New Jersey-Israel Economic Relations Soar, Boosting Trade and Job Creation

New Jersey Governor Phil Murphy and the New Jersey-Israel Commission are excited to announce a significant increase in economic growth between New Jersey and Israel from 2021 to 2022. Ahead of Israel's 75th anniversary, new data from the New Jersey Economic Development Authority (NJEDA) reflects record investments and job creation under the Murphy Administration.

The latest data highlights the expanding presence of Israeli high-tech companies in New Jersey, contributing to the state's growth in trade volume and foreign direct investment (FDI). To further capitalize on this growth, the New Jersey-Israel Commission established a new business attraction office in Tel Aviv in March 2023, following a grant awarded to Choose New Jersey in 2022.

Key developments from 2021 to 2022 include an 11% increase in New Jersey-Israel total trade volume, from $1.55 billion to $1.72 billion, and an 8.5% growth in New Jersey exports to Israel, from $461 million to $500 million. The state maintained its second-place rank in attracting 25% of FDI from Israel in the Northeast.

The strong economic ties between New Jersey and Israel have led to substantial growth in trade, investment, and job creation, with Israeli investment in New Jersey valued at approximately $551 million since 2003. The New Jersey-Israel Commission remains committed to fostering innovation, investment, and business opportunities across critical industries in both states.

Governor Murphy expressed his enthusiasm for the partnership, stating, "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."