Fastest Growing Industries in New Jersey
July 1 2024, Published 3:00 a.m. ET
New Jersey has established itself as a hive of business activities, partially due to its geographical location and partially due to the entrepreneurial spirit in the area.
In this guide, we’re looking at some of the fastest growing industries in New Jersey. With technology changing rapidly, there are constant innovations and evolutions, and the state is right at the forefront of some of these.
Sports betting
Sportsbooks have been allowed in New Jersey for a while now, and this has led to a lot of different ways of watching and betting on sports.
In the state of New Jersey, DraftKings is a very popular option for fantasy sports and sportsbook gambling, you can find more information on WSN here.
The site has options for a wide variety of different sports, so whatever your preference, you’ll find a sporting event on the site or on the app.
New Jersey’s penchant for gambling is not something new, and there have long been options for those who want to bet and play casino games, in particular. Atlantic City is the place for this – the resort city is often compared to Las Vegas and has a lot of different activities such as music and comedy residencies, and of course, slot games.
Sportsbook gambling has not been an option for as long as the games in Atlantic City, but in recent years it has grown massively, providing jobs and other benefits to the New Jersey area.
Technology
New Jersey has proved to be at the height of technology. While some people think of Silicon Valley as soon as they think of tech in the US (and rightly so), there are some other areas making waves.
In New Jersey, download speeds are the second-best in the whole of the country, and it is ranked as the top state for overall broadband connectivity.
There are a lot of different companies working in the tech sector based in New Jersey. Technical services is a huge industry, and companies such as Cognizant, Audible and IGATE operate in New Jersey.
The state being so close to New York and Philadelphia means that there are a lot of graduates coming out of the universities, and also a wide variety of different venture capitalists and businesses.
Tech is undeniably one of the top industries in the world now, and most of the biggest companies could class as technology companies. New Jersey has certainly not missed the boat on this!
Travel and tourism
The travel and tourism industry is growing in New Jersey, as people wake up to the incredible number of different spots to take the family or spend time in the area.
New Jersey is close to New York, of course. Not all New Jersey natives like to be reminded of this, but it definitely helps when it comes to the transport links in the area.
A lot of people even fly into New Jersey to visit New York City. Travel and tourism is thriving, and accounts for a decent percentage of the GDP in the state.
Many people also visit New Jersey to check out some of the top natural sites and hikes, such as the waterfalls in Harriman State Park. Coastal New Jersey is also known for its incredible trips where people can go out to sea and spot whales, dolphins and other sea creatures.
In 2022, the impact of the travel and tourism sector on the economy had grown massively, hitting over $74 billion in total revenue generated for the state, with plenty of tax dollars being paid over in the process.
Logistics and distribution
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In the modern age of global businesses requiring distribution networks, New Jersey has a pivotal role. The industry is the home of the second biggest seaport in the whole of the US, and is part of an airport system incorporating Philadelphia and New York City airport, making it the busiest airport system in general.
The distribution centers based in New Jersey already show the size of the industry, with Volkswagen, Williams-Sonoma and Amazon all operating out of the state.
There are a lot of projects currently under way helping to work on the state’s logistics and trade, including the Bayonne Bridge project. These sorts of ideas and developments will help to keep New Jersey right at the top when it comes to serving the country and the wider world with products and shipping.
Conclusion
Thankfully, many industries in the area are growing. While some people may currently have a negative view of the economy, there are plenty of examples of areas where there is growth, helping add to the GDP and keeping New Jersey thriving.
The state is the most densely populated in the whole of the US, which means that there are a lot of people looking for jobs, and there are plenty of opportunities for startups and companies that wish to grow. The location of New Jersey is also great for both tourism and for being close to New York, which means that there are a lot of networking and growth opportunities. New Jersey is positioning itself as an economic hub for years to come.
