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Economy


Welcome > Local Info > Relocating? Economy...

Find Out More About the Central New Jersey Economy & Job Market
 

"Somerset, Hunterdon, and Middlesex, NJ Counties will be among New Jersey's strongest employment growth areas this year, powering a statewide job recovery that should last into the next century."
- Rutgers University forecast, July 1997

Facts about the New Jersey Economy

  • New Jersey is the 8th largest state economy.
  • New Jersey is now the eighth largest exporting state.
  • There are 60 million consumers within a 250-mile radius of New Jersey.
  • In 2000, 12 of 33 FDA-approved drugs were credited to New Jersey based pharmaceutical companies.
  • New Jersey has 55 colleges and universities, including Princeton and Rutgers Universities and The New Jersey Institute of Technology.
  • Somerset County had an unemployment rate of 2.1% in 2000 as compared to a nationwide rate of 5.8%
  • More than 20 Fortune 500 companies are headquartered in New Jersey.
  • The national headquarters for Fortune 500 companies, AT&T and Johnson & Johnson, are both located in Central New Jersey.


Central New Jersey's Top 20 Employers

1. AT&T (National Headquarters) Telecommunications Somerset, Hunterdon, Middlesex &Union Counties 23,000
2. Lucent Technology Equipment Telecommunications Warren, Berkeley Heights, New Providence, Bernards 16,500
3. Johnson&Johnson (National Headquarters) Pharmaceuticals & Healthcare Products Bridgewater, Raritan Borough, Montgomery, North Brunswick, Warren 11,000
4. Rutgers University Education New Brunswick, Piscataway 8,403
5. Merck & Co. Pharmaceutical Readington, Franklin, Woodbridge, Rahway 7,403
6. Schering Plough Pharmaceutical Bernards, Union, Kenilworth 5,670
7. Telcordia Telecommunications Piscataway 5,022
8. University of Medicine and Dentistry of NJ Education New Brunswick, Piscatatway 4,391
9. Merrill Lynch Financial Franklin, Piscataway, Somerville, Westfield 3,831
10. R.W. Johnson University Hospital Medical New Brunswick 3,574
11. Chubb & Son, Inc. Insurance Warren, Branchburg, Bridgewater, New Providence 3,000
12. St. Peter's University Hospital Medical New Brunswick 2,702
13. Overlook Hospital Medical Summit 2,700
14. Bristol-Myers Squibb Pharmaceuticals New Brunswick 2,200
15. MetLife Insurance Somerset, Hunterdon Counties 2,000
16. Foster Wheeler Construction Clinton, Union, Lebanon 1,999
17. Somerset Medical Center Medical Somerville 1,712
18. Hunterdon Healthcare System Medical Raritan Borough 1,700
19. Novarits Pharmaceutical Summit 1,450
20. Solaris Health Systems (Muhlenberg) Medical Plainfield 1,450

Request our Free Bridgewater, Basking Ridge and Somerset County Relocation Package. It's packed full of useful and important information about the Bridgewater, Basking Ridge and Somerset County, New Jersey area. Don't move here without it! Remember: we'll send it to you for free and without obligation. Just fill out the form and we will send it right out...
 

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Real Estate Tips
Foreclosures >1. What Is a Foreclosure?

A foreclosure is a legal process through which a mortgagor loses his or her equitable right to redeem a mortgaged estate; in other words, the lender completely repossesses the home from the borrower (homeowner.) The lender goes through the legal motions to sell the property, terminate all the homeowner’s rights in that property, and remove the homeowner.

What are the effects?

  • The most stressful and pressing effect that foreclosure has is that the borrower loses his or her place to live.
  • Foreclosure negatively affects the borrower’s credit rating. It stays on a credit report for seven years and drops a credit score 250 points.
  • A borrower who’s been foreclosed on may have trouble finding and keeping jobs since good credit may be required by employers to be hired.
  • A foreclosed home can bring down the value of surrounding homes.

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Real Estate Trivia
Q 
Which home is #1 on the Top 10 list for most-visited Historic Home in the United States?

A 
Graceland, the palatial home of Elvis Presley in Memphis, TN, attracts 600,000 visitors a year.
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John Bendall, REALTOR®, real estate agent and broker for Bridgewater, Basking Ridge and Somerset County, New Jersey home listings, property and land for sale - NUMBER1EXPERT

John Bendall
RE/MAX Classic Group

Branchburg office- 3322 Rte 22 West Suite 908
Basking Ridge office- 47 S. Finley Ave
West Milford office- 1499 Union Valley Rd
Office: 908-895-1898
Fax: 908-231-7799
Email: john@bendallgroup.com

John Bendall is the owner/broker of RE/MAX Classic Group with 3 offices in New Jersey. (Branchburg, Basking Ridge and West Milford)John started Classic in November 2005 and it has grown from 6 agents to over 75 of the best agents in New Jersey. One of real estate's biggest fans, John soaks up all the knowledge he can about every facet of the industry bring his agents all the cutting edge tools to help them meet all their clients needs. Call or email today, and we will help you achieve your Real Estate goals. Performance always Outsells Promises!

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