Morris County’s Financial Services Industry: A Hub of Talent & Opportunity
With its thriving financial services industry, Morris County is making waves as a prime destination for businesses and professionals in the financial services industry. Boasting a dynamic workforce of over 16,000 highly qualified individuals, this central New Jersey County offers a pro-business environment, excellent global connectivity, and a wealth of resources. With more than 950 financial services businesses contributing to a staggering $3.2 billion Gross Regional Product (GRP), Morris County is undoubtedly a force to be reckoned with in the economic landscape.
Powerhouse Workforce
Morris County’s financial services industry benefits from a robust, entrepreneurial workforce. The county is home to a vast talent pool comprising skilled professionals who are well-versed in various economic domains. From investment advice to portfolio management, the average earnings in the sector are impressive, with salaries adjusted for the cost of living. For instance, reinsurance carriers earn an average salary of $230,233, while portfolio managers command an impressive $354,644. These figures testify to the expertise and caliber of professionals in the county.
Diverse Sub-Sectors
The financial services industry in Morris County spans multiple sub-sectors, each contributing significantly to the county’s economic vitality. Insurance agencies and brokerages lead the way, generating a staggering $2.4 billion in revenue. Commercial banking follows closely, with a robust contribution of $1.67 billion. In comparison, lessors of residential buildings, dwellings and real estate agents/brokers add substantial value to the industry with revenues of $1.02 billion and $849 million, respectively. Other notable sub-sectors include direct property and casualty insurance carriers and investment advice, each surpassing the $700 million mark.
Notable Financial Services Companies in Morris County
Morris County is home to an impressive array of renowned financial services companies. These prominent organizations contribute to the county’s economic growth and reputation as a financial hub. Notable companies include:
Anthem Blue Cross
As a leading health insurance provider, Anthem Blue Cross plays a vital role in the financial services landscape, ensuring the well-being of individuals and families across the county.
Realogy
A powerhouse in the real estate industry, Realogy offers various real estate services through its multiple brands, contributing significantly to the county’s financial services sector.
Capital One
This well-known financial institution provides various banking services, including credit cards, loans, and savings accounts, serving individuals and businesses in Morris County and beyond.
MetLife
A global leader in insurance and employee benefits, MetLife brings its expertise to the county, supporting individuals and organizations with comprehensive financial solutions.
CIT Group
Specializing in commercial lending and leasing, CIT Group fuels economic growth by providing businesses with the capital they need to thrive.
Wyndham
With a strong presence in the hospitality and vacation ownership industry, Wyndham offers financial services tailored to the needs of its customers, bolstering Morris County’s financial ecosystem.
Weichert
A trusted name in real estate, Weichert provides comprehensive services, including brokerage, mortgage, and relocation, contributing to the county’s real estate sub-sector.
Coldwell Banker Coml Global HQ
Coldwell Banker’s commercial division operates its global headquarters in Morris County, enabling businesses to access top-tier commercial real estate services.
Book an Appointment with the MCEDC
Morris County’s financial services sector’s impressive economic contributions drive the county’s growth and prosperity. As the industry continues to evolve, Morris County remains uniquely positioned to provide the financial services sector with the talent, resources, and infrastructure it needs to thrive.
If you are interested in learning more about the financial services industry in Morris County, or if you are looking to relocate your business to the area, please contact the EDC today. We would be happy to answer any of your questions and discuss how membership, business counseling, and our resources will benefit your business.