Newark Metro Division

With a population of more than 2.5 million, the Newark metropolitan division covers much of northern New Jersey, including Essex, Union, Morris, Sussex, Somerset, and Hunterdon counties, as well as Pike County in Pennsylvania. Employment growth in the region has been slower than that of the nation through the expansion, and significantly slower than in New York City. Some of the major industries include insurance, air transportation, communications, pharmaceuticals, and health care. On average, the area’s population is significantly more affluent and well-educated than the nation’s, and slightly more so than New Jersey’s as a whole. Still, there are large pockets of poverty in many of this area’s cities, such as Newark, Elizabeth, East Orange, and Plainfield, and these cities had many foreclosures during and after the Great Recession.

Economic and Demographic Trends
Newark Bergen-Hudson-Passaic* Middlesex-Monmouth* New Jersey USA
Population1 2,505,000 2,116,000 1,451,000 8,909,000 327,167,000
Pop growth, 10-year change1 2.2% 5.3% 1.7% 2.3% 7.6%
GDP, billions2 $168 $141 $99 $599 $19,485
Job growth, 5-year change1 4.6% 5.6% 10.2% 5.9% 9.3%
Median household income2 $84,000 $76,000 $90,000 $79,000 $60,000
Median home price2 $380,000 $400,000 $350,000 $320,000 $200,000
Pop share age 25+ with BA+2 41.8% 42.1% 45.0% 39.7% 32.0%

1 2018

2 2017

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota; New York Fed calculations. Data retrieved through American FactFinder, Moody's, or directly from source.

Reports & Analysis
Newark Economic Indicators (detailed data and timely updates)
Early Benchmarked Employment Data (Sep 3, 2020)
Tracking the Spread of COVID-19 in the Region (August 27, 2020)
Jason Bram's Briefing on Regional Economic Conditions During the Pandemic (July 14, 2020)
Finally, Some Signs of Improvement in the Regional Economy (Jun 16, 2020)
New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April (Apr 16, 2020)
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak (Mar 30, 2020)
Newark Metro Division Household Debt & Credit Snapshot (Q4 2018)
New Jersey Household Debt & Credit Snapshot (Q4 2018)
Press Briefing on Economic Conditions in the Region (Dec 17, 2019 Webcast)
Growth Has Slowed across the Region (Dec 17, 2019)
President Williams's Visit to New Jersey (Nov 1, 2019)