Morris County, NJ’s Industry Spotlight: Technology Sector
In the heart of Morris County lies a vibrant and rapidly growing technology sector redefining the region’s economic landscape. With a staggering number of employees, diverse industries, and notable companies driving innovation, Morris County’s technology sector has become a powerhouse, contributing significantly to its Gross Regional Product (GRP). In this blog, we will explore the impressive statistics and the immense potential of the technology sector in Morris County.
Employment and Growth
The technology sector in Morris County boasts an impressive workforce, with over 23,059 employees spread across 1,438 companies. These numbers speak volumes about the county’s dedication to fostering a thriving ecosystem for technological advancements. The technology industry spans over 51 diverse industries, significantly contributing to the county’s economic prosperity, from software publishers to wired telecommunications centers.
Morris County has outpaced the national growth rate in the technology sector, with jobs increasing by 9.5% (1,933 jobs) from 2016 to 2020. This remarkable growth rate surpasses the national average of 7.8%. Moreover, the future looks promising, as the sector is projected to add 812 jobs (3.6% growth) from 2020 to 2025. This continuous expansion demonstrates the county’s commitment to embracing technology and cultivating an environment conducive to innovation.
Notable Companies
The success of Morris County’s technology sector can be attributed to the presence of numerous notable companies that are driving innovation and technological advancements. Here are just a few of the noteworthy companies that call Morris County home:
- Accenture: A global leader in consulting, technology, and outsourcing services, Accenture brings cutting-edge solutions to various industries.
- IOVIA: With a focus on software development and digital transformation, IOVIA enables businesses to stay at the forefront of technological innovation.
- Cynet Systems: A trusted IT staffing and recruitment service provider, Cynet Systems connects talented professionals with leading technology companies.
- Arrow Electronics: This Fortune 500 company specializes in electronic components and computer products, providing critical solutions to businesses worldwide.
- Avayq: Avayq is a rising star in the software development industry, offering innovative solutions for various sectors, including healthcare and finance.
- Abbvie: A global pharmaceutical company, Abbvie leverages technology and research to develop life-changing medicines and treatments.
- Pry Technologies Inc: A leading provider of IT solutions, Pry Technologies empowers businesses with cutting-edge software and hardware solutions.
- Bayer Corp: As a significant player in the healthcare and agriculture sectors, Bayer Corp harnesses technology to drive innovation and improve lives.
- ASCO Power Technologies: Specializing in power control and automation solutions, ASCO Power Technologies ensures uninterrupted power supply for critical infrastructure.
Average Salary Earnings
The technology sector in Morris County not only offers numerous employment opportunities but also provides attractive earning potential. Here are the average salary earnings for various sub-sectors within the technology industry:
- Research and Development in the Physical, Engineering, and Life Sciences: $137,603
- Data Processing, Hosting, and Related Services: $149,876
- Computer Facilities Management Services: $180,398
- All Other Miscellaneous Electrical Equipment and Component Manufacturing: $145,906
- Computer and Computer Peripheral Equipment and Software Merchant Wholesalers: $161,413
- Research and Development in Biotechnology: $301,736
Thriving Sub-Sectors
Morris County’s technology sector comprises several thriving sub-sectors contributing significantly to its economic growth. Here are some of the top sub-sectors and their respective contributions to the county’s economy:
- Wired Telecommunications Centers: $499,291,757
- Software Publishers: $169,616,246
- Data Processing, Hosting, and Related Services: $144,497,718
- Computer System Design Services: $115,222,638
- Custom Computer Processing Services: $86,661,576
- Electrical Contractors & Other Wiring Installation Contractors: $79,811,013
Total Top Sales
In addition to the impressive employment numbers and thriving sub-sectors, the technology sector in Morris County also boasts substantial sales figures, further solidifying its role as a critical driver of economic growth.
Research and Development in Biotechnology: $4,507,023,438
The biotechnology sector in Morris County is making significant strides, with research and development efforts leading to groundbreaking innovations. The impressive sales figure of over $4.5 billion highlights the county’s dedication to advancing healthcare, agriculture, and other biotech-related industries.
Custom Computer Programming Services: $913,394,643
Custom computer programming services play a crucial role in meeting the specific technological needs of businesses across various sectors. With sales surpassing $900 million, Morris County’s expertise in tailored software solutions is in high demand, driving growth and innovation.
Wired Telecommunications Carriers: $888,495,895
As the world becomes increasingly interconnected, wired telecommunications carriers in Morris County play a vital role in providing reliable communication infrastructure. With total sales exceeding $880 million, these carriers ensure seamless connectivity for businesses and individuals.
Computer Systems Design Services: $828,547,941
The computer systems design services sector in Morris County thrives on providing innovative solutions to meet the evolving needs of businesses. With sales totaling over $820 million, the county’s talented professionals and companies offer cutting-edge technological expertise and design services.
Data Processing, Hosting, and Related Services: $778,791,203
In the era of big data, data processing, hosting, and related services are in high demand. Morris County’s robust infrastructure and skilled workforce enable businesses to process and manage data effectively. With sales exceeding $770 million, the county has established itself as a secure and efficient data services hub.
Electrical Contractors and Other Wiring Installation Contractors: $665,321,881
The electrical and other wiring installation contractors in Morris County are integral to providing reliable electrical infrastructure to businesses and residential areas. With total sales surpassing $660 million, these contractors ensure the safe and efficient operation of electrical systems, supporting the technology sector and beyond.
Get in Touch with the MCEDC
Morris County’s technology sector has emerged as a driving force behind its economic prosperity. With a substantial number of employees, an array of industries, and a growing number of jobs, the sector is a crucial contributor to the county’s Gross Regional Product (GRP). As the technology sector continues to expand, Morris County is poised to become a beacon of technological advancement and a hotspot for innovation in the years to come. If you want to learn more about Morris County’s technology sector, please get in touch with the EDC today.