Of course revenues are down. Population growth lags many other states. Unemployment is high. Quality corporations in the state are reducing head count and moving production elsewhere - see J&J (production elsewhere), Pfizer, Merck, Ford. AT&T is no longer a NJ company and has a much reduced presence.
Along with the company declines comes the decline in quality people - leaving the usual parasites remaining.
The tax burdens, both income and property, are outrageously high. Costs and fees are high. Insurance is out of control. Services stink. Government workers are rude and stupid. NJ is over 20% union workers - that's all you need to know.
I lived there a long time. Nice corporations. Then. Still some now. I escaped and realized the advantages of living in a non liberal state.
NY is not much different.