New Jersey Ranked 5th Richest State In Latest , “How rich is each US state? ” Report

the staff of the Ridgewood blog

Ridgewood NJ, “Chamber of Commerce” is the go-to digital resource for small business owners and entrepreneurs, providing the guidance they need to start and run successful businesses.   Getting a small business going from the ground up is no easy task.(Source: https://www.chamberofcommerce.org/about/)

In its latest research report “How Rich is Each US State “

“Chamber of Commerce” reports ,”As with the poorest states, one US region stands out among the others due to its affluence: the Northeast. Half of the top 10 richest states belong to this region, along with 9 of the top 15. Furthermore, not a single Northeastern state appeared in the bottom twenty, with Maine falling the lowest, at #30. Significant characteristics of wealthy Northeastern states include a high per capita income, a low poverty rate, and a high average state revenue per capita. The average 2017 real per capita personal income for a top 15 Northeastern state was 53,574, 10% higher than the average for all states (not adjusted for population). Additionally, only one top 15 Northeastern state, New York, matched the national poverty rate of 11.8%.  (Source: https://www.chamberofcommerce.org/how-rich-is-each-us-state/) ”

New Jersey  ranked the 5th richest state with neighbors Connecticut still number 1 , and New York  number 3.

“Although New Jersey isn’t commonly thought of as a wealthy state, it is in fact one of the richest in the nation and owes its status to a few very affluent areas. The Garden State is home to some of the wealthiest counties in America, including Monmouth and Bergen, where median household incomes top $150K.  On a whole, New Jersey fares very well, boasting a high real per capita income and state revenue similar to its neighbors New York and Connecticut.  (Source: https://www.chamberofcommerce.org/how-rich-is-each-us-state/)”

The report concluded , “The results of this ranking indicate that relative wealth in the United States can largely be determined by the region in which a state is located, with a majority of the wealthiest states belonging to the Northeast, the poorest found in the South, and the states of the Midwest and other states located somewhere in the middle.  While there are some exceptions, and each state has rich and poor, one can confidently predict a state’s wealth by where it falls on the map, and the situation is likely to remain this way for the foreseeable future.  This ranking was compiled from the latest available data on the following: Real per capita personal income (i.e., chained dollars), which is real personal income divided by the midyear population, Poverty: Percentage of People in Poverty by State Using 2- and 3-Year Averages, State and Local General Revenue (per capita), Spending by State (per capita) and How much you need to be in the top 5 percent in every state (minimum amount). (Source: https://www.chamberofcommerce.org/how-rich-is-each-us-state/)”