NEW JERSEY FINANCE AND PROFESSIONAL SERVICES
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NEW JERSEY
FINANCE AND
PROFESSIONAL SERVICES
1
Why NJ for FINANCE AND PROFESSIONAL SERVICES?
We are a Unbeatable location A truly innovative Unmatched, diverse A place for every
state of services economy talent employee
innovators. From
Locate in the heart of the Be neighbors with finance Access top talent, from Offer employees access to
the incandescent Northeast Corridor – next and professional services 390,000 workers employed the #1 ranked pre-K-12
light bulb to ground- to the world’s financial giants like Goldman Sachs, in finance and professional education system in the
capital in NYC and a train Prudential, and Ernst & services industries and the nation
breaking cancer research, ride away from ground- Young
c – and right next to highest concentration of
New Jersey has been and breaking policy in your customers scientists and engineers in
Washington D.C. – at a the US
remains, a place where fraction of the cost
human ingenuity
Easily access the globe Be on the front lines of Compete better in a global Provide employees with a
flourishes. with ~600 nonstop financial innovation in the economy through a talent choice of commutable city,
destinations from airports emerging home of fintech pool that is highly diverse small town, country, and
- Phil Murphy in the region1 and cybersecurity and truly global coastal living
Governor
Access world-class digital Take part in Governor Tap into a robust talent All this at a fraction of the
infrastructure and the #1 Murphy’s pro-growth pipeline, including 150+ cost of New York and
broadband-connected agenda and commitment to higher education institution Philadelphia – and just a
population in the US creating a leading business and the #1 global short train ride away!
environment quantitative finance
program in the world
1 Includes Newark Liberty International Airport, Philadelphia International Airport, John F. Kennedy International Airport, a nd LaGuardia International Airport 2
UNBEATABLE
LOCATION HEART OF THE BEST-IN-CLASS EASY ACCESS
NORTHEAST DIGITAL TO THE GLOBE
CORRIDOR, NEXT TO INFRASTRUCTURE
MANHATTAN AND
TRAIN RIDE AWAY
FROM
WASHINGTON DC
3
UNBEATABLE LOCATION
At the heart of the Northeast corridor, next to NYC and Philadelphia
Train times from
Newark Penn Station
Boston ~4 hours Day trips by train
to Washington DC
and Boston
Newark New York ~20 min $2.9 trillion
GDP within 150 miles1
Trenton ~40 min
Philadelphia ~1.5 hours
~2 hours
Baltimore
36 million
Washington, DC ~3 hour consumers1
within 150 miles
NOTE: All train times referenced from Newark Penn Station
1 Includes the GDP and population of counties whose centers are within 150 miles of New Jersey
Source: Choose New Jersey research using JobsEQ 4
BUSTLING TECH ECOSYSTEM
Best-in-class office space at a fraction of the price
Best-in-class office space…
Price per square foot (psf) of class A office, $
New York $78 psf
San Francisco $69 psf
40-60%
Boston $63 psf
cheaper
Seattle $43 psf than other
markets
Austin $51 psf
New Jersey $33 psf
Source: CoStar, 1Q 2022 average rates by market. NJ prices reflect all NJ cities 5
UNBEATABLE LOCATION
Easy access to employees, clients, and customers across the globe
340 +
NONSTOP
DOMESTIC
DESTINATIONS
260 +
NONSTOP
INTERNATIONAL
DESTINATIONS
SOURCE: Diio Mi - Includes Newark Liberty International Airport, Philadelphia International Airport, John F. Kennedy International Airport, and LaGuardia International Airport 6
UNBEATABLE LOCATION
Best-in-class Digital Infrastructure
#1 #2 67%
Best Broadband access access to a wired population with access
in the country connect with speeds to fiber-optic internet
(broad coverage, high-speeds, over 100 Mbps+ (National Avg is 25%)
and low pricing)
(97.7%)
SOURCE: Broadbandnow.com: New Jersey Internet Service Providers: Availability & Coverage 7
WORLD-CLASS FIRMS AND
UNMATCHED ACCESS TO CUSTOMERS
THE FINANCIAL CAPITAL OF THE
A TRULY INNOVATIVE EAST COAST AND THE FRONT
SERVICES ECONOMY LINES OF FINANCIAL INNOVATION
A CLEAR VISION AND
COMMITMENT TO FINANCE AND
PROFESSIONAL SERVICES
8
A TRULY INNOVATIVE SERVICES ECONOMY
Home to the industry’s best finance and professional services firms
26,200+ finance and professional services firms1 in NJ,
with 850+ with more than 500 employees
Example players with NJ HQ or major presence NOT EXHAUSTIVE
Financial services FinTech companies
(banking, investing,
and insurance)
Legal services
Accounting,
advertising,
consulting, and other
services2
Related services
(e.g., cybersecurity,
data and analytics)3
1 Firm defined as an organization consisting of one or more domestic establishments in the same state and industry that were specified under common ownership or control | 2 Includes tax, payroll, bookkeeping, advertising and public
relations, architectural and engineering, specialized design, consulting (management, scientific, technical), and other professional services | 3 Note that these are listed here but not formally considered part of financial and professional
services sector
SOURCE: Statistics of U.S. Businesses, 2018 9
A TRULY INNOVATIVE SERVICES ECONOMY
A big part of our economy and where firms are really growing
Legal services
10%
9%
Consulting and
41% other services
48%
$91B 22%
Financial (14.8% of total)
services
GDP growth since
49%
2013
SOURCE: Bureau of Economic Analysis 1021ST CENTURY INNOVATION ECONOMY
Home to Fortune 500 Companies
15
Fortune 500
company HQs
in NJ
SOURCE: Fortune 500 2021 ranking 11A TRULY INNOVATIVE SERVICES ECONOMY
NJ also provides an ideal customer base with the 5 th best financial literacy in the country
#19
#22
#37
#42
#25
best state for overall financial
literacy – with customers that
#11
#5 are more likely to access
financial services products and
save for the long-term
#28
Source: WalletHub 12A TRULY INNOVATIVE SERVICES ECONOMY
These advantages have led leading players to double down in NJ
New campus 428,000 sq. Opened new HQ in Fort Lee with Opens New U.S.
Jersey City based firm announced a
$450 million Series D with a valuation ft. office space with plans to hire 100 more Headquarters in Englewood,
of $2.85 billion additional 2,000 jobs employees NJ
Digital trading technology Major FinTech Technology-driven Large direct private
company company financial services lender
organization
2021 2022
Global IT Service
Startup Funding American multinational
Global cryptocurrency Provider
esports entertainment financial services corporation
Expert platform Expand its operations in New
and online gambling Entered a multi-year
Raises $500 Million at a partnership to scale their data
Jersey and hire 1000
company Announced employees by the end of
Valuation of $7.4 Billion $400 million investment with a center in Carteret, New
Opened a new office in Jersey to support the build 2023
valuation of $3 billion
Hoboken, New Jersey out of Nasdaq's cloud
infrastructure.
SOURCE: Corporate press releases 13BUSTLING TECH ECOSYSTEM
Unmatched proximity and access to venture capital
#9 in total VC investment
in the US in 2021 $5.5+ billion
in VC investment in Many of the entrepreneurs
2021 and executives we’ve backed…
have repeated the cycle again and
again, creating an ecosystem of
talent in the region. New Jersey has
$500 million
done a nice job providing incentives
to emerging growth businesses to
operate in the state. We love the
State-led venture fund
ability to tap into a dynamic talent
to support innovation
NJ Innovation Evergreen Fund
pool and scale a business more
capital efficiently than other
regions of the country
Home to leading VCs - Michael Kopelman
General Partner, Edison
Partners
SOURCE: Pitchbook 14A TRULY INNOVATIVE SERVICES ECONOMY
Governor Murphy’s economic development plan for the future
Investing in PEOPLE ,
including robust workforce
supports to train the
workers of the future
Investing in COMMUNITIES,
including making significant
investments in expanding New
Jersey’s robust infrastructure and
invigorating its cities
Supporting INNOVATION by
creating clear sector priorities
and specific programs to
support companies within
those sectors MAKING GOVERNMENT
WORK BETTER by reducing
the time, cost, and complexity of
doing business in New Jersey
SOURCE: NJEDA, Stronger and Fairer Economy Plan 15LARGE AND ACCESSIBLE 4th
TALENT POOL highest share of bachelor
degree holders in the US
UNMATCHED, 390,000+
GLOBALLY AND RACIALLY
DIVERSE DIVERSE POPULATION finance and professional services
TALENT POOL workers from across the globe
150+
PIPELINE OF TOP TALENT
higher education institutions
in the region
SOURCE: US Census Bureau, WalletHub, The Integrated Postsecondary Education Data System (IPEDS) 16UNMATCHED, DIVERSE TALENT POOL
390,000+ employed in finance and professional services industries
390,000+ 190,000+
NJ residents employed in resident employed in
finance and professional the financial services
services industries industry alone
SOURCE: New Jersey Department of Labor and Workforce Development 17UNMATCHED, DIVERSE TALENT
A workforce
ready for the 3 rd 100,000+ 2 nd
future In density of STEM Degrees and In scientists and
Graduates, 2019-20 certificates awarded engineers per
at postsecondary square mile
institutions, 2019-20
STEM includes Computer and Information Sciences and Support Services, Engineering, Engineering Technologies and Engineering-Related Fields, Biological and Biomedical Sciences, Mathematics and Statistics, Physical Sciences,
Science Technologies/Technicia ns
SOURCE: National Science Foundation, National Center for Education Statistics 18UNMATCHED, DIVERSE TALENT POOL
Access to 150+ premier higher education institutions
Select top universities and doctoral
universities noted below
150+
institutions in the
region1
#1
quantitative finance
program globally
(Princeton)
#1
University in the
country and
1 New Jersey region includes New Jersey state, New York-Newark-Jersey City, NY-NJ-PA MSA and Philadelphia-Camden-W ilming ton, PA-NJ-DE-MD MSA
3 of top 103
2 Includes Princeton, Columbia University and University of Pennsylvania
SOURCE: Carnegie Classification of Higher Education Institutions, Higher Education Research and Development Survey, The Integ rated Postsecondary Education Data System (IPEDS), US News, Risk.Net 19UNMATCHED, DIVERSE TALENT pool
Higher education institutions focused on financial innovation
Example programs in New Jersey
Companies can
tap into a
steady stream of
talent thanks to the
finance and
► Bendheim Center for ► Quantitative Finance ► Launched FinTech ► Two Top 25 Quant
Finance dedicated to Program (students receive degree program in Finance Programs technology-focused
interdisciplinary study Bloomberg Certification as 2018 targeting careers globally: programs at
freshmen) in financial services ─ Financial
of Money and Finance
companies and Statistics & Risk New Jersey’s
► #1 Quantitative ► Hanlon Financial Systems startups Management world-class
MS
Finance master’s Lab universities.
program globally
► FinTech-focused Venture ─ Mathematical
Finance MS
► FinTech and Quant Center supports
Conference bringing entrepreneurs through
together finance tech support, networking,
industry leaders education, hackathons,
etc.
SOURCE: University/institute websites 20UNMATCHED, DIVERSE TALENT
Diverse talent needed to compete in a globally diverse world
#4 WHERE DIVERSITY
41%
THRIVES…
OVERALL RACIAL FOREIGN-BORN
AND ETHNIC RESIDENTS HAVE A
DIVERSITY BACHELOR’S DEGREE
OR HIGHER
#1 #1
MOST IN K-12 STUDENTS
ETHNICALLY ENROLLED IN
DIVERSE CITY
IN THE US
(JERSEY CITY)
32% 3rd FOREIGN
LANGUAGE
CLASSES
SPEAK A ...AND INTERNATIONAL IN THE NATION
LANGUAGE OTHER RESIDENTS ARE WELCOME FOR LINGUISTIC
THAN ENGLISH AT DIVERSITY
(~2 MILLION OF THEM!)
HOME
21
SOURCE: WalletHub, American Community Survey, IPUMS, American CouncilsNewark Jersey City
TRANSIT-RICH, DIVERSE BUSTLING,
NEIGHBORHOODS GROWING CITIES
Montclair Hoboken
A PLACE FOR
EVERY Collingswood Asbury Park
EMPLOYEE
Princeton Ocean City
ACCESSIBLE, COASTAL
SMALL TOWNS ENCLAVES
22A PLACE FOR EVERY EMPLOYEE
Montclair
A safe and vibrant suburb with incredible schools, world-class dining options, and direct access to New York City
17 12
miles from student-teacher ratios
Midtown Manhattan
A
DISTINCTIVE
85% COMMUNITY
18
bachelor’s degree
or higher Parks and nature reserves
Top suburb 40 Downtown Montclair Brookdale Park
in America to raise a family
SOURCE: Niche, Township of Montclair, American Community Survey 23A PLACE FOR EVERY EMPLOYEE
The #1 Pre-K-12 education system in the country
of the top 30
Compared to…
2 school districts
1
ranked in
Pre-K-12 17 19 35 40
education of the top 20 high
PA NY TX CA
2 schools in the US
SOURCE: US News: Education Rankings; Niche: 2022 Best Public High Schools in America; Niche: 2022 Best School Districts in America 24A PLACE FOR EVERY EMPLOYEE
A short train ride from New York City but significantly more affordable
Typical savings moving from Manhattan to Newark
% savings vs. original dollar spend
If your income in
Manhattan is…
Housing 71% savings
~$100,000
Groceries 22% savings
after taxes
Entertainment 16% savings
Moving to Newark
would get you…
Transportation 12% savings
~$200,000
Healthcare 12% savings
of purchasing power
SOURCE: NerdWallet, 2022 25A PLACE FOR EVERY EMPLOYEE
Access to New York City and all its amenities at a fraction of the cost
Easy access to New York City… …at New Jersey prices
Weekday commute time to Midtown Manhattan (Penn Station), minutes Average market rent ($ per month, 2021)
Montclair Legend Upper West Side $4,593
~1 hour Destination Nearby in NJ Nearby in NY
NEW YORK
Midtown Manhattan $4,267
Upper West Side
NEW JERSEY 19m
Upper East Side $4,176
Upper East Side
20m $3,790
Downtown Brooklyn
Hoboken
18m Midtown
Manhattan
Newark Hoboken $3,611
18m
Jersey City NEW YORK
NEW JERSEY
26m Montclair $2,137
Jersey City $2,998
Downtown Brooklyn
28m
Newark Airport $1,304
Newark
26m
26
SOURCE: Google Maps estimates via public transportation at 8:00 am on Monday morning; in cases where time range is provided, estimate uses average of low and high range; RentCafe data provided by Yardi MatrixA PLACE FOR EVERY EMPLOYEE
Endless opportunities for leisure
130 130 9,900 256
Miles of Craft Farms Historical Sites &
Coastline Breweries Memorials
400+ 335 949 44
Lakes, Pond & Golf Courses Miles of Hiking Zoos,
Reservoirs Arboretums &
Gardens
30 18 150
State Parks Theme Parks Museums
3 10
Ski Mountains Sports Stadiums
SOURCE: Stockton University, State of New Jersey Department of Environment Protection, GolfMax, FunNewJersey.com, Coastal Living, Department of State, Division of Travel and Tourism, State of New Jersey, New York -New Jersey Trail
Conference, JerseyFresh, Institute of Museum and Library Services 27A PLACE FOR EVERY EMPLOYEE
A progressive agenda that helps attract diverse, highly-skilled talent
28We’d love to connect with you!
Sandy Chu
Sector Lead, Finance and Professional Services
Phone: +1 609-273-9244
Email: schu@njeda.com
Bill Noonan
Business Development Director
Phone: +1 609-297-2192
Email: wnoonan@choosenj.com
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