Business & Economy
Though Jersey City has had its share of economic set backs, the image here is changing for the better. The city has seen a resurgence of business and companies from around the world. After the September 11, 2001 terrorist attacks, Jersey City benefited when dozens of financial institutions relocated from New York City from across the Hudson River.
Today, state-of-the-art high rises are now home to New York City Corporate expatriates, Fortune 500 corporations and multinational conglomerates. Some of Wall Street’s biggest names including ABN AMRO; Brown Brothers Harriman & Co.; Citco Fund Services; Fred Alger & Company; Goldman Sachs; Hold Brothers; ICAP North America; Instinet Group; Knight Equity Markets; Lord, Abbett & Company; Lehman Brothers; JP Morgan Chase; Mellon Financial Corporation; Merrill Lynch; Morgan Stanley; Pershing; Societe Generale; and TD Ameritrade Investor Services now have a presence here. The city is now known as “Wall Street West.”
State and local incentives have played a major role in redevelopment efforts.
Operations costs are cheaper in Jersey City, there is no city income tax, no corporate income tax, no city payroll tax, no unincorporated business tax and no commercial rent tax in Jersey City.
Some of the area’s pending projects, which will bring a number of jobs include, five million square feet of office space and approval for additional development of residential units and commercial space the Hyatt Regency Hotel and North Pier Apartments with several large business clients moving in. The development will bring more than 12,000 jobs when done.
There are several other state-of-the-art commercial buildings being built, which should bring an additional 20 million square feet of space.
The city is experiencing a hotel boom with nearly a dozen, new first-class buildings coming son. Additionally, mixed-use development will include 4.3 million square feet of office space, 7,000 housing units, condos, retail space and 300,000 square feet of commercial space.
Plus, to help create a better business forecast, the Jersey City Economic Development Corporation administers programs to help retain, expand and attract businesses. The Division's role has rapidly expanded as residential and office towers rise along the formerly industrial Hudson waterfront.
The Jersey City labor currently has 253,900 daily employees.
Demographics
As of the 2000 census, there were 240,055 people living here.
The median income of its households is $37,862, and the median income of its families is $41,639. Men had a median income of $35,119 versus $30,494 for women.