New Jersey's economy is centered on pharmaceuticals, financial services, telecommunications, food processing and tourism. It also benefits as bedroom communities for both Philadelphia and New York. Though business and living costs are among the nation’s highest, New Jersey compensates by having one of the most educated labor forces. New Jersey scores poorly for its regulatory climate and fiscal health. Only Illinois has a worse rating on its general obligation debt than New Jersey's A3. New Jersey has the highest median household income in the country at $85,853.
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