New Jersey Business & Employment Growth Since 2009
- 4,616 more businesses
- 272,657 more employees
- 7.2% increase in total wages
- $10,539 increase in annual wages per employee
- 19.1% increase in wages per employee
Since 2009, the number of businesses in New Jersey has grown by 1.7% (9.7% less than the national average of 11.4%). Employment in New Jersey has grown by 7.2% (6.4% less than the national average of 13.6%). Wages have grown by 19.1% since the end of the Great Recession. This wage growth is 6.6% less than the national average of 25.7%. The average weekly wage in New Jersey of $1,264 is 12.9% above the national average of $1,101. The gap between the national average has widened from 17.4% a widening of 4.5% since the end of the recession.
Sector Growth
Business Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Professional services | 33,854 | 35,125 | -3.6% |
| Healthcare | 33,496 | 24,912 | 34.5% |
| Retail trade | 29,808 | 32,792 | -9.1% |
| Other services | 24,125 | 25,056 | -3.7% |
| Construction | 22,350 | 24,819 | -9.9% |
| Accommodation and food services | 20,281 | 18,760 | 8.1% |
| Wholesale trade | 16,733 | 19,272 | -13.2% |
| Waste services | 16,412 | 15,382 | 6.7% |
| Finance and insurance | 11,477 | 12,533 | -8.4% |
| Manufacturing | 8,991 | 10,167 | -11.6% |
| Real estate and rental | 8,453 | 8,945 | -5.5% |
| Transport and warehousing | 7,326 | 6,768 | 8.2% |
| Educational services | 3,946 | 3,317 | 19.0% |
| Arts and entertainment | 3,838 | 3,634 | 5.6% |
| Information | 3,710 | 3,998 | -7.2% |
| Company management | 1,514 | 1,108 | 36.6% |
| Agriculture and forestry | 902 | 981 | -8.1% |
| Utilities | 373 | 302 | 23.5% |
| Mining and oil extraction | 97 | 111 | -12.6% |
The sector that has had the strongest growth [in number of businesses] is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the largest decline is the Retail trade sector, which has declined by 9.1% since the recession.
Employment Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Healthcare | 577,318 | 486,251 | 18.7% |
| Retail trade | 454,216 | 434,255 | 4.6% |
| Accommodation and food services | 317,147 | 279,781 | 13.4% |
| Professional services | 300,390 | 275,526 | 9.0% |
| Waste services | 286,056 | 230,963 | 23.9% |
| Manufacturing | 245,430 | 265,348 | -7.5% |
| Wholesale trade | 214,557 | 214,960 | -0.2% |
| Transport and warehousing | 191,596 | 148,230 | 29.3% |
| Finance and insurance | 183,242 | 189,941 | -3.5% |
| Construction | 156,545 | 138,041 | 13.4% |
| Other services | 135,699 | 120,983 | 12.2% |
| Company management | 83,727 | 75,424 | 11.0% |
| Educational services | 78,974 | 69,602 | 13.5% |
| Information | 69,419 | 83,678 | -17.0% |
| Arts and entertainment | 67,798 | 52,579 | 28.9% |
| Real estate and rental | 59,297 | 55,431 | 7.0% |
| Utilities | 15,178 | 11,722 | 29.5% |
| Agriculture and forestry | 10,797 | 10,018 | 7.8% |
| Mining and oil extraction | 1,334 | 1,486 | -10.2% |
The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 18.7% since 2009. The sector that has has the largest employment decline in number of employees is the Manufacturing sector, which has declined by 7.5% since the recession.
Weekly Wage Growth By Sector
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Company management | $3,284 | $2,400 | 36.8% |
| Finance and insurance | $2,513 | $1,872 | 34.2% |
| Utilities | $2,372 | $1,835 | 29.3% |
| Information | $2,203 | $1,606 | 37.2% |
| Professional services | $2,155 | $1,659 | 29.9% |
| Wholesale trade | $1,707 | $1,428 | 19.5% |
| Mining and oil extraction | $1,566 | $1,237 | 26.6% |
| Manufacturing | $1,540 | $1,372 | 12.2% |
| Construction | $1,398 | $1,165 | 20.0% |
| Real estate and rental | $1,291 | $995 | 29.7% |
| Transport and warehousing | $1,043 | $896 | 16.4% |
| Healthcare | $1,031 | $906 | 13.8% |
| Educational services | $992 | $828 | 19.8% |
| Waste services | $866 | $707 | 22.5% |
| Arts and entertainment | $720 | $636 | 13.2% |
| Other services | $701 | $617 | 13.6% |
| Agriculture and forestry | $670 | $518 | 29.3% |
| Retail trade | $666 | $571 | 16.6% |
| Accommodation and food services | $460 | $387 | 18.9% |
The sector that has had the strongest wage growth is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the smallest wage growth is the Accommodation and food services sector, which has declined by 18.9% since the recession.
Industry Growth
Business Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Unclassified | 16,950 | 11,927 | 42.1% |
| Computer systems design and related services | 9,007 | 8,423 | 6.9% |
| Offices of physicians | 8,014 | 8,493 | -5.6% |
| Services for the elderly and disabled | 7,409 | 362 | 1,946.7% |
| Residential building construction | 6,004 | 6,629 | -9.4% |
| Hair nail and skin care services | 5,969 | 5,372 | 11.1% |
The top industry that has had the largest increase in the number of businesses is the Services for the elderly and disabled industry, which has increased by 1,946.7% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 9.4% since the recession.
Employment Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| General medical and surgical hospitals | 140,134 | 133,689 | 4.8% |
| Temporary help services | 99,449 | 61,233 | 62.4% |
| Management of companies and enterprises | 83,727 | 75,424 | 11.0% |
| Offices of physicians | 81,079 | 69,698 | 16.3% |
| Supermarkets and other grocery stores | 79,131 | 80,081 | -1.2% |
| Computer systems design and related services | 70,598 | 60,146 | 17.4% |
The top industry that has had the largest increase in the number of employees is the Temporary help services industry, which has increased by 62.4% since 2009. The top industry that has has the largest decline in the number of employees is the Supermarkets and other grocery stores industry, which has declined by 1.2% since the recession.
Weekly Wage Growth By Industry
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Trusts estates and agency accounts | $204,477 | $14,206 | 1,339.4% |
| Spectator sports | $4,939 | $4,059 | 21.7% |
| Credit card issuing | $4,457 | $1,529 | 191.5% |
| Commodity contracts dealing | $4,392 | $6,123 | -28.3% |
| Portfolio management | $4,090 | $2,707 | 51.1% |
| Securities brokerage | $3,967 | $3,143 | 26.2% |
| Lessors of nonfinancial intangible assets | $3,871 | $2,601 | 48.8% |
The top industry that has had the strongest wage growth is the Trusts estates and agency accounts industry, which has increased by 1,339.4% since 2009. The top industry that has has the largest wage decline is the Commodity contracts dealing industry, which has declined by 28.3% since the recession.
Company Size
Business Growth By Company Size
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 260 to 307, which is an increase of 18.1%.The smallest percentage change in the number of businesses has been in businesses with fewer than 5 employees. The number of businesses with this number of employees has grown from 171,510 to 167,297, which is an increase of -2.5%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 167,297 | 171,510 | -2.5% |
| 5-9 Employees | 42,254 | 40,204 | 5.1% |
| 10-19 Employees | 28,010 | 25,354 | 10.5% |
| 20-49 Employees | 19,056 | 16,941 | 12.5% |
| 50-99 Employees | 6,376 | 5,595 | 14.0% |
| 100-249 Employees | 3,795 | 3,478 | 9.1% |
| 250-499 Employees | 901 | 767 | 17.5% |
| 500-999 Employees | 307 | 260 | 18.1% |
| More Than 1,000 Employees | 194 | 178 | 9.0% |
Employment Growth by Company Size
The biggest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees in companies this size has grown from 171,275 to 206,101, which is an increase of 20.3%.The smallest percentage change in the number of employees has been in businesses with fewer than 5 employees. The number of employees with this number of employees has grown from 263,292 to 266,430, which is an increase of 1.2%.
Table: Change in the number of Employees by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 266,430 | 263,292 | 1.2% |
| 5-9 Employees | 276,814 | 262,930 | 5.3% |
| 10-19 Employees | 374,896 | 338,903 | 10.6% |
| 20-49 Employees | 566,946 | 508,122 | 11.6% |
| 50-99 Employees | 435,128 | 383,393 | 13.5% |
| 100-249 Employees | 573,873 | 523,828 | 9.6% |
| 250-499 Employees | 303,743 | 255,736 | 18.8% |
| 500-999 Employees | 206,101 | 171,275 | 20.3% |
| More Than 1,000 Employees | 382,636 | 341,638 | 12.0% |
Weekly Wage Growth by Company Size
The biggest percentage change in the average weekly wage has been in businesses with 100 to 249 employees. The average weekly wage in companies this size has grown from $1,082 to $1,396, which is an increase of 29.0%.The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,873 to $2,230, which is an increase of 19.1%.
Table: Change Average Weekly Wage by Size Since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | $1,049 | $821 | 27.8% |
| 5-9 Employees | $976 | $797 | 22.5% |
| 10-19 Employees | $1,019 | $847 | 20.3% |
| 20-49 Employees | $1,097 | $908 | 20.8% |
| 50-99 Employees | $1,245 | $1,015 | 22.7% |
| 100-249 Employees | $1,396 | $1,082 | 29.0% |
| 250-499 Employees | $1,715 | $1,385 | 23.8% |
| 500-999 Employees | $2,230 | $1,873 | 19.1% |
| More Than 1,000 Employees | $2,173 | $1,811 | 20.0% |
Data Sources
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