The State of New Jersey Income Charts

This section shows the New Jersey economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, New Jersey depicts it has a Median earnings of $66,099 which is more than all other states in the greater New Jersey region.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $89,703 which is the largest of all states in the greater New Jersey region.

The next section examines a variety of different income statistics for the New Jersey metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings between $50,000 and $74,999 at 11.0% of the total and is ranked #1. Second, it has the largest proportion of earnings between $75,000 and $99,999 at 20.4% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.5 which is the second most average hours of all the states in the greater New Jersey region. The state with the highest average hours in the group is Pennsylvania which shows an average hours of 38.6 ( about the same size). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $33.02 which is more than all other states in the local area.

Figure 7 examines the number of self employed people in the New Jersey metro area based on the number of people who reported any self employment income. New Jersey depicts it has a Self Employed of 9.8% which is the second most people self employed of all the states in the greater New Jersey region. The state with the highest percentage of people self employed in the group is New York which shows a percentage self employed of 10.5% (7.8% larger).

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-under 25 years at $97,523 of the total and is ranked #1. Second, it has the largest proportion of median income-25 to 44 years at $108,974 of the total and is ranked #1. Third, it has the largest proportion of median income-45 to 64 years at $60,697 of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 22.1% which is the third most households with retirement income of all other states in the greater New Jersey region. The state with the highest households with retirement income in the group is Pennsylvania which depicts a households with retirement income of 24.8% (11.8% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $120,780 of the total and is ranked #1. Second, it has the largest proportion of white family income at $73,888 of the total and is ranked #1. Third, it has the largest proportion of black family income at $73,351 of the total and is ranked #1. Also, it has the largest proportion of american indian family income at $149,634 of the total and is ranked #1. In addition, it has the largest proportion of asian family income at $102,888 of the total and is ranked #1. Furthermore, it has the largest proportion of hawaiian family income at $67,995 of the total and is ranked #1.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. New Jersey shows it has the hightest cost of 137.4 for the cost of housing grouping.

The State of New Jersey Labor Force Charts

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate shows that from January 2017 to before the COVID-19 Pandemic it went from 5.0% to 4.9% in March 2020. This represents a decrease in the monthly unemployment rate of 2.0%. Since that time, the monthly unemployment rate has gone to 3.8%. This represents a decrease in the monthly unemployment rate of 22.4%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. The monthly labor force participation indicates that from January 2017 to before the Coronavirus Pandemic it went from 4,429,773 to 4,534,778 in November 2019. This represents an increase in the monthly labor force participation of 2.4%. Since that time, the monthly labor force participation has gone to 4,863,872. This represents an increase in the monthly labor force participation of 7.3%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows New Jersey depicts it has a Unemployment Rate of 4.1% which is the most of all states in the metropolitan area. Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of shows it has a Labor Force Participation of 66.0% which is the highest of all states in the local area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). New Jersey has the largest proportion of employed at 4.1% of the total and is ranked #1.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. New Jersey depicts full time employees approximately 3.8 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater New Jersey area. New Jersey depicts it has a Single Earner Families of 28.4% which is the highest of all states in the metropolitan area. The percentage of families with no one working is depicted in Figure 22. New Jersey depicts it has a Families with No One Working of 13.7% which is the third most families with no one working of all other states in the greater New Jersey region. The state with the highest families with no one working in the group is Pennsylvania which depicts a families with no worker of 17.5% (28.5% larger).

The State of New Jersey Poverty Charts

The next section details economy analysis about poverty for residents of the New Jersey community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. New Jersey depicts it has a Total In Poverty of 883,896 which is the third most total people earning less than the poverty level of all other states in the greater New Jersey region. The state with the highest total people earning less than the poverty level in the group is New York which shows a total people earning less than the poverty level of 2,636,823 (approximately 3.0 times bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. New Jersey depicts it has a Percent of Population In Poverty of 9.8% which is the third most of all other states in the local area. The state with the highest percent of people earning less than the poverty level in the group is New York which depicts a percent of people in poverty of 13.5% (37.8% larger).

In Figure 25 people who are in poverty are broken out by age group. New Jersey has the largest proportion of person in poverty under 12 years at 10% of the total and is ranked #1. Second, it has the largest proportion of person in poverty 18 to 34 years at 22% of the total and is ranked #1. Third, it has the largest proportion of person in poverty 55 to 64 years at 14% of the total and is ranked #1. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. New Jersey has the largest proportion of people who are in poverty and employed at 5.6% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of depicts it has a Public Assistance Percent of 9.3% which is the third most of all other states in the local area. The state with the highest households with public assistance in the group is New York which depicts a households with public assistance of 15.4% (66.1% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of shows it has a Gini Index of 48.0% which is the second most of all the states in the metropolitan area.

The State of New Jersey Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the New Jersey community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) New Jersey has the largest proportion of people who bicycle or walk to work at 11% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown New Jersey or elsewhere.) New Jersey has the largest proportion of people who take Light rail, streetcar or trolley at 0% of the total and is ranked #1. Second, it has the largest proportion of people who take the ferry at 0% of the total and is ranked #1. Third, it has the largest proportion of people who took a taxicab, motorcycle or other at 2% of the total and is ranked #1. Also, it has the largest proportion of people who work from home at 11% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. New Jersey has the largest proportion of people who leave for work between 630 am to 7am at 14% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 7am to 730am at 12% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 730 am to 8am at 15% of the total and is ranked #1.

The average commute time is shown in Figure 37. the state of depicts it has a Avg Commute Time of 31 which is the second most average commute time of all the states in the greater New Jersey region. Figure 38 shows the difference between male versus female commuting time. New Jersey shows average commute time in minutes for men 32.9% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and New Jersey has one of the largest proportions of 1 vehicle available at 40% of the total and is ranked #2. The only larger state being Pennsylvania with 41%. Second, it has the largest proportion of 3 vehicles available at 8% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of shows it has a Work in city or place where live of 24% which is the third most people who both work and live in the same city of all other states in the greater New Jersey region. The state with the highest people who both work and live in the same city in the group is New York which shows a people who both work and live in the same city of 61% (approximately 2.5 times bigger).

The State of New Jersey Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. the state of depicts it has the hightest median earnings of $114,305 for the management, business, and financial occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of depicts it has the hightest median earnings of $90,726 for the earnings-computer, engineering, and science occupations group. The table in Figure 48, shows New Jersey employment data in terms of job categories and salary data.

The State of New Jersey Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. the state of depicts it has the hightest entrepreneurs of 53% for the self employed management, business, science, and arts businesses grouping.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of depicts it has the hightest entrepreneurs of 26% for the self employed in professional, scientific, management, administrative services category.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of shows it has a Self Employment Income of $51,981 which is at the top of all other states in the surrounding region.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) New Jersey shows total number of self-employed men about twice as large as the total number of self-employed women.