New Jersey’s $508 billion gross domestic product in 2012 ranks it 8th in the country, but it is definitely falling behind other states in terms of growth, according to the U.S. Bureau of Economic Analysis.
The state’s GDP grew 1.3 percent from 2011, but only 0.07 percent in terms of compound annual growth rate in the previous 10 years. That compares with 2.5 percent between 2011-2012 and 1.5 percent CAGR in the decade between 2002-2012 on a national basis.
The biggest single industry in New Jersey is real estate and leasing, at 17 percent, followed by government at 11 percent. Professional, science, and technical services make up 9 percent of the state’s economy, and finance and wholesale trade each make up 8 percent.