Soaring High: Morris County’s Aerospace and Defense Industry Takes Flight
Morris County, New Jersey, might not be the first place that comes to mind when you think of the aerospace and defense industry, but this dynamic region is home to a thriving and impactful sector.
With over 29 companies, seven diverse industries, and a workforce of 1,353+ employees, the aerospace and defense industry in Morris County is soaring to new heights. In this blog, we’ll delve into the impressive statistics that make this industry a vital contributor to the local economy
Gross Regional Product (GRP)
The Gross Regional Product (GRP) of this industry in Morris County is an impressive $286.1 million, demonstrating the economic vitality of this sector. Among the notable companies that contribute to this figure are global giants such as Honeywell International, Astronautics Corporation, Whippany Actuation Systems, Boeing, Northrop Grumman, Howmet Castings, McWilliams Forge Co, Precision Forms Inc, Parker-Hannifin Corp, and Neptune Products Inc.
Salary Earnings and Top Subsectors
In terms of salary earnings, the aerospace and defense industry in Morris County offers competitive wages. For instance, those working in Aircraft Engine and Engine Parts Manufacturing earn an average of $67,628, while those in Other Aircraft Parts and Auxiliary Equipment Manufacturing earn an average of $92,506. Meanwhile, employees in Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing command the highest average salary, at $101,877.
The top subsectors in terms of earnings include Aircraft Manufacturing, which pulls in $86,661,576, followed by Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing, at $63,288,597. Aircraft Engine and Engine Parts Manufacturing and Guided Missile and Space Vehicle Manufacturing also make significant contributions, with earnings of $42,872,206 and $29,200,252 respectively.
The aerospace and defense industry in Morris County is a formidable economic force, with impressive sales figures across various subsectors that emphasize its robustness and significance.
Aircraft Engine and Engine Parts Manufacturing Sector
The Aircraft Engine and Engine Parts Manufacturing sector leads the charge, boasting sales of $191,338,931. This indicates a strong demand for these crucial components in the aerospace industry. The high sales figure reflects the quality of the products and the efficiency and capacity of this sector in Morris County.
Other Aircraft Parts and Auxiliary Equipment Manufacturing Sector
The Other Aircraft Parts and Auxiliary Equipment Manufacturing sector is closely followed, with sales amounting to $136,240,068. This sector encompasses many other parts and equipment essential for aircraft operations. The substantial sales figure suggests a thriving market and a broad spectrum of products manufactured in the county.
Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing Sector
The Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing sector posts sales of $111,544,607. These specialized systems and instruments are vital for safe and efficient flight operations, including navigation and detection. The strong sales underscore the county’s technical expertise and innovative capabilities in producing these sophisticated systems.
These figures collectively highlight the vibrancy and dynamism of the aerospace and defense industry in Morris County. They underscore the industry’s critical role in the county’s economy and potential for future growth. With its diverse and thriving subsectors, Morris County continues to solidify its position as a significant player in the aerospace and defense industry.
The Bottom Line
Morris County’s aerospace and defense industry is a bustling ecosystem powered by a strong workforce, home to global companies, and contributing significantly to the economy. Its robust performance across various measures continues solidifying its position as an essential player in the national aerospace and defense landscape.
Book an Appointment with the MCEDC
If you are interested in learning more about the aerospace and defense industry in Morris County, or if you are looking to relocate your business to the area, please 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.