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| Newjerseyxl » New Jersey Economy |
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New Jersey Economy |
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Owing to the fact that New Jersey is situated very close to the cities of Philadelphia and New York, New Jersey has emerged to be one of the important economic centers of United States. Due to this fact, New Jersey economy has been a subject of great discussion amongst economists and scholars.
New Jersey economy was mainly agriculture based until the 18th century. Tomato, cranberries, eggplant and peach were the main crops grown in New Jersey. Dairy products, poultry, sea food and nursery stock were other earners of revenue of the state.
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Ship building was another very important part of New Jersey economy. Oak and pine grew in large numbers in southern New Jersey. This timber was greatly used to make sails and bodies of ships. In fact, New Jersey specialized in ship building that were exported to other countries.
The end of the 18th century however, witnessed a great change in the economic structure of New Jersey. After the setting up of railway tracks the population of the country increased drastically. Many resorts and buildings started mushrooming all over New Jersey. As a result, trade, tourism and construction became important parts of New Jersey economy. Retail trade and wholesale also contributed to the country's economy.
By the year 2000, pharmaceuticals products, fabricated metal industries, petroleum refining, electronic equipments, chemicals, electric appliances, apparels and food processing became important contributers to the New Jersey economy. It will not be wrong to say that at present oil refineries are the most important part of New Jersey economy. Some of the important oil refining companies in New Jersey are as follows:
- Perth Amboy Refinery
- Bayway Refinery
- Paulsboro Asphalt Refinery
- Port Reading Refinery
- Paulsboro Refinery
- Eagle Point Refinery
New Jersey do not have much mineral deposits. Hence mineral extraction is definitely not an important part of New Jersey economy. In spite of minor drawbacks, New Jersey has a sound economy.
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