Outlining the Top-Performing Industries in Morris County, New Jersey’s Economy
The Morris County, New Jersey economy is astonishing, with over 60 billion dollars in gross regional product in industries as diverse as agriculture, aerospace, financial services, insurance, and pharmaceuticals. Conveniently located near hotspots including Manhattan and Philadelphia, Morris County enjoys a flourishing job market and economic activities. In fact, there are over 800 corporate headquarters here—including some of the most influential names in business. The area’s economic activities draw educated workers from all over the country and help build a robust economy.
Below are Morris County, New Jersey’s top-performing industries and economic activities projected for 2021.
One industry that is booming in the Morris County, New Jersey economy is the pharmaceutical industry. New Jersey Business has said, “New Jersey is home to more biopharmaceutical companies than any other state in the country, or any other country in the world.” With this many companies in play, the industry is key to Morris County, New Jersey’s economic activities. Bayer, Novartis, and Allergan all have corporate headquarters here and are some of the largest local employers. Pharmaceuticals is just one of the major industries bringing life to the area.
Health and Wellness
With so many pharmaceutical companies in the area, it stands to reason that the medical world would also be well-represented. The Atlantic Health System is one of the largest employers in the region and is rated by the U.S. News and World Report as one of the country’s best hospitals. St. Clare’s Health and Summit Medical Group also offer excellent healthcare in the region. Morris County’s residents and economy both benefit from excellence in this field, and many residents are employed in the health and wellness industries.
Technology and Aerospace
In the Morris County, New Jersey economy, technology and aerospace companies thrive. For example, the information technology and telecommunications sector has grown to become one of the largest areas of employment in the county. Directly supporting over 20,648 jobs, the IT sector employs our local tech talent in a variety of fields, including software development and publishing, interactive media development and technologies, cybersecurity, wireless technology and applications, as well as FinTech. Notable companies headquartered in Morris County include PNY Technologies, iEnterprises, NSM LLC, and The Casey Group.
Additionally, aerospace and defense remains one of Morris County, New Jersey’s major industries. The area boasts a wealth of skilled talent, a significant ecosystem of aerospace supplier firms, and an impressive capability to research, produce, and export aerospace-related technologies, products, processes, and services. Local companies in the aerospace and defense sector include General Dynamics, LGS Innovations, L-3 Space & Navigation, Howmet Aerospace, Breeze-Eastern LLC, McWilliams Forge Company, and Marotta Controls.
Also related to the aerospace and defense industry, Picatinny Arsenal is a research and manufacturing facility established in 1880. Situated on 6400 acres of land in Morris County, this military research and manufacturing facility employs approximately 5,000 civilians, 160 military personnel, and 1,000 contractors, making it an integral part of the New Jersey economy. Picatinny Arsenal specializes in testing munitions and weaponry and is home to the U.S. Army Explosive Ordnance Disposal Technology Directorate.
Business and Banking Services
Morris County, New Jersey’s economic activities also include a plethora of business and banking services. From taxes to software to data analysis and everything in between, various companies call this county home. Here are just a few examples.
- Barclays is a multination investment bank and financial services company headquartered in London, England.
- ADP provides human resources management software and services.
- Accenture is a professional services company specializing in the digital, cloud, and security fields.
With its proximity to major cities and transportation hubs, as well as the many corporate headquarters that abound here, Morris County, New Jersey boasts thriving industries such as pharmaceuticals, medical, and financial services. The area continues to attract educated workers and high-profile businesses because of its stellar reputation.
How the Morris County EDC Can Help
Whether you’re looking for resources for your NJ-bound business, or you’re looking to connect with other companies in the County of Morris, we can help. Join the Morris County EDC today to network with many of the world’s greatest companies and organizations here in Morris County, NJ. Our team would be happy to discuss the benefits of membership for your business—contact us to learn more!