New Jersey

26. New Jersey

The education system in the Garden State is cultivating great minds. But high costs can choke off company profits.

Economic Profile

Governor: Phil Murphy, Democrat

Population: 8,882,371

GDP growth (Q1 2021): 5.6%

Unemployment rate (May 2021): 7.2%

Top corporate tax rate: 9%

Top individual income tax rate: 10.75%

Gasoline tax: 50.70 cents/gallon

Bond rating (Moody's/S&P): A3, stable/BBB+, stable

Major employers: Wakefern Food Corporation, Johnson & Johnson

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

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