I hope that memories of a sunny beach or mountain getaway are strongly in your mind as you enter busy fall and fourth quarter ahead. I am glad to announce that Morris County continued to see strong economic growth over the past year. Morris County’s gross domestic product (GDP) – the measure of total economic output – was $53 billion in 2017, which is a $3 billion increase since 2016. A remarkable amount of commerce is occurring in Morris County, which has the third highest GRP in the state third only to Bergen and Middlesex counties. This situates the county’s economy within the top 100 economies in the US and exceeds the GDP of five states. The County has a 4% unemployment rate overall, a well-educated workforce with over 20% having a graduate degree or higher, and a median income of $95,000. See the 2018 data sheet here.
Home to over 800 headquarters locations, Morris County continues to prove itself as a choice location for corporations of all sizes. The County has over 28,000 businesses and 315,000 employees. Parsippany, which boasts the largest concentration of office space in northern New Jersey, has over 32,000 non-residents commute to the Township daily. Many companies have relocated or renewed their leases in the County this year. Notable recent corporate relocations include UPS, Barclays, Langan, Allergan and Teva who have relocated thousands of employees to their campuses in Morris County.