MCEDC’s NJ Relocation Guide is Available Now
If you want to relocate to Morris County, NJ, look no further than the MCEDC’s Ultimate NJ Relocation Guide. This guide outlines what you need to know about making the county your new home. Our guide has everything to help you move, from finding the perfect community to learning about our excellent schools and world-class healthcare.
The Morris County EDC is proud to present this guide to help make your transition to the area as smooth as possible. We want you to enjoy all that Morris County has to offer, and our guide will provide you with everything you need to get started.
About Morris County’s Thriving Economic Landscape
Business in Morris County is booming, and the economy is diverse. With a $60 billion economy, Morris County is an economic engine for New Jersey and the United States. If you’re looking to start or grow a business, there’s no better place than Morris County. Diversity fuels our businesses and drives our economy forward.
Morris County is home to seven key industries:
In Morris County, the healthcare and wellness industry is one of the fastest-growing clusters, with 3.2 percent job growth in 2020. With 34,500 healthcare and wellness workers at 1,600 companies across the region, the industry has a $3.8 billion annual GRP and is a significant driver of the county’s economy.
There are 78% more jobs in Morris County in the financial services industry than one would expect in the average region of this size. The financial sector is a critical part of the county’s economy, accounting for 430+ payrolled business locations and 76% of the goods and services the sector requires to operate. Morris County is uniquely positioned to provide the financial services industry with the talent, resources, and infrastructure it needs to thrive.
The life sciences industry is projected to increase by 939 jobs (9.4%) from 2020-2025, outpacing the national growth rate of 8.9%. The regional job concentration for the selected industries is 3.42 times the national job concentration. In other words, this region has 237% more jobs than one would expect to find elsewhere in the nation.
In 2020, the manufacturing industry contributed $5,940,908,307 to Morris County’s GRP, and current earnings for this sector are $104,875. The Manufacturing sector is vital to Morris County’s economy, accounting for nearly 11% of the county’s GRP. Innovation, leading-edge technology, and top talent drive the advanced manufacturing processes serving multiple sectors today. Morris County is committed to its diverse manufacturing base through our production of pharmaceuticals, metals, plastics, production technology, and scientific instrumentation.
The technology industry saw massive increases in recent years in Morris County. Jobs for information technology and telecommunications increased by 1,933 jobs (9.5%) from 2016-2020, outpacing the national growth rate of 7.8%. Additionally, the technology industry is projected to increase by 812 jobs (3.6%) from 2020-2025. The regional job concentration for information technology and telecommunications is 3.10 times the national job concentration. In other words, there are 65% more jobs in Morris County than one would expect to find in the average region.
Transportation & Logistics
The average earnings per job in the transportation and logistics industry are $129,312. The freight transportation arrangement industry makes $15,987,108 worth of purchases through its regional supply chain. Despite the decline in employment, transportation and logistics are vital to the Morris County economy. Morris County is a great place to start your search if you’re looking for a career in transportation and logistics. With its many industries and strong economy, this industry boasts plenty of opportunities to find your niche.
Aerospace & Defense
The aerospace and defense industry is booming in Morris County, with job growth outpacing the national average by more than five percentage points. The region’s labor cost is below average, making it an attractive location for businesses in this industry. This industry’s regional earnings per job are $122K, which is $13.1K below the national average of $135.4K. In 2020, the demand for aircraft engines and engine parts was valued at $90,490,037. Additionally, $156,129,075 worth of in-region purchases were made through this supply chain in 2020. With a strong foothold in the aerospace and defense industry, Morris County is poised for continued growth in the years to come.
Book an Appointment Today with Morris County EDC
Morris County is a great place to relocate to if you’re looking for work in the financial, manufacturing, technology, life sciences, transportation & logistics, or aerospace & defense industries. With its many industries and strong economy, the county offers plenty of opportunities to succeed.
If you are interested in learning more about relocating your business to the area, please contact the EDC today. We would happily answer any of your questions and discuss how membership, counseling, and our resources will benefit your business.