A highly-educated workforce and a strategic location just minutes from Wall Street have helped make New Jersey a top choice for financial services companies. Many of the world’s leading companies have headquarters or significant operations here, including 12 of New Jersey’s top 75 employers. With 15,437 establishments employing nearly 222,000 workers, the financial services and insurance sector is a major force in the State’s economy, contributing more than $33 billion annually.
New Jersey also has become an attractive location for companies in the emerging financial technology (fintech) industry, a fast-growing subsector that utilizes technology to deliver next-generation banking, credit and investment services. Today, 4 of the world’s top 100 fintech companies are headquartered in New Jersey. The New York/New Jersey region is ranked the #2 fintech hub in the U.S.
Ask financial services executives why they set up shop in New Jersey and chances are, they’ll answer in one word: talent. Our State has one of the most highly-educated workforces in the world. New Jersey is ranked the #2 state for educating students at every level and #4 state for STEM graduates. Forty percent of New Jersey residents hold a bachelor’s degree or higher and 16% have a graduate or professional degree.
New Jersey universities are preparing the future finance workforce. Stevens Institute of Technology in Hoboken offers a highly-specialized Quantitative Finance program where students receive Bloomberg Certification in their freshman year. The first university in the nation to develop a PhD program in Financial Engineering, Stevens also offers undergraduate and graduate students practical “hands-on” experience at its Hanlon Financial Systems Lab. New Jersey Institute of Technology (NJIT) is one of only a few universities in the nation that offers a B.S. in Financial Technology (FinTech).
What’s drawing financial services companies to settle in New Jersey? All the access at a more affordable price. Across the Hudson River, Class A office space in Jersey City is roughly half the cost of space in Manhattan—$45 per sq. ft. versus $79 per sq. ft. On average, our commercial office space is 60% cheaper than New York. New Jersey has a significantly lower cost of living than New York City and more affordable housing.
Located just 10 minutes from New York City via PATH commuter rail service or ferry, it takes less time to travel from Jersey City to Wall Street than it does from Midtown Manhattan. That’s why BNY Mellon located one of its Global Innovation Centers in Jersey City. Goldman Sachs, JP Morgan Chase and RBC Capital Markets all relocated employees to our State.
New Jersey boasts one of the most extensive fiber optic networks in the world which helps support the financial industry’s high-speed communications needs. In addition to connectivity, more than 99% of New Jersey companies can access wired broadband speeds of 100 mbps or faster – among the fastest in the U.S.
Northern New Jersey houses 2.14 million sq. ft. of data center space—one of the world’s largest concentrations. New Jersey servers have become the lifeblood of Wall Street high-speed electronic trading. Financial exchanges such as the NYSE and the Federal Reserve Bank of New York process the vast majority of their trading transactions in server farms in New Jersey.
Source: BroadbandNow.com, 2020
Source: Data Center Frontier, 2017
Qualified financial services companies can access a number of attractive incentives and workforce development programs to help them grow in New Jersey.
This incentive gives biotech companies the ability to sell their net operating tax losses and R&D tax credits.Learn More
It provides refundable tax credits against New Jersey corporation business or gross income tax.Learn More
Emerging life sciences companies can gain access to angel and venture capital investors.Learn More
New Jersey’s thriving financial services industry includes 12 of the state’s top 75 employers.
|1||Bank of America|
|2||Prudential Financial Inc.|
|3||JPMorgan Chase & Co.|
|4||Ernst & Young LLP|
|6||Deloitte LLP and its subsidiaries|
|7||Investors Bancorp Inc.|
|10||Selective Insurance Group|
Source: NJBIZ Largest Employers, 2017
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