New Jersey’s real gross domestic product growth (GDP) decreased at an annual rate of 2.2% in the first quarter of 2022, according to statistics released Thursday by the U.S. Bureau of Economic Analysis.
New Jersey’s growth from Q4 of 2021 to Q1 of 2022 decreased at a slightly faster rate than the national rate of 1.6%.
New Jersey’s 2.2% dip was also the highest among all regional states, including Pennsylvania (2.0%), Connecticut and Delaware (1.4%), New York (1.3%), Maryland (0.3%) and Massachusetts (0.2%).
This marks the first quarter of decreasing GDP for both New Jersey and the U.S. since the second quarter of 2020, the start of the pandemic. Mirroring national trends, nondurable goods manufacturing, retail trade, and finance and insurance were the leading contributors to New Jersey’s decline.
To see the full results from the BEA, click here.