Whether you are in banking, insurance, fintech, consulting, data analytics, or accounting, one thing is clear: New Jersey is a major finance and professional services hub.
It’s not surprising that the Finance and Professional Services sector is a major contributor to our economy, accounting for nearly $67 billion in GDP and employing more than 390,000 of our residents. The sector is also rapidly expanding in NJ, with more than 14% growth since 2013.
Our strength in Finance and Professional Services is built on a set of unique advantages. We’re located in the heart of the Northeast Corridor, next door to the world’s financial capital, offering world-class services at a fraction of the price. For example, office space is 40-60% cheaper in New Jersey than in other nearby markets and has some of the best digital infrastructure in the U.S. (e.g., #2 state in percent of population with access to wired broadband of 100 mbps or faster, 67% population with access to fiber-optic internet).
For all these reasons (and more) Governor Murphy’s 2018 Economic Development Plan identified Finance and Professional Services as a focus sector for the State. We believe the sector is a critical part of our truly innovative service economy.