Focus NJ’s 2020 Economic Review Details Devastation of NJ Economy by COVID-19 Pandemic

TRENTON, NJ (SBN) — The pandemic in 2020 led New Jersey’s economy to record high unemployment rates and unemployment claims, as well as a historic contraction in the state’s Gross Domestic Product, followed by a quick rebound.

That’s the results of a 2020 economic study by NJ Focus, a nonpartisan, nonprofit research foundation launched by the New Jersey Business & Industry Association in February 2020.

Among highlights of the report:

  • Small business revenue in New Jersey decreased by 35.8% from January 2020 to year’s end 
  • Unemployment among Black workers increased to over 18% in Q2 of 2020, compared to 7% in Q1 of 2020 
  • More than 3 in 10 of New Jersey small businesses closed temporarily or permanently.

NJ Focus executive director Nicole Sandelier discussed the details of the study with SBN correspondent Steve Lubetkin in this audio interview.