Beautiful New Jersey, also known as the Garden State, is a thriving hub for entrepreneurs and businesses alike. Its strategic location between Philadelphia and New York City, skilled workforce, and favorable business environment make it an ideal choice for both start-ups as well as established companies.
In this post, we delve into the top cities for business in New Jersey, the advantages they offer, and the key sectors that are driving growth in this dynamic state.
The Appeal of New Jersey for Business
Strategic East Coast Location
New Jersey’s geographical position is one of its most significant assets. Situated in the heart of the Boston-New York City-Washington, D.C. corridor, it is home to over 56.5 million residents and contributes $3.75 trillion to the economy. This prime location allows businesses to serve a large consumer market and reach a third of the U.S. population within a day’s drive.
A World-Class Infrastructure and Climate
New Jersey boasts a strong infrastructure that includes a vast network of interstates, highways, railroads, seaports, and airports. Its close proximity to major cities such as New York City and Philadelphia, coupled with its extensive transportation system, ensures smooth connectivity and easy access to key markets.
New Jersey’s workforce is one of the most highly educated in the U.S. The state’s renowned universities and colleges, including Rutgers, Princeton, and NJIT, produce a steady stream of skilled graduates, providing businesses with the talent they need to thrive.
Diverse and Vibrant Economy
New Jersey’s economy is diverse, with key industries ranging from life
sciences and technology to manufacturing and logistics. The growth of these sectors is further fueled by the state’s robust start-up ecosystem, which is supported by government initiatives like the Grow NJ program.
The Best Cities to Start a Business in New Jersey
While all of New Jersey offers significant advantages for businesses from Main Street to finance, some cities stand out as particularly favorable for entrepreneurs. Here’s a look at the top cities for starting a business in the Garden State.
Known as the home of sweets maker Nabisco, East Hanover is a small town with massive business potential. With approximately 1,500 businesses serving its 11,000 residents, there is ample room for growth and expansion.
Red Bank, a city full of diners and wineries, is a haven for foodies. The city reported an average annual revenue of $7 million per business, a promising figure for prospective entrepreneurs.
Known as a shopper’s paradise, Secaucus houses numerous retail stores and shopping malls. The city reported the third-highest annual revenue, making it a profitable location for businesses.
Home to a famous railroad museum, Hanover reported nearly $5 million
average revenue per business. This town offers a conducive environment for businesses to grow and prosper.
With its proximity to New York City, Hoboken attracts a large number of
businesses. The town has around 6,000 businesses serving a population of 50,000, and it has recorded a growth of about 7% in the last five years.
Key Industries in New Jersey to Keep in Mind
New Jersey’s diverse economy is supported by several key industries. Here are some sectors that are leading the way.
New Jersey is a global hub for the life sciences industry. The state’s strong focus on research and development, coupled with its skilled workforce, has
attracted numerous biotech and pharmaceutical companies.
The technology sector in New Jersey is booming, with a growing number of tech start-ups choosing to base their operations in the state. The presence of several top-tier universities and research institutions further fuels this sector’s
Manufacturing is a critical part of New Jersey’s economy. The state’s strategic location, robust infrastructure, and skilled workforce make it an ideal location for manufacturing businesses.
Food and Beverage
The food and beverage sector is thriving in New Jersey, thanks to the state’s rich agricultural heritage and its residents’ diverse culinary tastes. From artisanal bakeries to craft breweries, the opportunities in this sector are vast.
Business Assistance in New Jersey
New Jersey offers a range of resources and programs to assist businesses in their growth and expansion efforts. Here are some of the key business assistance programs available in the state.
Tech and Life Sciences Business Assistance
This program provides financial and technical assistance to tech and life
sciences companies. It helps businesses at every stage, from start-ups to established firms, to grow and succeed.
Film and Digital Media Tax Credit
New Jersey offers a tax credit program for film and digital media production.
This initiative is designed to attract and support this creative industry within
Clean Energy Incentives
New Jersey provides various incentives for businesses that adopt clean energy technologies. These incentives can help companies reduce their energy costs and contribute to a sustainable future.
Wrapping Up Why New Jersey is Great for Business
New Jersey’s strategic location, robust infrastructure, skilled workforce, and supportive business environment make it an excellent place to start a business. Whether you’re a tech start-up, a manufacturing firm, or a food and beverage company, the Garden State offers significant advantages to help your business thrive.
There also exist the option of buying a business in New Jersey as well if starting from scratch is not an interesting opportunity. Business brokers would be the best choice if you’d like to go that route.