NJBIZ outlook for 2023

The leading business news source in New Jersey, NJBIZ, has published its yearly forecast for the state's economy in 2023. The forecast is favorable overall, with analysts projecting robust growth across several important industries.

Technology is one of the most promising industries. Major tech corporations like Verizon, AT&T, and Honeywell have their headquarters in New Jersey, and the state's highly educated workforce and proximity to New York City make it an appealing location for organizations in the area. According to experts, the IT industry will continue to thrive in 2023 as businesses extend their operations in the state and invest in new goods and services.

Verizon, AT&T, and Honeywell

Wireless communications, broadband internet, and TV are just a few of the services offered by Verizon, a telecommunications provider. With revenues of more than $131 billion in 2020, Verizon has had recent years of great profitability. The company operates a wide range of activities, including a cellular section that significantly boosts total profitability.

Another industry titan in the field of communications is AT&T, which specializes in TV, broadband internet, and wireless communications. With revenues of more than $181 billion in 2020 but a net loss of $3.9 billion, the corporation has had inconsistent financial performance in recent years. As it looks to the future, AT&T has been concentrating on growing its 5G network and investing in its media and entertainment companies.

Aerospace, building technologies, and industrial solutions are just a few of the fields in which Honeywell operates as a diverse technology and manufacturing corporation. The business recorded over $40 billion in sales and a $3.3 billion profit in 2020. With a significant position in the aerospace sector and high demand for its goods and services, Honeywell has been able to prosper financially.

Healthcare & Pharmaceutical corporations

Healthcare is another growing industry. Several significant pharmaceutical corporations, notably Johnson & Johnson and Merck, are based in New Jersey, and the state's healthcare sector significantly contributes to its economy. Experts anticipate that the healthcare industry will keep expanding in 2023, driven by an older population and improvements in medical technology.

Retail Industry

In 2023, substantial growth is anticipated in the retail industry as well. The retail industry in New Jersey is thriving, and large shopping centers like Jersey City and Newark draw people from all over the area. Experts predict that e-commerce sales will rise in 2023 and that brick-and-mortar retail growth will continue.


The economy of New Jersey also benefits from the tourism sector. Because of the state's beaches, historical landmarks, and cultural attractions, it is a well-liked vacation spot. In 2023, tourism is predicted to rise as more tourists come to the state for both leisure and business purposes.

Additionally, a healthy real estate market is anticipated for 2023. The housing market in New Jersey is diversified, offering everything from suburban single-family houses to urban flats. Housing demand is predicted to remain strong in 2023 thanks to low mortgage rates and a robust economy.

Conclusions from the NJBIZ forecast for 2023

The outlook for New Jersey's economy in 2023 is favorable, with significant growth anticipated across several important industries. The state's resilient and diverse economy is well-positioned to weather any storms and continue its expansion into the future, despite potential obstacles and unpredict abilities.

  • The outlook for the economy of New Jersey in 2023 is favorable.
  • The following sectors are anticipated to grow technology, healthcare, retail, tourism, and real estate.
  • Major tech firms based in New Jersey include Verizon, AT&T, and Honeywell
  • An aging population and advancements in medical technology are likely to stimulate further growth in the state's healthcare sector.
  • In 2023, it is anticipated that e-commerce and retail would grow significantly.
  • More tourists are anticipated to go to the state for both pleasure and business purposes as tourism grows.
  • Due to low mortgage rates and a solid economy, the real estate market is anticipated to be robust.
NJBIZ outlook for 2023
NJBIZ outlook for 2023

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