NEW JERSEY A Top Choice for Financial Services PNC JP MORGAN CHASE ROYAL BANK OF CANADA TD HORIZON BANK BCBSNJ PRUDENTIAL FINANCIAL INVESTORS BANK GOLDMAN SACHS NJM COGNIZANT BANK OF AMERICA IPC MERRILL LYNCH WELLS FARGO CHUBB GROUP A highly-educated workforce and a strategic location just minutes from New York City have made New Jersey a top choice for financial services companies. With nearly 11,700 business establishments employing approximately 182,400 workers, the financial services and insurance sector is a major force in New Jersey s economy, contributing more than $35 billion annually. Prudential Financial, New Jersey Manufacturers Insurance, Horizon Blue Cross Blue Shield of New Jersey, the Chubb Group of Insurance Companies and TD Bank (U.S.) are headquartered in New Jersey. Companies that have significant operations in the State include PNC Financial, Bank of America Merrill Lynch, Investors Bank, Wells Fargo, Goldman Sachs, JPMorgan Chase and Royal Bank of Canada. New Jersey s proximity to Wall Street and superior broadband network have also made it an attractive location for companies in the emerging FinTech sector. In fact, five of the world s top 100 FinTech companies FUNDtech, IPC, Cognizant, Scivantage, and Collabera are headquartered in New Jersey.
HIGHLY EDUCATED, HIGHLY SKILLED New Jersey has a well-earned reputation for its highly educated, highly skilled workforce, which makes it easy for financial services companies to recruit top talent. More than 36 percent of the State s workforce has earned a bachelor s degree or higher, compared with the national average of 29 percent. Morris and Bergen counties in Northern New Jersey well exceed the national average; Greater than 45 percent of the workforce earns at least a bachelor s degree. More than 13 percent of our workforce has a graduate or professional degree. Thanks to New Jersey s colleges and universities, companies can tap into a steady stream of talent. More than a dozen universities offer bachelor degrees in finance, including Fairleigh Dickinson University, New Jersey City University, Rutgers University, Stevens Institute of Technology and Thomas Edison State University. Princeton University, the #1 ranked university in the U.S., plus Fairleigh Dickinson University, Stevens Institute of Technology and others offer graduate degrees in Finance. Stevens also was the first university in the nation to develop a PhD program in Financial Engineering. Today, its Financial Systems Center (FSC) and the Hanlon Financial Systems Lab a simulated Wall Street trading room are helping to prepare the next generation for the demands of the ever-evolving FinTech industry. FOR US, IT S ALL ABOUT THE TALENT, AND NEW JERSEY S GOT IT. GREAT CLIENT SERVICING MEANS GREAT BUSINESS. Linda Bowden, New Jersey Regional President, PNC Bank
AMTRAK ACELA WASHINGTON TO Amtrak Acela (WashingtonCORRIDOR to Boston Corridor) BOSTON BOSTON PROVIDENCE STAMFORD NEW HAVEN NEWARK NEW YORK TRENTON WILMINGTON PHILADELPHIA BALTIMORE WASHINGTON DC PERFECTLY LOCATED, HIGHLY CONNECTED New Jersey s strategic location in the heart of the U.S. Northeast corridor, with close proximity to both New York City and Philadelphia, has made it an attractive place for financial services companies to locate their headquarters, operations centers and data facilities. The State s competitive real estate market offers prime, yet less expensive options for both headquarters and support locations than its New York City neighbor. The State has lower utility costs, corporate taxes, and cost of living relative to some nearby states. New Jersey also boasts one of the most extensive fiber optic networks in the world. Ranked number 6 for broadband communications by the Kauffman Information Technology & Innovation Institute, New Jersey has the second largest concentration of data centers in the U.S. 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.
INCENTIVES & WORKFORCE DEVELOPMENT Grow New Jersey Assistance Program (Grow NJ): Companies may qualify for tax credits that are fully transferable by creating as few as 25 full-time jobs (10 for new technology startups.) Tax credits range from $500 to $5,000 per job, per year, over ten years, with numerous bonus credits each ranging from $250 to $2,000 per job, per year if the project meets certain requirements. Maximum awards can reach as high as $15,000 per job, per year, and projects can earn up to $300 million over 10 years. Customized Training Grants: The New Jersey Department of Labor & Workforce Development offers competitively awarded training funds to help businesses develop industry-specific solutions to the workforce challenges they face. New Jersey s Financial Services Talent Network: The State develops strategic partnerships with employers, educators and workforce development professionals to connect employers with trained employees and provide workforce training to respond to the rapidly-changing needs of the financial services industry. NJ FINANCIAL SERVICES BY THE NUMBERS #6 5 14 100+ 11,700 182,400 STATE FOR BROADBAND COMMUNICATIONS OF THE WORLD S TOP 100 FINTECH COMPANIES OF NJ S TOP 75 EMPLOYERS DATA CENTERS FINANCIAL SERVICES ESTABLISHMENTS EMPLOYED IN FINANCIAL SERVICES SECTOR
FINANCIAL SERVICES EMPLOYMENT TOP OCCUPATIONS WITHIN FINANCIAL SERVICES Sussex 794 Passaic 4,819 OCCUPATIONAL GROUP New Jersey Employment Office and Administrative Support 85,327 Business and Financial Operations 47,576 Warren Morris 16,136 Essex 18,121 Union 6,976 Bergen 15,374 Hudson 32,017 Sales and Related 28,764 Management 18,289 Hunterdon Somerset 9,915 Computer and Mathematical 16,819 Legal 1,760 Mercer 14,757 Middlesex 13,585 Monmouth 10,058 2013 Financial Services Employment 33,000-20,001 20,000-13,001 13,000-7,001 7,000-2,001 2,000-1 Salem Gloucester 1,877 Camden 4,920 Burlington 14,957 Atlantic 2,448 Ocean 3,757 New Jersey Total: 182,390 Cumberland Cape May 997 Data Source: Quarterly Census of Employment & Wages, 2013 Annual Averages, NJLWD
FINANCIAL SERVICES CLUSTERS (SELECTED) New York Life Insurance Investors Bank Bear Stearns RealogyHoldings Crum & Forster MetLife Wells Fargo & Co. Chubb Group of Insurance Companies Bank of America Merrill Lynch Munich RE Citigroup Prudential Financial Scivantage Horizon BCBSNJ DTCC JP Morgan Chase & Company Royal Bank of Canada PNC Financial Services Group Bank of America Merrill Lynch Provident Bank Valley National Bank Volvo Financial Cognizant Technology Solutions UBS Bank of New York/Mellon Citigroup IPC Brown Brothers Harriman Goldman Sachs Lord Abbett NJM Insurance Group Highpoint Safety and Insurance Managment Corp TD Bank PHH Mortgage $ Financial Services Companies (A Representative Sampling)
BROADBAND COVERAGE IN NEW JERSEY #3 Most Connected State 98.8% have access to wired broadband (25 mbps or faster) 96.5% have access to wired broadband (100 mbps or faster) Sussex 22.9% Warren 52.2% Morris 99.8% Passaic 100% Essex 99.5% Union 99.7% Bergen 97% Hudson 99.7% Hunterdon 86.8% Somerset 99.3% Broadband Coverage 100 mbps Middlesex 99.3% 100-90% 89-60% Mercer 97.8% Monmouth 99.5% 59-30% 29-0% Camden 97.5% Burlington 96.1% Ocean 98.3% Gloucester 97.7% Salem 94.3% Atlantic 95.1% Cumberland 93% Cape May 95.8% Data Source: Broadbandnow.com (Sourced from: The Broadband Commission, Federal Communications Commission, United States Department of Commerce)
WHY CHOOSE NEW JERSEY HIGHLY EDUCATED WORKFORCE 1.7 million workers with college degrees Highest concentration of scientists and engineers in the world Ranked #5 for education and workforce in CNBC s 2015 Top States for Business 63 colleges and universities, including Princeton University, New Jersey Institute of Technology, Rutgers University, Rowan University, and Stevens Institute of Technology STRATEGIC LOCATION At the heart of the Northeast Corridor #3 logistics market in the U.S. Within two-hour drive of 22 million consumers with $800 billion in income Within one day s drive to 130 million consumers with $3 trillion in disposable income VAST DISTRIBUTION NETWORK 25,000+ transportation, logistics, and distribution companies Nation s greatest density of railroads INTERNATIONAL GATEWAY 270+ U.S. headquarters of foreign companies 19 Fortune 500 companies and five Global 500 headquarters Comprehensive network of world-class seaports and airports Nonstop flights to 110 international destinations GENEROUS INCENTIVES Powerful financial incentives for attracting and retaining companies 100% R&D tax credit FIRST-CLASS QUALITY OF LIFE Ranked #1 by Niche Rankings Best States to Raise a Family in America in 2015 Diverse population with communities of interest for international companies 130 miles of beaches, four professional sports teams, rich arts and culture
CONTACT Choose New Jersey, Inc. 201 Rockingham Row Princeton Forrestal Village Princeton, New Jersey 08540 phone: 609-297-2200 www.choosenj.com Margie Piliere Chief Economic Development Officer phone: 609.297.2190 email: mpiliere@choosenj.com ABOUT CHOOSE NEW JERSEY, INC. Founded in 2010, Choose New Jersey s mission is to encourage and nurture economic growth throughout New Jersey, with a focus on our urban centers. Through integrated marketing and business attraction and retention efforts, we stimulate job creation and capital investment, and collaborate with the State s universities to encourage research, discovery, and innovation. Privately funded, Choose New Jersey is supported by a prominent group of leaders from many of the State s Fortune 500 and other top companies, such as privately-held ventures, labor organizations, associations, and higher education institutions. These organizations represent 1.25 million people, or nearly one-quarter of the State s private-sector workforce. Choose New Jersey markets the State as a premier business location to both domestic and international businesses, and offers companies interested in locating or expanding in New Jersey a full range of complimentary services to ensure a smooth process from planning through move-in including: Customized RFP responses Market assessment and planning services Site visits State assistance information Connections to a wide range of services provided by our public and private partners from regulatory and legal assistance to workforce training. 2016 Choose New Jersey, Inc., a private 501(c)(3) corporation. R 3/16