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Jersey City Overview  Wall Street West

Complements of Jersey City Economic Development Corp www.JCEDC.com

A century ago as tens of thousands of immigrants passed through Ellis Island (which actually is part of New Jersey), they looked to this new land as the land of opportunity. Many of them settled in Jersey City and the northern part of the state; others moved on. Most of them found the prosperity they were seeking by being provided the opportunity to turn their talent and sweat into wealth. America provided the freedom and opportunity, and they provided the rest.

Today, America is still the land of opportunity, and Jersey City represents the "golden door" to that opportunity.

The community believes that if the opportunity to succeed is provided, hard-working individuals and companies will not only take advantage of it, but that they will succeed.

The Philosophy Must Work!
In 1994, 10 major firms relocated to Jersey City, bringing in more than 6,000 jobs. Many of them based their decision to relocate on the successful track record of the 1980s which witnessed a renaissance in Jersey City. Nearly 30 firms moved to or opened offices within the city during the decade, and the skyline not only of the waterfront but downtown as well, was totally transformed from rail yards and warehouses along the Hudson to sleek, modern office towers and developments.

Several billion dollars were invested in Jersey City during the 80s and early 90s. This investment renovated not only the appearance and image of Jersey City, but also the city's infrastructure.

Aside from bridges, highways, public transportation and the usual things thought of as infrastructure, Jersey City's "information infrastructure" was re-wired with fiber-optic cable and other high-tech devices, making it an ideal location for corporations depending on a solid information link with the rest of the world.

Wall Street West
Jersey City was the only one of New Jersey's six largest cities to gain both in population and employment through the recession of the late 80s and early 90s, a time when many other cities throughout the country watched all of the economic gains they had made during the 80s disappear.

The largest gain for the community was in the "FIRE". industry sectors: Financial, Insurance & Real Estate. Many people refer to Jersey City as 'Wall Street West" because of the phenomenal growth in these sectors. Some firms chose Jersey City because it is just minutes from Manhattan's financial district. Others because of the billions of dollars of capital investment in office developments and information infrastructure. Still others because many top financial firms are already located on the west bank of the Hudson.

Retail Economy
Employment in Jersey City's retail sector grew 27.5% over the past decade, compared with 7.5% for the rest of urban New Jersey during the same period. Increasing population and rising per capita income, combined with an emphasis on neighborhood retail development, bodes well for continued growth in the retail sector.

Industrial Development
Although situated in the heart of the largest urban market in the U.S., Jersey City has significant industrial capacity, located primarily in four major industrial centers: Greenville Yards located in Port Jersey Industrial Park, Claremont Industrial Park, Montgomery Industrial Park, and Liberty Industrial Park. Manufacturers located within these parks cite several reasons for choosing Jersey City: abundant skilled blue collar labor force, excellent access to all types of transportation, and proximity to markets.

Jersey City is also becoming a significant distribution center for the New Jersey/NYC metro area, and wholesale-related employment grew by 45% between 1982 and 1990.

Housing
If current population trends continue, Jersey City will be the State's largest city by 2000! The city works hard at its goal to become America's "most live able city" by providing safe, clean streets, reducing property taxes, and improving the range of educational choices.

The City is a national model for affordable housing and has developed innovative solutions to help low income families become homeowners. Within Jersey City, there exists a wide range of housing options.

Add all of these elements together, the growth, the location, the trends, the opportunity, and you get a dynamic community rapidly stepping up to take its proper place within the fabric of not just the metro area, but of the entire state.

Jersey City has a glorious history and an even greater future. Companies that choose to locate here will be catching a rising tide. Jersey City truly is America's Golden Door, and anyone looking- for opportunity has only but to knock.

Complements of Jersey City Economic Development Corp. www.jcedc.org


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