New Jersey's Economic Growth Among Country's Worst: New Report

New Jersey’s economy is barely ticking upward, with its growth ranking near the bottom in 2014 - and falling far below the national average.

New Jersey’s gross domestic product grew a mere 0.4 percent in 2014, ranking in a three-way tie for 44th in the nation, according to the Bureau of Economic Analysis. The nation’s real GDP grew 2.2 percent in 2014 after increasing 1.9 percent in 2013.

The state’s growth slowed from previous years, In 2012, the GDP grew 2.5 percent, and in 2013, there was 0.8 percent growth.

The state had the slowest growth of any state in the Mideast region, way behind New York’s 2.5 percent GDP growth.

Gordon MacInnes, president of New Jersey Policy Perspective, a liberal Trenton-based think tank, told NJSpotlight that the state needs to invest more in education, public transit and transportation infrastructure, as well as colleges and universities.

“You can’t create a strong economy and create jobs without a strong foundation,” MacInnes said told the publication.

Michele Siekerka, president of the New Jersey Business and Industry Association, noted in the NJSpotlight report that the state has experienced economic growth for a third-straight year, which she said is encouraging.

Here is the complete list and the state-by-state picture of GDP growth, courtesy of the bureau, which is a division of the U.S. Department of Commerce. The numbers are percentages.

1. North Dakota 6.3
2. Texas 5.2
3. West Virginia 5.1
4. Wyoming 5.1
5. Colorado 4.7
6. Oregon 3.6
7. Utah 3.1
8. Washington 3.0
9. California 2.8
10. Oklahoma 2.8
11. Florida 2.7
12. Idaho 2.7
13. New York 2.5
14. Georgia 2.3
15. Massachusetts 2.3
16. New Hampshire 2.3
17. South Carolina 2.2
18. Ohio 2.1
19. Louisiana 1.9
20. Michigan 1.9
21. Montana 1.8
22. Kansas 1.8
23. Pennsylvania 1.8
24. Tennessee 1.7
25. Arizona 1.4
26. North Carolina 1.4
27. Delaware 1.2
28. Illinois 1.2
29. Rhode Island 1.2
30. Kentucky 1.0
31. Minnesota 1.0
32. Nevada 1.0
33. New Mexico 1.0
34. Wisconsin 1.0
35. Missouri 0.9
36. Arkansas 0.8
37. Hawaii 0.8
38. Maryland 0.8
39. Alabama 0.7
40. Nebraska 0.7
41. Connecticut 0.6
42. South Dakota 0.6
43. Vermont 0.6
44. Indiana 0.4
45. Iowa 0.4
46. New Jersey 0.4
47. Maine 0.2
48. Virginia 0.0
49. Mississippi -1.2
50. Alaska -1.3

Contributions from mining in Oklahoma and Texas led growth in the Southwest region —the fastest growing BEA region, according to the bureau.

Although mining was not a significant contributor to real GDP growth for the U.S. economy, it did play a key role in several states. This industry was a large contributor in the five fastest growing states—North Dakota, Texas, Wyoming, West Virginia, and Colorado. By contrast, mining continued to decline in Alaska due to lower output on the state’s North Slope, according to the bureau.

Photo: GDP growth by region, courtesy of the Bureau of Economic Analysis