NJ’s Economic Growth Near Worst; PA Just Average

The economy in the Garden State is growing slower than most others.

GDP chartNew data from the U.S. Bureau of Economic Analysis finds that New Jersey had poor economic growth in 2014. Compared to other states, New Jersey ranked 46th, with its gross domestic product growing just 0.4 percent over the course of the year.

Pennsylvania saw about average growth with a 1.8 percent uptick, while Delaware was at 1.2 percent.

New Jersey’s woes can be explained by GDP falling in categories like agriculture, mining, construction, transportation and finance. It’s biggest gains were in manufacturing.

Pennsylvania saw its largest gains in mining, wholesale trade, finance and manufacturing. It’s biggest drop was in construction.

North Dakota (home of a serious fracking and oil boom) had the highest GDP growth rate at 6.3 percent followed by Texas at 5.2 percent.

Almost every state saw an increase, but Alaska’s GDP fell 1.3 percent and Mississippi’s dropped 1.2 percent.

State2012 GDP2013 GDP2014 GDPPercent change in 2014

2014 Rank
Pennsylvania$589 billion$598 billion$609 billion1.822
New Jersey$498 billion$502 billion$504 billion0.446
$55.5 billion$56 billion$56.6 billion1.230