Industry Spotlight: Morris County, NJ Healthcare Sector

Industry Spotlight: Morris County, NJ Healthcare Sector 1280 850 Morris County Economic Development Corporation (MCEDC)

Morris County, NJ Healthcare Industry: A Pillar of Economic Growth

Morris County, NJ’s Healthcare and Wellness industry stands out as a powerhouse, boasting 34,500 dedicated professionals employed across 1,600 companies. This sector has rapidly become one of Morris County’s fastest-growing clusters, recording an impressive 3.2% job growth in 2020, slightly below the national average of 3.5% but contributing significantly to the county’s economic landscape.

Economic Impact and Growth

The economic impact of healthcare in Morris County is substantial, with an annual Gross Regional Product (GRP) of $3.8 billion. This underscores the industry’s pivotal role in sustaining the local economy and fostering continued growth. The sector’s 37 diverse sub-industries contribute to a resilient and multifaceted economic foundation, showcasing its ability to meet the varied healthcare needs within the community.

Workforce and Diversity

With over 36,968 employees distributed across 6,547 companies, the healthcare industry in Morris County is a testament to its commitment to diversity and inclusivity. It spans 37 sectors, reflecting a comprehensive approach to healthcare that includes mental health, family planning, and ambulatory services. This strategic diversification positions Morris County as a versatile hub for healthcare excellence, capable of adapting to evolving community needs.

Competitive Salaries Reflecting Excellence

Morris County’s commitment to attracting and retaining top-tier talent is evident in the competitive salaries offered. Adjusted for the cost of living, average earnings range from $79,811 for Offices of Physicians and Mental Health Specialists to an impressive $143,506 for All Other Miscellaneous Ambulatory Health Care Services. These figures reflect the industry’s dedication to supporting a thriving workforce that delivers high-quality care.

Top Subsectors and Sales Figures

The Healthcare and Wellness industry’s economic prowess is further highlighted by its top subsectors and total sales figures. General Medical and Surgical Hospitals lead the way with $2,323,893,173 in economic output, followed by Offices of Physicians (except Mental Health Specialists) at $1,279,507,489. Total sales figures emphasize the industry’s significant financial impact, with General Medical and Surgical Hospitals contributing $2,999,465,945 and Offices of Physicians (except Mental Health Specialists) reaching $1,370,074,166.

Notable Companies Shaping Morris County’s Healthcare Landscape

Morris County takes pride in hosting notable healthcare companies that significantly contribute to the industry’s success:

Atlantic Health

A leading healthcare provider committed to enhancing community well-being through cutting-edge medical services.

Prime Healthcare Services

Known for its dedication to providing high-quality, compassionate care across a network of hospitals.

BAYADA Home Health

A trusted name in home healthcare services, ensuring patients receive personalized care in the comfort of their homes.

Sunrise Senior Living

Focused on senior care, offering a range of services to enhance the quality of life for elderly residents.

CVS Health

A healthcare and pharmacy giant playing a vital role in making healthcare more accessible to the Morris County community.

Morristown Medical Center

A flagship hospital providing advanced medical services and contributing significantly to the county’s healthcare reputation.

St. Clares

A healthcare organization committed to community well-being, offering comprehensive medical services.

Greystone Park Psych Hospital

Specializing in mental health services, contributing to the holistic healthcare landscape of Morris County.

Chilton Medical Center

A prominent healthcare facility providing various medical services and contributing to the county’s healthcare excellence.

Cedar Crest Senior Living

Focused on senior living, providing a supportive and enriching environment for elderly residents.

These companies drive economic growth and play a crucial role in ensuring the health and well-being of Morris County residents. As pillars of the local healthcare landscape, they contribute to the industry’s resilience and continued success.

Book an Appointment with the MCEDC

Morris County’s Healthcare sector is thriving, and MCEDC invites you to join this dynamic community. If you’re interested in Morris County’s healthcare scene or considering establishing your presence in the region, get in touch with the EDC today. We would happily answer any of your questions and discuss how membership, business counseling, and our resources will benefit your business.