Pharmaceuticals and life sciences, financial services, advanced manufacturing, information technology, and transportation and logistics are the main economic sectors in New Jersey. New Jersey is home to 16 Fortune 500 firms. According to the employment trend in New Jersey, the life sciences industry is expanding. Pharmaceuticals are 43.8%, biotechnology research, and development 40.9%, and medical device manufacturing 15.3% make up the majority of the life sciences workforce in New Jersey. With 221,990 workers in 2018, the financial services sector represented 6.3% of all private sector employment in New Jersey and made $33.3 billion in economic contributions to the state. The majority of the state’s advanced manufacturing is in the chemical industry. More than 245,000 people are employed in the manufacturing sector which also provides the state economy with at least $37 billion. Innovative businesses and cutting-edge industries including the technology sector are concentrated in New Jersey. It provides over 5.2% of the private sector jobs, employs over 183,352 people, and generates $24.5 billion in compensation. The average yearly salary for people employed in the technology sector was roughly $133,942. Information technology 22% and professional and technical services 78% make up the majority of New Jersey’s technology sector. Although the transportation, logistics, and distribution cluster total earnings made up 12.9% of all private sector wages in New Jersey in 2019. They still made up more than $66.9 billion of the state GSP. It was the sixth-highest monetary contributor per state nationally as a result. New Jersey’s medical professionals and researchers are setting the standard for healthcare. The state has more than 460,000 employees and approximately 21,800 healthcare facilities. The industry supports the economy annually to the tune of $37 billion
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