The JCEDC is the premier economic development agency of New Jersey. Through the JCEDC and with the City, many programs are available. The JCEDC helps to secure financing and also provides technical assistance. New Jersey offers a wide array of development resources. The building boom in Jersey City bodes well for the future. Here are the "specs" for Jersey City. Jersey City development often figures prominently in the news. Here is the JCEDC contact information.
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JERSEY CITY QUICK FACTS
  • Jersey City is the fastest growing muti-cultural mosaic in NJ with current population of 240,055 (2000 Census)
  • Targeted Industries: Financial, Insurance, Real Estate
  • Top Employer: Donaldson, Lufkin, & Jenrette Securities - 2,687 employees
  • Available Incentives: Business Employment Incentive Program, Business Relocation Assistance Grant, Employee Training Grant, Urban Enterprise Zone.
  • The Jersey City Labor Area has 253,900 daily employee base.
  • The average household income in Jersey City is $52,833, a jump of 49% from 1990.
  • Generated approximately 35,000 new jobs created in NJ’s Urban Enterprise Zone (UEZ).
  • According to the Bloustein School of Planning and Public Policy at Rutgers University, Jersey City has gained 91% of new jobs created in NJ’s urban centers from 1992-1995.
  • According to the New Jersey Business and Industry Association, for a recent three year period Jersey City accounted for more than 90% of the job growth produced by the state’s six largest cities.
  • Since the UEZ’ s full time inception in 1992, the JCEDC has reinvested $56 million for 25 zone programs, which generated more than $4 billion in capital zone investments.
  • Jersey City is the premier financial district of NJ: The FIRE industry (Finance, Insurance, Real Estate) has grown to more than 500% since 1993; about 85% of NASDAQ’s sales volume is conducted in Wall Street West, Jersey City.
  • Jersey City's total waterfront Class A office market consists of approximately 17 million square feet, which is more than exists now in downtown Atlanta or downtown Pittsburgh.
RELOCATIONS/EXPANSIONS 1999-Present
Last November 2000, the New Jersey Commerce and Economic Growth Commission reported that 21 companies committed to relocate in Jersey City. (note: That’s 21 out of 30 in Hudson County; and 21 out of 120 in New Jersey).
  • WALL STREET WEST, Jersey City
    ABN AMRO Incorporated ¾ AIG SunAmerica Asset Management Corp. ¾ Bank of America New Jersey ¾ Bank of Tokyo-Mitsubishi ¾ Brown Brothers Harriman ¾Cigna Health Care ¾ Deutsche Bank ¾ EquiServe ¾ Fidelity Investments ¾ First Brokers Securities ¾Forest Laboratories ¾ Fred Alger ¾ Goldman Sachs ¾ Herzog Heine Geduld ¾ ICAP North America ¾Identix Corporate Research Center ¾ Insurance Service Offices ¾Instinet Group¾JPMorgan Chase Bank ¾Knight Equity Markets ¾ Lehman Brothers Holdings ¾ Lewco Securities Corporation ¾ Lord, Abbett ¾ Merrill Lynch ¾ Metropolitan Life Insurance Company ¾ Morgan Stanley ¾ Pershing ¾ PR Newswire ¾ Prebon Yamane ¾ PricewaterhouseCoopers ¾ Schwab Capital Markets ¾ Societe Generale ¾ Spear, Leeds & Kellogg ¾ TD Waterhouse Investor Services ¾TradeWeb Group ¾ Universal Television Networks ¾ UBS ¾ US Trust Technology & Support Services

  • INDUSTRIAL PARK, Jersey City
    (Caven Point Road, Greenville Yards, Liberty Park)
    Preferred Freezer Services ¾ Snowbird ¾Summit Import Corporation ¾ USCO Logistics.

  • RETAILERS
    CitiMarkets ¾ Home Depot ¾ Macys ¾ Marshalls ¾ National Wholesale Liquidators ¾ Modells Staples ¾ Old Navy ¾ PC Richardson ¾ Tommy Jeans by Tommy Hilfiger.

  • OFFICE BOOM
    • There are currently 27 office buildings, a total of 17 million square feet of office space.
    • 8 state-of-the-art office buildings, a total of 5.8 million square feet of office space, are under construction.
    • 11 state-of-the-art office buildings, a total of 14.3 million square feet of office space, are on the drawing board.
    • Goldman Sachs 861-foot skyscraper is the tallest edifice in New Jersey.
    • Jersey City’s 2005 year end vacancy rate stands at 15 percent.
    • Class A office space rental rates ranges from $27 to $37 per-square-foot in Wall Street West, Jersey City.

  • LUXURY RESIDENTIAL BOOM
      There are 20 luxury residential projects, a total of 7,321 units.
    • 14 luxury residential projects are under construction, a total of 4,114 units.
    • 11 luxury residential projects are on the drawing board, a total of 9,329 units.
    • Newport apartments rent for $24 a square foot compared to Battery Park’s $50 a square foot.
    • According to a recent study by Experian, Jersey City has an annual rate of 19.9% in property values in home-resale price, placing it third among metro areas in the country.

  • HOTEL BOOM
    There are three existing business class hotels: Doubletree Club Suites (1998); Courtyard by the Marriott (October 2000); Candlewood Business Suite (April 2001). One luxury hotel is under construction, Hyatt Regency South Pier at Harborside. Two other luxury hotels are on the drawing board, the Hilton and the Newport Full Service Hotel.

  • OTHER NOTABLE INFO
    • The Jersey City Arts Tour has drawn approximately ten thousand visitors per annum over the last ten years, according to Charles Kessler, Pro Arts organizer.
    • Liberty Park attracts approximately 4.5 million tourists annually.
    • The McNair Academic High School ranks as the number one High School in New Jersey.
    • New Jersey City University has the number one Cooperative Education program in New Jersey.
    • The annual asking rental rents for industrial space at Greenville Yards are $7 to $8.50 a square foot while the sale price ranges from $60 to $70 a square foot.

  • NOTABLE PROJECTS
    • The $40 million MLK HUB Redevelopment project. Stores include: Citimarkets, Ponderosa Steakhouse, Ashley Stewart, Summit Bank, H&R Block and Sudzland
    • The $7.5 million Journal Square Streetscape project has induced approximately $500 million in current and proposed developments in Journal Square.
    • The $5 million CCTV Security Program.
    • $1.5 million Central Avenue Streetscape project.
    • The $9.38 million Citywide Blockfront Restoration Program in Central Avenue, McGinley Square, Historic Downtown, Journal Square, West Side Avenue, Martin Luther King Drive, Communipaw Avenue, Monticello Avenue, and Old Bergen Road shopping districts: 45 restored; 56 under construction; 102 are set to bid.
    • The Community Lending and Investment Corporation of Jersey City (CLIC), a subsidiary of the Jersey City Economic Development Corporation (JCEDC), has apportioned 195 loans (54 active), created 1,783 jobs, and retained 1,239 jobs.

  • AWARDS
    The 1999 American Planning Association's Planning Implementation Award for Jersey City's Martin Luther King Drive Redevelopment Project, The 1999 J. Guenther Award to Martin Luther King Drive "HUB" Supermarket, The United Way Certificate of Appreciation (1998), The U.S. Conference of Mayor's Public/Private Partnership Award of Excellence, Bronze Winner for Jersey City Economic Development Corporation for product and service marketing.

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