of 2.6% during the period.
John Kennedy, the CEO of the New Jersey Manufacturing Extension Program, was pleased with the numbers.
“Manufacturing remains at the core of a healthy economy — in the US and in New Jersey,” he said.
Kennedy said the state had a lot to offer, but warned that leaders cannot be complacent.
“We have tremendous capability in this area, both historically and today,” he said. “We have made many gains, but as we continue our economic recovery from the pandemic, we must remember to invest and positively engage the industry.
“We look forward to being a key component in many programs, including offshore wind.”
Tim Sullivan, the CEO of the New Jersey Economic Development Agency, said the state is putting its all into the sector.
“The strength of New Jersey’s manufacturing sector has been a major contributor to the state’s economic dynamism during Gov. (Phil) Murphy’s tenure,” he said. “And with big investments like the New Jersey Wind Port and Hax in Newark underway, the future of manufacturing in New Jersey looks bright.”