Giovanni da Verrazzano, an Italian explorer, was the first European to enter New Jersey in 1524. However, the arrival in 1609 of the English navigator Henry Hudson, who sent a party to explore Sandy Hook Bay, marked the start of colonization. The Dutch founded the first permanent European settlement at Bergen (now Jersey City) in 1660. In 1664, the colony was annexed by England, and in 1676, the province was split into East and West Jersey.
New Jersey experienced considerable economic growth between the Revolutionary and Civil wars, aided in part by building canals and, later, railroads. The railroads, especially the Camden and Amboy line, regulated and controlled the state’s political life, dominating and manipulating legislators and governors.
The state’s development plan, first implemented in 1992 and revised since then, aimed to guide existing infrastructure growth. The intention was to support developed urban and older suburban areas while still safeguarding the state’s natural resources. The state has committed to acquiring open space and reducing suburban sprawl, as well as the difficulties that this brings for commuters. New Jersey continues to realize its full potential as a diverse and endowed state as it enters its fourth century of existence.
A sleeping giant
New Jersey is often regarded as a stepchild among the highly developed and populated states along the Eastern Seaboard, despite having significant social, economic, and political power in its own right. New Jersey is one of the smallest states in terms of size, but it is crowded and has one of the world’s highest population densities. Hundreds of thousands of people commute to New York and Pennsylvania from the city. New Jersey’s transportation system is one of the world’s busiest and most comprehensive, linking the state to the region’s fabric by transporting goods and people to New York City and other points north, as well as to Philadelphia and other points south. It provides long stretches of fine beaches along the Atlantic Ocean to hundreds of thousands of tourists, and the resorts of Atlantic City may be more well-known than the state itself. It was once the gambling capital of the world. However, some citizens prefer to play online casino games in Jersey instead of driving more than 49 miles to Atlantic City. It’s simply more comfortable since you can play whenever you want to and wherever you are.
Let’s look at some of the main reasons a business owner might choose to open up a company or start a brand-new business in the state of New Jersey.
Climate – The state has a relatively normal climate and doesn’t experience adverse weather too often, which could impact things such as transportation, commuting, or even electricity in severe cases. The northwest has cold winters, with average January temperatures below 28 degrees Fahrenheit. The south has relatively mild winters, with average winter temperatures above freezing. Summers are hot across the state, with average July temperatures varying from about 70 degrees in the northwest to over 76 degrees in the southwest. Seasonally well-distributed precipitation measuring 44 inches to more than 52 inches prevails, resulting in humid conditions.
People – Statistics on density indicate that New Jersey makes excellent use of every square foot of land. It is 8,721 square miles in size. Despite its small scale, NJ is the most densely populated state in the US, with 1,195.5 people per square mile. The Census Bureau has classified every county in New Jersey as urban. Therefore, no matter where you decide to set up, you will have access to a workforce and customers. With a large percentage of Jersey citizens commuting to New York, any new businesses opening in the state will be welcomed by the locals who often have no option but to travel daily to work. New Jersey has a thriving and prestigious research industry, with one of the highest concentrations of engineers and scientists per capita in the world. This education starts from a young age, with many primary schools winning awards. This means you have a good chance of employing good, intellectual workers.
Economy – New Jersey was destined to become a manufacturing powerhouse. Even though New Jersey is still a primary manufacturing state, jobs in that sector have decreased. Workers in the service sector now outnumber manufacturing jobs by a three to one. Nonetheless, in collaboration with significant utilities and business associations, the State Division of Economic Development has carried out a successful marketing campaign to attract the industry to New Jersey. Because of its larger space, better transportation, and lower tax rates, New Jersey has continued to attract many industries, especially corporate headquarters from New York City.
Good agriculture – Since the late twentieth century, the spread of industry and housing has cost much of New Jersey’s farmland, which has become the most valuable per acre in the nation. Farmland makes up around a sixth of the state’s total land area. While farming employs less than 1% of the state’s population, farm income per acre is among the highest in the nation. Blueberries, cranberries, peaches, asparagus, bell peppers, and the famous New Jersey tomatoes are only a few of the fruits and vegetables are grown by New Jersey farmers. The vast majority of the state’s overall farm income comes from greenhouse products, dairy products, and fruits.
New Jersey has links with many cities.
Excellent transportation network – Transportation has been the lifeblood of the state’s economy since colonial times when New Jersey’s roads first connected Philadelphia and New York City, and its importance in New Jersey is best appreciated in the Newark region. A dozen lanes of the New Jersey Turnpike intersect with Conrail’s mainline, Newark Liberty International Airport, Port Newark, and the Elizabeth–Port Authority Marine Terminal to create one of the most diverse transportation environments in the world.
As you can see, there are many fantastic advantages of starting a business in New Jersey as it’s a diverse state that is screaming out for new companies.