The Economy of New Jersey Explained (It's Not What You Think)

The Economy of New Jersey ExplainedNew Jersey generates nearly $900 billion in GDP — enough to rank as the 18th largest economy on Earth. It houses 8 of the world's top 10 pharmaceutical companies, moves one-third of all East Coast cargo through a single port, and has the highest median household income in the country after Massachusetts. But it also has the highest property taxes in America, the highest corporate tax rate of any state, and has lost over 500,000 residents to other states in the past decade.In this video, we break down how New Jersey's economy actually works — from its pharmaceutical empire and Wall Street West financial corridor to the $50 billion tourism machine on the Jersey Shore. We explore why the "Garden State" nickname is literal, how the Port of Newark invented modern global shipping, and why a state this wealthy keeps watching its residents drive south with U-Hauls attached.