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.

Tourism

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.