Newark Economy: Top Industries, Biggest Employers, & Business Opportunities [2024]

Newark Economy Guide

The Newark community has been around for more than 300 years. As the largest city in New Jersey and one of the top 100 largest cities in the nation, Newark has a unique reputation and industrial base. However, because it's part of the New York City metropolitan footprint, it also shares that identity.

Whether relocating from within the region or across the continent, conducting research is the first step to a move. The economic background of a community can indicate potential jobs or start-up opportunities for decades to come. Before signing a lease on one of Newark's condos or closing on one of Newark's new construction homes, read on to discover a few things to know about the economy in Newark.

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Newark Industries

The New York City metro area is renowned for its multifaceted economy. In that same way, Newark offers new residents a vast number of career paths through dozens of industries. However, large segments of employees in the area share some common fields. Around 12.7% of workers in the area perform health care and social assistance-related services. These jobs include everything from hospital staff to attendants in nursing homes. About 9% of employed people in the region operate in retail trade.

Top Industries in Newark

In third and fourth, 13.8% work in transportation and warehousing, and 11.3% of area staff do construction labor. Transportation and warehousing positions come in a wide variety of options. The Newark-Elizabeth Marine Terminal is one of the busiest ports in the world. Many positions work directly with The Port Authority of New York and New Jersey, while others are paid by shipping companies. Due to its location near the port and the Newark-Liberty International Airport, logistics is a major industry in Newark.

In addition to the most populated fields, a number of industries also provide their share of paychecks. Around 6.8% of local workers are responsible for education services. Manufacturing jobs employ another 7.6%. New Jersey has a number of tech companies and pharmaceutical firms.

Top Industries in Newark

  • Transportation & Warehousing
  • Health Care & Social Assistance
  • Construction
  • Administrative & Support & Waste Management Services
  • Retail Trade
  • Educational Services

Top Employers in Newark

Largest Employers in Newark, NJUnderstanding the industries within a community is important, but knowledge of the top employers can be even more helpful. Large companies often influence the job landscape within their neighborhoods beyond direct employment. Potential entrepreneurs should also take a close look at the biggest payrolls in the region to get a better scope of the opportunities.

With its headquarters right in Newark, the Public Service Enterprise Group Incorporated (PSEG) has almost 13,000 employees within the state. The company operates as an energy firm providing oil and gas products to residents and businesses in the area. In 2019, they had revenues of about $10 billion.

Nearly 150 years old, legendary insurance group Prudential Financial, Inc is also headquartered in the city. The company has more than 41,600 employees across the world, and around 9,400 work within New Jersey. This is the company from which the Prudential Center takes its name. The arena's nickname, "The Rock," comes from the Rock of Gibraltar on Prudential Financial's logo.

With more than 3 million policyholders in the state, Horizon Blue Cross Blue Shield of NJ is another major employer in Newark. They have about 5,600 people working to manage the health care needs of residents. They are the only licensed BCBS organization in the state, and they operate as a not-for-profit with no shareholders.

In part because it has one of the largest transportation systems in the world, the New York City metro area is known for its large number of commuters. Many residents of Newark may choose to work in cities outside their new community, which is made easier by Newark's public transportation systems. UPS package delivery company has a facility in nearby Secaucus that employs nearly 20,000 people. Merck & Company, Inc is a multinational pharmaceutical business with a headquarters in the nearby Kenilworth community. They employ about 7,000 staff in the state.

However, the opportunities do not stop with these major employers. There are many small and medium-sized businesses in the community and several international corporations with a local staff footprint. Citigroup, PNC Financial Services Group, and Quest Diagnostics all pay more than 3,000 workers each within the state.

Additional Large Companies in Newark

  • Panasonic Corporation of North America
  • NJ Transit
  • Gateway Group One
  • New Jersey Institute of Technology
  • Newark Public Schools

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Newark Economy Facts and Figures

New York City may get most of the attention, but Newark has a strong economy of its own and a lower cost of living than the Big Apple. The median home cost for Newark is around $265K, which is only a little more than the national average of $231K. By contrast, the median in New York City is about $681K. A one-bedroom apartment in Newark may cost around $1,060 per month, which is more than $500 more affordable than the rest of the metro area.

Economy in City

As expected for the New York City metro, the cost of living in Newark is about 19.5% more expensive than the typical city. New residents will mostly notice they are spending about 56% more on transportation costs. This is partly because the average commute time in Newark is 35.5 minutes, while the typical drive nationwide lasts 26.4 minutes. Many residents also commute to other cities. However, grocery costs are only about 4% more, and most people will save almost 10% on medical care.

The median household income in Newark is around $34K. The unemployment rate within the community is 13%, compared to the U.S. average of about 6%. Future job growth is projected to be just over 18%. This is lower than the nationwide estimate of 34%, but it's much higher than the last decade's local population growth of 2%.

New Resident To Newark?

Newark is a great option for people who want to move to the New York City metro area without paying the world-famous Big Apple prices. The commute may be a little longer, but the region offers a wide variety of options for people who would rather not drive their own vehicles to work. For many people, it's more than possible to find a rewarding career at a company either in or very near Newark.

If you're looking for the right place to live in Newark, contact The Dekanski Home Selling Team of RE/MAX 1st Advantage with New Jersey Real Estate Network at (800) 691-0485 to get in touch with a Newark real estate agent who can help you find your ideal Newark home today.

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