New Jersey’s economy grew at a steady rate during the period 1997 to 2004. Annual Gross State Product (in 2000 dollars) climbed from $316 billion to nearly $384 billion, a growth of more than 20 percent.
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Source: New Jersey Dept. of Labor and Workforce Development, Gross State Product for New Jersey by Industry, 1997-2004 (Millions of Chained 2000 Dollars) |
This increase is slightly lower than the national rise in Gross Domestic Product. During the same time period, GDP (2000 dollars) jumped from $8.7 trillion to almost $10.8 trillion, a growth of 23.6 percent, according to Bureau of Economic Analysis data. But New Jersey's economic growth nevertheless outpaced its neighbors, New York and Pennsylvania.
Plotting employment growth against New Jersey's GSP growth reveals that the state's output per worker has increased markedly over the period from 1997 to 2004. That metric grew 13.6 percent, from about $89,000 per worker in 1997 to over $101,200 in 2004.
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Source: Bureau of Labor Statistics. Quarterly Census of Employment, 1997-2004 and New Jersey Dept. of Labor and Workforce Development, Gross State Product for New Jersey by Industry, 1997-2004 (Millions of Chained 2000 Dollars) |