Economic growth under the Murphy administration
Under his administration, Governor Murphy and the Legislature will strengthen New Jersey's economy by making smart investments in New Jersey's workers and families, improving affordability, and restoring fiscal responsibility to the state. We have grown significantly and created some of the best new jobs and businesses in the nation.
GDP growth rate
- Under Governor Murphy's leadership, New Jersey more than doubled its real GDP growth rate compared to the Christie administration, resulting in an increase in total GDP of $10 billion. 7.4% Compared to when he became governor.
- Under the Murphy administration, New Jersey 196,000 total jobs In the decade before the Murphy administration, employment grew by just 0.2% a year; 72,400 net jobs.
- In 2023, New Jersey was ranked by CNBC as: The most improved condition for business, moved up 23 places in America's top states for business ranking, ranking 19th in 2022. This past year, New Jersey produced the following results: Fastest job growth among Northeastern states And it exceeded the national average.Under the Christie administration, New Jersey ranked lowest In the Northeast, it ranks near last (42nd) in the country in terms of job creation.
Small business growth and other new businesses
- Since 2018, the number of small businesses in New Jersey has increased 40,000 or more or 19%– New Jersey ranks among the top five states in the Northeast for small business growth despite the global pandemic.
- New Jersey saw 34% increase Since 2018, it has been ranked 3rd among selected states for growth in businesses that are likely to hire and pay employees in monthly trending business applications.
- From 2007 to 2017, New Jersey ranked 49th in wage growth, with a growth rate of almost zero, but during the Murphy administration, the median real wage growth was Four%.
- Governor Murphy has launched new job-intensive industries, such as movies and offshore wind power. In 2022, New Jersey broke film and digital media production records. Over $650 million and estimate 8,500 jobs to the economy. The offshore wind industry is tens of thousands of new jobs and billions of dollars Decide how much to invest for the next 10 years. With past investments and award-winning projects, 12,300 new jobs.
- Under the Murphy administration, The average budget surplus exceeded $6.2 billion, Surplus for FY2024 will exceed 15% of expenditures.The average surplus under the Christie administration was Approximately $627 millionthe largest surplus is only 2.75% of expenditures.
- The state has been upgraded by credit rating agencies (Moody's, S&P, etc.). 7 times There have been 11 consecutive downgrades under Christie, compared to 11 consecutive downgrades under the current administration.
- Deposited by Governor Murphy $9.25 billion This fund has been used to both pay down debt and avoid new debt. The largest avoided allocations are available to fund school construction projects ($1.9 billion) and transportation-related projects (about $1.3 billion).
- The total amount paid by the country is $4.7 billion with national debt. Nothing else has been implemented at this scale In New Jersey, this initiative directly led to an increase in the state's rating.
- Prudent use of paygo funds, prudent management, and defeasance programs have reduced Treasury bond balances in 2023 to their lowest levels in a decade.
- Contributions of the Murphy Administration $32.6 billion Comparison with transition to pension system after 6 years up to $8.8 billion In eight years, the Christie government would increase the Murphy government's current pension contributions by $23.8 billion, or 4 timesas the total of the Christie administration.