NJ’s Economic Future Discussed at NJBankers Conference

By Jim Pytell, Managing Editor On Mar 7, 2025

With the New Jersey gubernatorial election less than a year away, Tim Sullivan, chief executive officer, New Jersey Economic Development Authority, painted an optimistic picture for New Jersey’s economic future at NJBankers’ 14th Annual Economic Leadership Forum yesterday.

Citing the state’s job and population growth and highlighting some key growth sectors as well as the state’s commitment to Strategic Innovation Centers (SICs), Sullivan told the audience of industry experts that “New Jersey’s momentum is quite strong.”

“I’d rather have our deck of cards than anybody else’s in the region,” Sullivan said. “While there’s no declaration of victory here, the direction we are headed and the variety of the indicators we look at is quite strong.”

Namely, he cited the state adding 213,800 jobs since 2018, although New Jersey still has the 8th highest unemployment rate (4.6%) in the nation

“Since the depths of the pandemic in June 2020, we have added jobs at a faster rate than any other state in the Northeast,” Sullivan said.

He also pointed to the state’s increasing population, a figure that now tops 9.5 million people for the first time, according to the latest data from the U.S. Census Bureau.

That is an increase of 1.3% from 2023, which positions New Jersey as the Northeast leader in year-over-year population growth rate. Additionally, the state has experienced a 2.3% population increase since April 2020, which marked the release of the Decennial Census data.

Sullivan conceded to the audience at the Embassy Suites by Hilton in Berkeley Heights that while the state is not without its challenges, “Most of our challenges are the challenges of growth.”

As for specifics, Sullivan said that New Jersey’s economic diversification is a core strength, and that the continued growth of new industries such as film and television, cannabis, and clean energy continue to contribute significantly to the state’s economy.

In fact, since 2018, New Jersey’s GDP has grown by $73 billion.

“We want to be more resilient. If you look across the country, the weakest economies are the ones that are dependent on one single industry,” Sullivan said.

Another positive indicator that Sullivan cited is the state’s commitment to the creation of Strategic Innovation Centers (SICs), which he likened to long-term investments into the state’s economic ecosystem.

“We want to place a bet on our ability to cultivate and grow lots of companies,” he said. 

SICs can take many forms such as: accelerators, incubators, research centers, innovative service delivery centers, or multi-tenant innovation clusters. Most have a common goal of being a physical location that brings people together to advance innovation.

The state has opened 10 SICs, including the Nokia Bell Labs Innovation Center, Princeton University’s AI Hub, New Jersey Fintech Accelerator at Stevens Institute of Technology (NJFAST), Newark-based HAX, Coriell Institute for Medical Research in Camden, New Jersey Bioscience Center in North Brunswick, SciTech Scity in Jersey City, HELIX in New Brunswick, National Aerospace Research and Technology Park in Egg Harbor Township and the New Jersey Innovation Institute. 

“We feel that these innovation centers are existential to the state’s future,” Sullivan said. “These are planting seeds that are going to blossom 5, 10, 15, 25 years from now. These are long-term investments with the goal of having more new young Fortune 500 companies starting, growing and staying in New Jersey.” 

To access more business news, visit NJB News Now.

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