3 Cities to Watch
Source: U.S. Department of Labor
New Jersey U.S.
Neil Pierson is editor of Scotsman Guide Commercial Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
The Garden State’s unemployment rate at the end of 2012 was 9.2 percent, 1.3 percentage points higher than the national rate at the time.
Since then, however, New Jersey has largely mirrored the nationwide
drop in unemployment rates, with its 4.1 percent figure this past
October less than half a percentage point higher than the national rate.
According to a report from the New Jersey Department of Labor and
Workforce Development, the state’s employment base expanded by
68,500 jobs year over year as of this past October. Some economists
and policy experts, however, believe New Jersey is in an unsustainable
bubble that may result in significant layoffs in 2019. Murphy, who took
over as governor in January 2018, was unable to immediately implement
a $15 minimum-wage proposal, although the state’s minimum wage
was set to rise by 25 cents, to $8.85 an hour, at the start of this year.
Focus: Life sciences
According to Choose New Jersey Inc., a nonprofit economic development
organization, the life-sciences industry — which includes a number of
biopharmaceutical and medical-technology companies — employs
more than 117,000 people and contributes more than $47 billion annually
to the Garden State’s economy. No other state employs more biochemists and biophysicists, and companies with a presence in New Jersey
were responsible for half of new drug approvals through the Food and
Drug Administration in 2017.
In addition, Princeton University and Rutgers University support
many private-sector research efforts, including the world’s largest
university-based cell and DNA storage center at Rutgers. Pharmaceutical
companies with a footprint in the state include Bristol-Myers Squibb,
GlaxoSmithKline, Pfizer and Teva Pharmaceutical Industries.
With a population of 67,000, Bayonne is one of New Jersey’s
fastest-growing cities, registering a 6. 6 percent increase in population between 2010 and 2017. According to 6sqft, a real estate news
website, the average home in the city sells for about $400,000,
about half the market rate of nearby Jersey City. The city touts its
walkable neighborhoods and light-rail stations with quick access to
New York City. Bayonne is the third-largest city in Hudson County,
which boasts major employers such as the U.S. Postal Service,
Goldman Sachs and Hanover Direct Inc.
New Jersey’s largest city, with 285,000 residents, Newark is within
20 minutes of New York’s Penn Station via train. It also is home to the
busiest container port on the East Coast, boasts more than 50,000
students and faculty at the area’s colleges and universities, and hosts
the NHL’s New Jersey Devils. Major employers include Prudential
Financial, United Airlines, Horizon Blue Cross Blue Shield and Saint
Barnabas Medical Center.
Located about halfway between New York City and Philadelphia,
this city of 102,000 is the largest in Ocean County, which includes
employers like Six Flags, Meridian Health System and Joint Base
McGuire-Dix-Lakehurst. Its fast growth in the last three decades is
due, in part, to Beth Medrash Govoha. With 6,700 students, it’s the
largest Orthodox Jewish school, or yeshiva, in the country.
Lakewood needs to build 26,000 housing units over the next
20 years to keep pace with anticipated growth.
Sources: 6sqft, Asbury Park Press, Avison Young, Bloomberg, Choose New Jersey Inc.,
Investopedia, Newark Alliance, New Jersey Department of Labor and Workforce
Development, NJ.com, NorthJersey.com, State of New Jersey, The Wall Street Journal,
U.S. Census Bureau, U.S. Department of Labor