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

The Professional services sector has the most businesses in the state of New Jersey. Since the end of the recession, the number of businesses has decreased from 35,125 to 33,854, a reduction of 3.6%. The table below illustrates the change in number of businesses in each sector.
Sector20182009Pct Chg
Professional services33,85435,125-3.6%
Healthcare33,49624,91234.5%
Retail trade29,80832,792-9.1%
Other services24,12525,056-3.7%
Construction22,35024,819-9.9%
Accommodation and food services20,28118,7608.1%
Wholesale trade16,73319,272-13.2%
Waste services16,41215,3826.7%
Finance and insurance11,47712,533-8.4%
Manufacturing8,99110,167-11.6%
Real estate and rental8,4538,945-5.5%
Transport and warehousing7,3266,7688.2%
Educational services3,9463,31719.0%
Arts and entertainment3,8383,6345.6%
Information3,7103,998-7.2%
Company management1,5141,10836.6%
Agriculture and forestry902981-8.1%
Utilities37330223.5%
Mining and oil extraction97111-12.6%

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

The Healthcare sector has the most employees in the state of New Jersey. Since the end of the recession, the number of employees has grown from 486,251 to 577,318, a gain of 18.7%. The table below illustrates the change in number of employees in each sector.
Sector20182009Pct Chg
Healthcare577,318486,25118.7%
Retail trade454,216434,2554.6%
Accommodation and food services317,147279,78113.4%
Professional services300,390275,5269.0%
Waste services286,056230,96323.9%
Manufacturing245,430265,348-7.5%
Wholesale trade214,557214,960-0.2%
Transport and warehousing191,596148,23029.3%
Finance and insurance183,242189,941-3.5%
Construction156,545138,04113.4%
Other services135,699120,98312.2%
Company management83,72775,42411.0%
Educational services78,97469,60213.5%
Information69,41983,678-17.0%
Arts and entertainment67,79852,57928.9%
Real estate and rental59,29755,4317.0%
Utilities15,17811,72229.5%
Agriculture and forestry10,79710,0187.8%
Mining and oil extraction1,3341,486-10.2%

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

The Company management sector has the highest average weekly wage in the state of New Jersey. Since the end of the recession, the average wage has grown from $2,400 to $3,284, a gain of 36.8%. The table below illustrates the change in weekly wage in each sector.
Sector20182009Pct Chg
Company management$3,284$2,40036.8%
Finance and insurance$2,513$1,87234.2%
Utilities$2,372$1,83529.3%
Information$2,203$1,60637.2%
Professional services$2,155$1,65929.9%
Wholesale trade$1,707$1,42819.5%
Mining and oil extraction$1,566$1,23726.6%
Manufacturing$1,540$1,37212.2%
Construction$1,398$1,16520.0%
Real estate and rental$1,291$99529.7%
Transport and warehousing$1,043$89616.4%
Healthcare$1,031$90613.8%
Educational services$992$82819.8%
Waste services$866$70722.5%
Arts and entertainment$720$63613.2%
Other services$701$61713.6%
Agriculture and forestry$670$51829.3%
Retail trade$666$57116.6%
Accommodation and food services$460$38718.9%

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

The Unclassified industry has the greatest number of businesses in the state of New Jersey. Since the end of the recession, the number of businesses has grown from 11,927 to 16,950, a gain of 42.1%. The table below illustrates the change in the number of businesses in the top industries.

Industry20182009Pct Chg
Unclassified16,95011,92742.1%
Computer systems design and related services9,0078,4236.9%
Offices of physicians8,0148,493-5.6%
Services for the elderly and disabled7,4093621,946.7%
Residential building construction6,0046,629-9.4%
Hair nail and skin care services5,9695,37211.1%

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

The Restaurants and other eating places industry has the greatest number of employees in the state of New Jersey. This industry currently has 223,637 employees in it. There is no direct comparison back to the total at the end of the recession and is not included in the table below.

Industry20182009Pct Chg
General medical and surgical hospitals140,134133,6894.8%
Temporary help services99,44961,23362.4%
Management of companies and enterprises83,72775,42411.0%
Offices of physicians81,07969,69816.3%
Supermarkets and other grocery stores79,13180,081-1.2%
Computer systems design and related services70,59860,14617.4%

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

The Trusts estates and agency accounts industry has the highest average weekly wage in the state of New Jersey. Since the end of the recession, the average wage has grown from $14,206 to $204,477, a gain of 1,339.4%. The table below illustrates the change in weekly wage in each sector.
Industry20182009Pct Chg
Trusts estates and agency accounts$204,477$14,2061,339.4%
Spectator sports$4,939$4,05921.7%
Credit card issuing$4,457$1,529191.5%
Commodity contracts dealing$4,392$6,123-28.3%
Portfolio management$4,090$2,70751.1%
Securities brokerage$3,967$3,14326.2%
Lessors of nonfinancial intangible assets$3,871$2,60148.8%

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 SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees167,297171,510-2.5%
5-9 Employees42,25440,2045.1%
10-19 Employees28,01025,35410.5%
20-49 Employees19,05616,94112.5%
50-99 Employees6,3765,59514.0%
100-249 Employees3,7953,4789.1%
250-499 Employees90176717.5%
500-999 Employees30726018.1%
More Than 1,000 Employees1941789.0%


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 SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees266,430263,2921.2%
5-9 Employees276,814262,9305.3%
10-19 Employees374,896338,90310.6%
20-49 Employees566,946508,12211.6%
50-99 Employees435,128383,39313.5%
100-249 Employees573,873523,8289.6%
250-499 Employees303,743255,73618.8%
500-999 Employees206,101171,27520.3%
More Than 1,000 Employees382,636341,63812.0%


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 SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees$1,049$82127.8%
5-9 Employees$976$79722.5%
10-19 Employees$1,019$84720.3%
20-49 Employees$1,097$90820.8%
50-99 Employees$1,245$1,01522.7%
100-249 Employees$1,396$1,08229.0%
250-499 Employees$1,715$1,38523.8%
500-999 Employees$2,230$1,87319.1%
More Than 1,000 Employees$2,173$1,81120.0%



Data Sources




About the Writer

This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.