5 Stable and Growing New Jersey Career Sectors
Situated between New York City and Philadelphia—two of America's largest cities—this state can hold its own when it comes to generating good career opportunities and quality of life. It's why so many colleges in New Jersey offer such a good variety of programs.
Economic growth is a major priority in this state, which already has a GDP of over $648 billion. And with 20 Fortune 500 companies based in the state, New Jersey's professionals get all kinds of opportunities to increase their prosperity.
In fact, many of the state's 8.9 million people enjoy an income above the national average. U.S. Census Bureau data reveals that from 2014 to 2018 alone, the median household income in New Jersey was $79,363—more than 30 percent higher than the nationwide median.
With all of that in mind, check out five of the state's most intriguing job sectors:
1. Health Care
The aging of baby boomers is having a significant impact on New Jersey, just as it is in many other parts of the country. One of the biggest effects of this demographic change is the increasing need for quality health care services. The state's older residents simply tend to require more medical attention and residential support. Have a look at some of the facts:
- New Jersey employment projections indicate that about 101,230 additional jobs in health care and social assistance are expected to be created within the state between 2016 and 2026.
- According to the New Jersey Department of Labor and Workforce Development, residents aged 65 and older accounted for about 16 percent of the state's population in 2019. However, by 2034, that number is expected to rise to 20 percent.
- About four out of every 10 New Jersey seniors aged 60 and older live alone.
A lot of New Jersey colleges are well aware of these facts, which is why they work to provide convenient educational paths into different medical and health-related fields.
But despite the big need for health care workers, places like hospitals and nursing care facilities aren't the only large employers related to this broad sector. New Jersey is also home to a vibrant biopharmaceutical and health sciences industry, with 12 of the world's top-20 pharmaceutical companies based in the state.
New Jersey's aging population isn't just affecting the health care sector. It's also being felt across many of the skilled trades. A report by Emsi found that more than 61 percent of the state's skilled tradesmen and women were above the age of 45. And more than 27 percent of them were at least 55 years old.
That points to the potential for a significant shortage of qualified tradespeople in the near future as existing workers retire. And that could mean good opportunities for new electricians, HVAC technicians, plumbers, welders, commercial divers, auto mechanics, and many other tradespersons.
Plus, New Jersey's advanced manufacturing sector has a strong track record and is poised for additional growth, including in areas like fabricated metal and machinery manufacturing. And according to data from the Occupational Employment Statistics (OES) program, the state's construction and extraction sector employed 121,250 workers in 2018—many of them in the skilled trades.
3. Financial and Business Services
Thousands of companies have found success in New Jersey, leading to the creation of a full range of business-related jobs. But one of the sectors that really stands out is the finance and insurance industry. In 2017, it accounted for over $30 billion of the state's GDP.
Of course, all kinds of office professionals are needed within the financial services industry—and almost every other industry as well. It's why everyone from business administrators to marketing pros to accounting technicians can find great opportunities in New Jersey.
People in New Jersey know how to have fun. They enjoy making trips to the beach, exploring famous boardwalks, going out to eat at vintage diners, and partaking in all sorts of top-tier entertainment and cultural pursuits. From Ocean City to Cape May to Atlantic City, this state's residents are never far from a great place to getaway and unwind.
At that's part of what makes New Jersey so attractive to visitors. The state is a fascinating mix of small resort towns, lively cities, and peaceful and colorful countryside landscapes.
In 2018, New Jersey's tourism sector generated a record-breaking $44.7 billion. And it supported more than 333,860 jobs, including ones in areas like cooking, baking, hotel management, and restaurant management.
Computer professionals and networking specialists can find a lot to like about New Jersey. The state's technology sector is much bigger than many people realize. And here's one of the best parts: OES program data indicates that the average annual wage for technology and mathematics professionals in New Jersey was over $101,000 in 2018. That was about 74 percent higher than the average for all of the state's industries, which was still compelling at over $58,000.