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. In fact, with 11,420 business establishments employing nearly 179,000 workers, the financial services and insurance sector is a major force in the State’s economy, contributing more than $31 billion annually.
New Jersey also has become an attractive location for companies in the emerging Financial Technology (FinTech) industry, a fast-growing sub-sector that utilizes technology to deliver next-generation banking, credit and investment services. Today, 3 of the world’s top 100 FinTech companies are headquartered in New Jersey.
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 on the planet. The huge concentration of skilled workers who understand this industry makes recruiting for a position – or staffing new headquarters – a dream come true.
New Jersey’s college-educated workforce well exceeds the national average – Nearly 39% hold a Bachelor’s degree or higher, compared with the national average of 31%. Nearly 15% have a graduate or professional degree.
The steady annual stream of talent matriculating from New Jersey’s colleges and universities enables companies to recruit industry-ready graduates each year. More than a dozen universities offer Bachelor degrees in finance. These include: Fairleigh Dickinson University, New Jersey City University, Rutgers University, Stevens Institute of Technology and Thomas Edison State University.
Other Higher Ed institutions such as Fairleigh Dickinson, Stevens, Princeton University, and others offer advanced academic degrees in Finance. Stevens was the first university in the nation to develop a PhD program in the highly-specialized field of Financial Engineering. Today, its Financial Systems Center (FSC) and the Hanlon Financial Systems Lab are teaching grad students the necessary knowledge and skills to meet the evolving demands of the FinTech industry.
What’s drawing financial services companies to settle in New Jersey? Less expensive – but prime – real estate, plus lower costs for utilities, corporate taxes and living expenses than some neighboring states. New Jersey’s strategic location in the heart of the U.S. Northeast Corridor is also a persuasive attraction for financial services companies looking to locate their headquarters, operations centers and data facilities. They recognize they get more bang for the buck from the options the State offers than its New York City neighbor.
For example, Jersey City, just across the river from Wall Street, has become an up-and-coming location for banking and investment firms – including JPMorgan Chase and RBC Capital. In addition to affordable real estate options, the State has lower utility costs, corporate taxes and cost of living relative to some nearby states.
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.
It’s no wonder New Jersey has the second largest concentration of data centers in the nation. More than 100 in Northern Jersey alone house the servers that have become the lifeblood of high-speed electronic trading. Financial exchanges such as the NYSE and its competitor NASDAQ OMX now process the vast majority of their trading information in server farms in New Jersey.
Source: US News & World Report, 2018
Source: Broadbandnow.com, 2017
Qualified financial services companies can access a number of attractive incentives and workforce development programs to help them grow in New Jersey.
Companies may qualify for fully-transferable tax credits by creating as few as 25 full-time jobs (10 for new technology startups).Learn More
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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