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 $634 billion.1 And with 22 Fortune 500 companies based in the state, New Jersey's professionals get all kinds of opportunities to increase their prosperity.2
In fact, many of the state's 9 million people enjoy an income above the national average. From 2014 to 2018 alone, the median household income in New Jersey was $79,363—over 25 percent higher than the nationwide median.3
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:
- About 101,230 additional jobs in health care and social assistance are expected to be created within the state between 2016 and 2026.4
- In 2018, residents of New Jersey aged 65 and older accounted for about 16 percent of the state's population.3 However, by 2030, that number is expected to rise to almost 20 percent.5
- About four out of every 10 New Jersey seniors aged 60 and older live alone.5
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 14 of the world's top-20 pharmaceutical companies based in the state.5
New Jersey's aging population isn't just affecting the health care sector. It's also being felt across many of the skilled trades. More than 61 percent of the state's skilled tradesmen and women are above the age of 45. And more than 27 percent of them are at least 55 years old.6
It all 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 in 2018, the state's construction and extraction sector employed 121,250 workers—many of them in the skilled trades.7
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, which is especially vibrant in Hudson County. In 2017, the financial services industry accounted for over $30 billion of the state's GDP.8
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.9
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. For instance, more than 214,700 of the region's residents were employed in the sector in 2017.10 And here's one of the best parts: The average annual wage for technology and mathematics professionals in New Jersey is over $101,000. That's about 74 percent higher than the average for all of the state's industries, which is still compelling at over $58,000.7
1 Bureau of Economic Analysis, Gross Domestic Product by State, Fourth Quarter and Annual 2018, website last visited on July 9, 2019.
2 ROI-NJ, "22 N.J. companies make 2018 Fortune 500 list," website last visited on January 13, 2020.
3 U.S. Census Bureau, website last visited on January 6, 2020.
4 New Jersey Department of Labor and Workforce Development, website last visited on July 8, 2019.
5 State of New Jersey, website last visited on July 9, 2019.
6 Economic Modeling Specialists Intl., website last visited on July 9, 2019.
7 Bureau of Labor Statistics, U.S. Department of Labor, "Occupational Employment Statistics," website last visited on July 9, 2019.
8 State of New Jersey, Department of Labor and Workforce Development, New Jersey's Financial Services Industry Cluster, website last visited on July 9, 2019.
9 Tourism Economics, Economic Impact of Tourism in New Jersey, 2018, website last visited on July 8, 2019.
10 Choose New Jersey, "Technology," website last visited on July 9, 2019.