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Study: NJ Personal Income Growth Lags Behind National Average

According to a study conducted by The PEW Charitable Trusts, residents of New Jersey saw their personal income grow this past year at a slower pace than most other states. The study showed that the growth of personal incomes over the past year grew an average of 1.1%, while the average U.S. worker saw their personal incomes increased 2.0% on average.

Additionally, an analysis of personal incomes in the United States since 2007 shows that New Jersey incomes have been growing at a slower pace than the national average for at least the past 12 years. While the average American worker has seen their incomes rise by an average of 1.9% since Q4 of 2007, the average worker in New Jersey has seen their incomes rise by an average of 1.3%.

While these numbers probably don’t surprise many New Jersey residents, it should serve as a call to action for lawmakers. New Jersey is a perennial bottom-feeder when it comes to national rankings of best states to open a business in. The state has also lost billions in revenue from wealthy residents fleeing New Jersey’s prohibitive tax environment, and an untold amount of possible economic growth due to individuals choosing to open shop in more business-friendly states like Texas.

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