New Jersey has a richly diverse population; proximity to major metropolitan areas and a history of invention
and innovation; from electronics and pharmaceuticals to biotechnology research; that impressively continues
to grow. New Jersey’s commitment to investment, collaboration and talent development supports growth in key
industry clusters that drive economic expansion. In the Garden State, these key clusters have found an ideal
location – within a day’s drive of 40.0 percent of the US population; a talented, productive and highly educated,
workforce with a high density of residents with advanced degrees and 52 colleges and universities. Here is a
brief look at some key industry clusters.
Bio/Pharmaceuticals and Life Sciences Industry Cluster
The bio/pharma life sciences cluster accounted for $23 billion (nearly 5.0%) of New Jersey’s Gross Domestic Product in 2009.
New Jersey’s bio/pharma life sciences employment totaled 125,965 in 2009, or 4.0 percent of the state’s private sector workforce.
Nationally, the proportion is just 2.0 percent.
New Jersey’s bio/pharmaceutical and life sciences cluster employment is comprised of three primary components: pharmaceutical
sector (44.2%), biotechnology (34.1%) and medical device manufacturing (21.6%).
Over the past five years, this cluster’s establishments have expanded by 15.9 percent in New
Jersey, outpacing the nation by 6.0 percentage points.
New Jersey bio/pharma life science employers paid more than $14 billion in wages during
2009, or 8.1 percent of the state’s total wages.
New Jersey’s highly educated workforce is profoundly seen in this cluster as nearly two thirds
of its workers hold at least a Bachelor’s (33.1%), Master’s/Professional (23.0%), or Doctoral
(8.2%) degree.
Health Care Industry Cluster
The health care industry contributed $34 billion to New Jersey’s Gross Domestic Product (GDP) in 2009, or roughly 7 percent
of all state output.
Health care industry employment is found in three industry groups: ambulatory health care services (44%), hospitals (36%)
and nursing and residential care facilities (20%).
From 1990 through 2010, the health care sector in New Jersey has added 154,800 new jobs,
while all other industries combined had a net gain of only 54,600.
Health care is the only industry that has added jobs in the state every year from 1990 through
2010 while increasing its share of jobholding from 7.5 percent in 1990 to 11.3 percent in 2010.
The outlook for New Jersey’s health care employment is bright. From 2008 through 2018, it is
projected that more than 56,000 jobs will be added, an annual increase of 1.3 percent.
Health care establishment employers paid more than $21 billion in total wages in 2009, or
about 12.2 percent of all wages paid in New Jersey.