That’s according to the U.S. Bureau of Economic Analysis which just released the Annual Personal Income, 2021 (Preliminary) and State Quarterly Personal Income, 4th Quarter 2021.
“The US Bureau of Economic Analysis has reported that aggregate personal income of New Jersey residents fell at a .6% annual rate in the fourth quarter of 2021. This was considerably below the national growth rate of 2.4% and ranked us 40th in the nation,” explained Dr. Charles Steindel, former Chief Economist of the State of New Jersey who analyzed the report for the Garden State Initiative (GSI).
“Our results for 2021 as a whole were similar to Q4’s. Our 6.2% growth trailed the nation’s 7.4% gain, and ranked us a lackluster 37th,” Dr. Steindel added. “Unlike Q4, over all of 2021 net earnings growth in New Jersey (7.6%) was lower than the nation (8.9%). We did a bit better than New York and Pennsylvania and a touch worse than Massachusetts.”
We won’t have data for the first quarter of 2022 until June 22nd.
