Economy in Toms River: An Economic Guide to Jump-Start Your Career

Toms River Economy Guide

Toms River, New Jersey, is a thriving community with a diverse economy home to several major industries and employers—so many, in fact, that many people moving to New Jersey find the coastal town to be a great option. From healthcare to tourism and retail, Toms River offers a range of job opportunities to its residents and those in surrounding areas. The town's economy has seen significant growth over the years, and today, it remains a vital economic hub in Ocean County. With the town's strategic location and highly skilled workforce, it's no wonder that Toms River continues to attract new businesses and investors.

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Top Employers in Toms River

Biggest Companies in Toms River, NJ

Toms River has a healthy job market expected to grow by 28% over the next 10 years, so it should continue as a major contributor to New Jersey's economy. The biggest companies offering employment opportunities in the area include OceanFirst Bank, Toms River Intermediate North, and Family First Funding.

OceanFirst Bank has more than 870 workers running operations at their Toms River headquarters and beyond. There are over 42 branch locations in the state, along with multiple loan production offices. Across all their locations, they regularly hire CRA loan officers, credit risk analysts, tellers, and personal bankers.

Toms River Intermediate North is a large public school serving more than 1,100 scholars in Grades 6–8. Over 350 staff members, including teachers, administrative professionals, and custodians, are on their roster. They help scholars learn and grow while preparing for the high school experience.

Family First Funding is a trusted mortgage lender with more than 250 employees. Their headquarters is in Toms River, but they have branches elsewhere in New Jersey—including in the town of Red Bank—Massachusetts, Florida, Virginia, Illinois, and New York. Jobs available at this company include junior loan originators, call center representatives, data analysts, executive assistants, and senior SQL developers.

Additional Large Companies in Toms River

  • OceanConnect
  • Allied Dental of NJ
  • Heyco Products
  • Ocean County YMCA

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Is Toms River a Good Place to Start a Business?

Businesses of all sizes thrive in Toms River despite the community's proximity to the temptation of New Jersey's best water activities. Small companies dominate the local business landscape, however. There are currently nearly 5,200 companies with one to four employees in the area. Businesses with five to nine employees have also thrived here, totaling more than 1,700 companies. More than 9,100 companies have decided to set up their headquarters in the area.

Nearly every industry is well-represented here, too. Limited- and full-service restaurants, beauty salons, landscaping services, electrical contractors, child day care services, lawyer's offices, dental clinics, residential remodelers, and clothing stores all do exceptionally well. The community appreciates the quality service offered by local companies, inspiring them to support brands that put their roots down in Toms River. Many residents look to the downtown area for shopping, dining, and support services before going elsewhere.

New business owners can get help setting up their enterprises from the U.S. Small Business Administration. Their New Jersey District Office in the city of Newark provides endlessly helpful counseling services and access to funding programs. They also help business owners seek federal contracting certifications to launch and grow their companies.

Non-profit economic development organizations, like Choose New Jersey, offer additional support in helping businesses get established or expand into the area. The support programs give business owners access to grants, gap financing, loans, and more as needed to ensure companies can achieve their startup and growth goals. Many opportunities vary by industry and location, so reading the fine details is vital before moving forward with the program.

Toms River Economy Facts and Figures

Toms River residents enjoy a healthy economy with ample opportunities to build rewarding careers, which is why it's often targeted by people moving to Ocean County. Employment has shown a steady growth rate year-to-year and is projected to increase by nearly 30% in the next decade. There are currently more than 44,000 people employed in the area across a variety of industries.

Economy in Toms River

Administrative support, management, and sales-related occupations top the employment charts, making up nearly 1/3 of all jobs in the area. Education, instruction, and library occupations are also in high demand. Across all industries, the per capita income is $44,000. Median household income is at $84,000 and steadily increasing through the years, which is important given the relatively high cost of living in New Jersey. The income tax rate for the state is up to 5.5%, depending on earnings. Federal taxes also apply and scale up with the amount earned each year.

The unemployment rate is 3.1% in Toms River. This is slightly lower than the national average unemployment rate of 3.5%. This area tends to follow the national employment trends, whether the figures are on the upswing or going down. The nation and the local area experienced a sharp uptick in unemployment in April 2020, which has been steadily decreasing since then.

The low unemployment rate can extend the job search process and make it difficult to find work, especially in overly saturated fields. At any given time, there are around 30,000 jobs available in and around this area. Job seekers can find work by polishing their resumes and writing a unique cover letter for each company and position.

Toms River Industries

All the top industries can be found in Toms River, ranging from construction and manufacturing to food services and finance. The number one industry in the area is healthcare and social assistance, followed by retail trade and educational services.

Top Industries in Toms River

More than 7,400 workers, or 16.8% of the workforce, are employed in the healthcare and social assistance industry. Job opportunities in that sector have grown by 3%, closely matching the median earnings growth of 2.8%. Local companies in this industry include Ocean County Board of Social Services, Complete Care at Bey Lea, and Ocean Health Initiatives.

The retail trade industry offers employment opportunities for more than 5,500 residents. Workforce growth has decreased by 9%, but wages remain the same. Despite that, this industry still employs over 12% of the workforce in Toms River. Residents can find great places to grow their careers at companies downtown and at the Ocean County Mall. Stores in the mall include Aeropostale, Build-A-Bear Workshop, Pink, Express, GameStop, Hollister, Sephora, Journeys, and Ocean County Sports.

Educational service companies employ over 11% of the workforce, totaling more than 4,900 people. The workforce has grown by nearly 14% in the past year. Wages have increased in kind, showing a boost of 9% from the prior year. The private and public school systems offer the most job opportunities. Workers in this sector can also find jobs at Ocean County College, including accountants, counseling specialists, and professors.

Top Industries in Toms River

  • Health Care & Social Assistance
  • Retail Trade
  • Educational Services
  • Construction
  • Accommodation & Food Services
  • Public Administration
  • Professional, Scientific, & Technical Services

Economic Growth in the Toms River Area

Toms River plays a major role in the Ocean County economy, with a diverse mix of major industries and employers supporting the town's economic growth. From healthcare to tourism and retail, Toms River offers a wide range of job opportunities to its residents. The town's strategic location and highly skilled workforce make it an attractive destination for new businesses and investors, ensuring its continued economic success. Despite the challenges of rising interest rates and a changing global marketplace, Toms River's economy remains resilient, and the community's collaborative spirit continues to drive growth and development. With a bright future ahead, Toms River is poised to remain a vital economic hub in New Jersey for years to come.

Thinking about a move to Toms River? Contact The Dekanski Home Selling Team of RE/MAX 1st Advantage with New Jersey Real Estate Network at (800) 691-0485 to reach our real estate experts who can help you find your dream home in Toms River.

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