The Ultimate Guide for Relocating Your Career or Business to Morristown

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Why live in Morris County? Why start a business in Morris County? How about the thriving economic landscape?

Business in Morris County is booming, and the economy is diverse. With a $60 billion economy, Morris County is an economic engine for New Jersey and the United States. If you’re looking to start or grow a business, there’s no better place than Morris County.

Morris County stands out in seven key industries:

  1. Healthcare
  2. Financial Services
  3. Life Sciences
  4. Manufacturing
  5. Technology
  6. Transportation & Logistics
  7. Aerospace & Defense

Let’s look at how each industry above is performing in Morris County.

Healthcare

In Morris County, healthcare & wellness is one of the fastest-growing industries, with 3.2 percent job growth in 2020.

With 34,500 healthcare and wellness workers at 1,600 companies across the region, the industry has a $3.8 billion annual GRP and is a significant driver of the county’s economy.

Facts & Figures:

  • Jobs for the healthcare industry increased by 1,112 jobs (3.2%) from 2016-2020, keeping up with the national growth rate of 3.5%.
  • The healthcare industry is projected to increase by 3,357 jobs (9.4%) from 2020-2025, just under the national growth rate of 10.0%.
  • 1,500+ healthcare-focused businesses started in 2021.

Notable Companies:

  • Morristown Medical: Part of Atlantic Health System, Morristown Medical Center is a non-profit 687-licensed-bed hospital accredited by the Joint Commission. It is a perennial favorite in U.S. News & World Report’s Best Hospitals rankings. Morristown Medical is recognized as a top hospital nationwide for Cardiology and Heart Surgery, Geriatrics, Gynecology, Orthopedics, and Pulmonology. U.S. News also recognizes hospitals that represent valuable regional sources of quality care. Morristown Medical Center ranked high performing regionally in Cancer, Diabetes & Endocrinology, Gastroenterology & GI surgery, Nephrology, Neurology & Neurosurgery, and Urology.
  • Atlantic Health System: Atlantic Health System, headquartered in Morristown, New Jersey is a leading non-profit health care system. Atlantic Health System includes Morristown Medical Center in Morristown, NJ; Overlook Medical Center in Summit, NJ; Newton Medical Center in Newton, NJ; Chilton Medical Center in Pompton Plains, NJ; Hackettstown Medical Center in Hackettstown, NJ; and Goryeb Children’s Hospital in Morristown, NJ, as well as Atlantic Rehabilitation, and Atlantic Home Care and Hospice.
  • Ascensia Diabetes Care: Established in 2016 through the acquisition of Bayer Diabetes Care by Panasonic Healthcare Holdings, Ascensia Diabetes Care is a global company dedicated to improving the health and lives of people with diabetes. Already including the world-renowned CONTOUR™ range of blood glucose monitoring systems, they are committed to creating more innovative and life-changing products.
  • Medical & Wellness Center of New Jersey: Dr. Larry Goldfarb is the founder and driving force behind the Medical and Wellness Center of NJ, a premier state-of-the-art rehabilitation center that specializes in the treatment of sports therapy, chronic pain resolution, and nutrition. Having more than 37 years of industry experience, Dr. Goldfarb is seen among his peers as a leader for his innovative and steadfast approach to the treatment of musculoskeletal injuries and for incorporating natural medicine into his treatment process.

Financial Services

There are 78% more jobs in Morris County in the financial services industry than one would expect in the average region of this size.

The financial sector is a critical part of the county’s economy, accounting for 430+ payrolled business locations and 76% of the goods and services the sector requires to operate.

Morris County is uniquely positioned to provide the financial services industry with the talent, resources, and infrastructure it needs to thrive.

Facts & Figures:

  • There are 64% more jobs in Morris County for this industry than we would expect to find in the average region of this size.
  • 440+ payrolled business locations in the county
  • 76% of the goods and services that the financial sector requires to operate can be found within the region.

Notable Companies:

  • Tangoe, Inc.: Tangoe is a leading global provider of IT and Telecom Expense Management (TEM) software and services to a wide range of global enterprises and service providers. Tangoe’s technology and services platform is designed to help companies transform the management of IT assets, services, expenses, and usage to create business value, increase efficiency, and deliver a positive impact to the bottom line.
  • Beacon Trust Company: Based in Morristown, New Jersey, Beacon Trust is a full-service wealth management firm with approximately $2.5 billion in assets under administration and decades of proven success, superior solutions and exceptional client service. They focus on helping their clients attain, preserve and expand their assets through customized wealth management planning.
  • MetLife: MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries.
  • NuWave Investment Management: Since its inception in 2000, NuWave Investment Management has combined extraordinary ingenuity, insightful research and cutting-edge technology to successfully navigate the complexities of global investing. Their unique multi-strategy approach to investing in many of the world’s most liquid financial and commodities markets offers investors the potential to achieve compelling risk-adjusted returns in a variety of market environments, while also providing significant diversification and non-correlation benefits relative to both traditional investments and other hedge fund strategies.

Life Sciences

The life sciences industry is projected to increase by 939 jobs (9.4%) from 2020-2025, outpacing the national growth rate of 8.9%.

The regional job concentration for the selected industries is 3.42 times the national job concentration. In other words, this region has 237% more jobs than one would expect to find elsewhere in the nation.

Facts & Figures:

  • The industries are projected to increase by 939 jobs (9.4%) from 2020-2025, outpacing the national growth rate of 8.9%
  • Regional job concentration for the selected Industries is 3.42 times the national job concentration. In other words, there are 237% more jobs in this region than we would expect to find in the nation.
  • The Pharmaceutical Preparation Manufacturing industry sold $265,930,767 worth of product within Morris County in 2020.
  • For every job the Life Science industry in Morris County creates, another three jobs are created. (Based on EMSI job multiplier)
  • Cost for laboratory space is highly competitive.
  • Nationally NJ’s Life Science Cluster has a solid position with a highly educated workforce.

Notable Companies:

  • Novartis is one of the largest pharmaceutical companies by both market cap and sales. Novartis manufactures such drugs as clozapine (Clozaril), diclofenac (Voltaren), carbamazepine (Tegretol), valsartan (Diovan) and imatinib mesylate (Gleevec/Glivec). Additional agents include ciclosporin (Neoral/Sandimmun), letrozole (Femara), methylphenidate (Ritalin), terbinafine (Lamisil), and others.
  • Bayer: Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer operates its US headquarters out of Whippany NJ, with more than 2,500 employees on staff.
  • Allergan: Allergan is focused on developing, manufacturing and commercializing branded pharmaceuticals, devices and biologic products for patients around the world. Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women’s health, urology and anti-infective therapeutic categories.
  • Ferring Pharmaceuticals: Ferring Pharmaceuticals is a research-driven, specialty biopharmaceutical group active in global markets. The company identifies, develops and markets innovative products in the areas of reproductive health, urology, gastroenterology, endocrinology and orthopaedics. Ferring has its own operating subsidiaries in nearly 60 countries and markets its products in 110 countries.
  • Pfizer: Pfizer develops and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, diabetology/endocrinology, and neurology. Its products include the blockbuster drug Lipitor (atorvastatin), used to lower LDL blood cholesterol; Lyrica (pregabalin) for neuropathic pain/fibromyalgia; Diflucan (fluconazole), an oral antifungal medication; Zithromax (azithromycin), an antibiotic; Viagra (sildenafil) for erectile dysfunction; and Celebrex/Celebra (celecoxib), an anti-inflammatory drug.

Manufacturing

In 2020, the manufacturing industry contributed $5,940,908,307 to Morris County’s GRP, and current earnings for this sector are $104,875.

The Manufacturing sector is vital to Morris County’s economy, accounting for nearly 11% of the county’s GRP.

Innovation, leading-edge technology, and top talent drive the advanced manufacturing processes serving multiple sectors today.

Morris County is committed to its diverse manufacturing base through our production of pharmaceuticals, metals, plastics, production technology, and scientific instrumentation.

Facts & Figures:

  • Jobs for manufacturing decreased by 722 jobs (3.8%) from 2016-2020, compared to the national overall decrease in manufacturing jobs (1.7%).
  • The manufacturing industry is projected to decrease again by 119 jobs (0.6%) from 2020-2025, falling short of the projected national growth rate of 0.9%.
  • The annual wage per employee in 2020 was $108,705 (not COL adjusted).
  • In 2020, 17,730 individuals worked in the manufacturing industry.

Notable Companies:

  • Holland Manufacturing: Holland Mfg. is a full line manufacturer of water activated tapes, Blue Shield protective papers, flooring underlayment and protection, and metal packaging materials.
  • Convertech, Inc.: Convertech’s products have always been ahead of the industry, such as when they designed the first multibladder shafts in 1988. The company also designed differential shafts to help wind evenly. They have produced more than 20,000 different air shafts and chucks.
  • Herley CTI: Herley CTI is focused on the manufacture of frequency generation and frequency conversion products including, complex and highly integrated systems, tactical airborne integrated frequency converter assemblies and ultrafast direct synthesizers for electronic warfare (EW), radar, satellite communication and test equipment applications.
  • Dana Poly: Dana Poly Inc. is a manufacturer of quality polyethylene film, bags, and sheet products. Among their industrial offerings are plastic bin liners, box liners, drum liners, gaylord liners, and heavy-duty pallet covers.
  • Foster and Company: Foster and Company has fifty years of experience in the manufacturing and distribution of more than 10,000 preventative maintenance products used by a client base of over 50,000. Customers include industrial firms, institutions, transportation and construction companies, schools, and government facilities.

Technology

The technology industry saw massive increases in recent years in Morris County. Jobs for information technology and telecommunications increased by 1,933 jobs (9.5%) from 2016-2020, outpacing the national growth rate of 7.8%. Additionally, the technology industry is projected to increase by 812 jobs (3.6%) from 2020-2025.

The regional job concentration for information technology and telecommunications is 3.10 times the national job concentration. In other words, there are 65% more jobs in Morris County than one would expect to find in the average region.

Facts & Figures:

  • Jobs for Information Technology and Telecommunications increased by 1,933 jobs (9.5%) from 2016-2020, outpacing the national growth rate of 7.8%.
  • The technology industry is projected to increase by 812 jobs (3.6%) from 2020-2025.
  • Regional job concentration for Information Technology and Telecommunications is 3.10 times the national job concentration. In other words, there are 65% more jobs in Morris County than we would expect to find in the average region.
  • According to the NJDOL, Morris County has 226 establishments in the technology industry (2019)
  • By September of 2021, 976 job postings asked for Authorization (Computing) skills, 576 postings asked for Agile Methodology, 643 postings asked for experience in Infectious Disease Technology, and 333 posts asked for SQL skills.

Notable Companies:

  • SWK Technologies: SWK Technologies is the subsidiary of Silver Sun Technologies Inc and operates as an IT consulting group. SWK Technologies provides businesses with on-site and cloud services, and works to develop business management software. This organization is headquartered in East Hanover, NJ and specializes in network continuity, inventory management software, and accounting/financial software development.
  • ADP: ADP is the first organization in Human Capital Management to provide the workforce with automated solutions, cloud-based operations, provide a mobile app, and create an online marketplace. ADP incorporates integrated technology platforms and data analytics into HCM, in order to better meet the needs of their clients.
  • Verizon Wireless: Verizon Wireless is one of the world’s leading providers of technology, communications, information, and entertainment products. Operating worldwide and locally within Morristown NJ, the group focuses on delivering voice/data/video services, Internet access on all wireless or handheld devices and network connectivity.
  • The Casey Group: The Casey Group provides custom business and technology solutions that drive value and deliver success. Since its founding in 1989, The Casey Group has partnered in the design, delivery, and management of major IT based business improvements for small and large enterprises; delivering success through operational efficiencies, service improvements, cost reductions, growth, and profitability.
  • & Check out Axians in Florham Park, NJ!

Transportation & Logistics

The average earnings per job in the transportation and logistics industry are $129,312.

The freight transportation arrangement industry makes $15,987,108 worth of purchases through its regional supply chain. Despite the decline in employment, transportation and logistics are vital to the Morris County economy.

Morris County is a great place to start your search if you’re looking for a career in transportation and logistics. With its many industries and strong economy, this industry boasts plenty of opportunities to find your niche.

Facts & Figures:

  • Transportation And Logistics decreased by 515 jobs (40%) from 2016-2021 (2016 = 1431 jobs , 2021=916 jobs).
  • Average Earnings per job – $129,312.
  • The freight transportation arrangement industry does $15,987,108 worth of purchases through its supply chain in the region.

Notable Companies:

  • UPS: United Parcel Service, Inc. (UPS) is the world’s largest package delivery company and a provider of supply chain management solutions.
  • Maersk Inc: Maersk Line is the world’s largest container shipping company, known for reliable, flexible and eco-efficient services.
  • TransOptions: TransOptions delivers programs and services that improve mobility, the environment and overall quality of life in northwestern New Jersey. TransOptions helps their clients find alternative commute options while also offer programs in bicycle, pedestrian and teen driver safety as well as environmental education and sustainability.
  • D. Carton & Son: J. D. Carton and Son has been providing quality moving and storage services since 1953. They provide these services to both residential and commercial clients. Their office is located in Parsippany, NJ.
  • Bohren’s Moving and Storage: Bohren’s, headquartered in New Jersey, is a highly regarded household, commercial, international, tradeshow and exhibit moving company. They have expertise in records and media storage, special commodities handling and crating and asset management.

Aerospace & Defense

The aerospace and defense industry is booming in Morris County, with job growth outpacing the national average by more than five percentage points.

The region’s labor cost is below average, making it an attractive location for businesses in this industry.

This industry’s regional earnings per job are $122K, which is $13.1K below the national average of $135.4K.

In 2020, the demand for aircraft engines and engine parts was valued at $90,490,037. Additionally, $156,129,075 worth of in-region purchases were made through this supply chain in 2020.

With a strong foothold in the aerospace and defense industry, Morris County is poised for continued growth in the years to come.

Facts & Figures:

  • Jobs for the Aerospace and Defense increased by 309 jobs (28.0%) from 2016-2020, outpacing the national growth rate of 5.8%.
  • Cost of labor in the region is below average. The regional earnings per job for this industry is $122K, which is $13.1K below the national average of $135.4K.
  • Aircraft Engine and Engine Parts Manufacturing Demand (2020): $90,490,037
  • $156,129,075 worth of in-region purchases were made through this supply chain. (2020)

Notable Companies:

  • General Dynamics: This global company, with origins as part of Bell Labs, is the world’s 5th largest defense contractor.
  • LGS Innovations: Another company will Bell Labs heritage, delivering cybersecurity and communications solutions to governments and commercial institutions worldwide.
  • L-3 Space & Navigation: Manufactures aircraft indicators, control devices, gyroscopes, and other precision inertial navigation & guidance systems for missile, ground vehicle, and space applications.
  • Arconic: is a leader in investment casting superalloy airfoils for aero engines and industrial gas turbines.
  • Breeze-Eastern LLC: The world’s only dedicated helicopter hoist and winch provider and the world’s largest cargo hook systems manufacturer.
  • McWilliams Forge Company: Manufactures high technology forgings for customers around the world.
  • Marotta Controls: Marotta designs, develops, qualifies, and manufactures pressure, power, motion, fluid, and electronic controls for military and commercial markets.

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Morris County is a great place to relocate to if you’re looking for work in the financial, manufacturing, technology, life sciences, transportation & logistics, or aerospace & defense industries. With its many industries and strong economy, the county offers plenty of opportunities to succeed.

Check out Morristown Apartments to rent here.



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