New Jersey Governor Phil Murphy and the New Jersey–Israel Commission have announced a year of strong and increased economic growth between New Jersey and Israel, according to newly released data from the New Jersey Economic Development Authority (NJEDA). The figures demonstrate record investments and job creation under the Murphy Administration between 2021 and 2022, showcasing how New Jersey is leveraging its relationship with Israel to attract Israeli investment and foster economic growth.
The data reveals that new and expanding Israeli companies, particularly from the hi-tech sector, are investing in New Jersey. Key trade developments include an 11% increased total trade volume from $1.55 billion to $1.72 billion from 2021 to 2022; a 8.5% growth in New Jersey’s exports to Israel from $461 million to $500 million, along with a 12% growth from Israel to New Jersey from approximately $1.1 billion to $1.2 billion.
During 2021, New Jersey maintained its second place rank in attracting 25% of foreign direct investment (FDI) from Israel in the Northeast, while FDI from Israel has multiplied more than five times during this period, worth an estimated $454 million and leading to the creation of 1,425 jobs.
New Jersey a key focal point for the Israeli business community and innovation
These positive trends in trade and investment demonstrate the strength of the economic relations between New Jersey and Israel, despite economic turbulence in recent years. The data also highlights that New Jersey is a key focal point for the Israeli business community and innovation entering the US, with Israeli investments valued at approximately $551 million and the creation of 1,900 jobs since 2003.
“As our state’s economy continues to grow, I am glad that we are doing so with our partners in Israel,” said Murphy. “New Jersey is home to many great companies, and we cherish their unique contributions and investments to each of our communities. We look forward to continuing this relationship with our counterparts in Israel and will continue to do what we can to support their expanding business in our state.”
Anat Katz, Israel Economic Minister to North America, acknowledged the significant growth in trade between Israel and New Jersey. “It is great to see this year’s economic statistics reflect the significant growth in Israel and New Jersey’s bilateral economic ties across all categories – import, export and a substantial FDI into New Jersey,” she said.
“Israeli investment in New Jersey is making an impact on its economy and supporting job creation, while providing a strong base and foundation for further growth in the United States for Israeli companies – a true win-win situation. We are thankful to Governor Murphy for his leadership, continuous support of Israel, and commitment to further our bilateral economic ties via the highly active and effective New Jersey-Israel Commission,” said Katz.