Understanding key employment trends can benefit your New Jersey company’s workforce potential. These trends help your company prepare for coming employment changes. Remaining agile helps your business adapt and stay competitive.
Trends Impacting New Jersey’s Manufacturing Workforce
According to the U.S. Bureau of Labor Statistics (BLS), New Jersey had 251,700 manufacturing jobs in July 2024. Employment was down 1.3% compared to 12 months ago.
Manufacturing safety and training
The following manufacturing safety and training trends are impacting New Jersey’s workforce:
- Programs such as the New Jersey Defense Manufacturing Community Consortium (NJDMCC) help offset training costs for employees who are veterans.
- Innovative solutions such as the Workforce Training Room in Cedar Knolls offer access to advanced manufacturing technologies.
- Mobile training labs provide offsite training programs with professional oversight to ensure continuous production.
Domestic semiconductor production
New Jersey is capitalizing on the Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS Act). For instance, the New Jersey Economic Development Authority (NJDEA) is advocating for state contributions of $250 million to $400 million to add to the $55 million invested in the state’s Manufacturing Voucher Program. These activities encourage federal agencies to recognize the state’s comprehensive manufacturing infrastructure and prioritize New Jersey for CHIPS funding. Securing New Jersey’s leadership in national semiconductor production helps manufacturers upskill, retool, and expand their roles in the semiconductor supply chain.
Manufacturing workforce expansion
New Jersey is targeting Generation Z to expand its manufacturing workforce. Many members are interested in trade careers rather than going to college.
Much of Generation Z prefers industry certifications, licenses, and apprenticeships over bachelor’s degrees. As a result, the New Jersey Manufacturing Extension Program (NJMEP) and the NJDEA’s Future Makers and Creators Tour are visiting schools in all 21 counties to provide hands-on experiences with manufacturing technologies and promote the benefits of advanced manufacturing careers. Also, the New Jersey Defense Manufacturing Community Consortium (NJDMCC) is developing and upskilling workers to fill manufacturing roles.
Trends Impacting New Jersey’s Accounting Workforce
According to the U.S. BLS, New Jersey had 266,200 jobs in financial activities in July 2024. Employment was down 0.9% compared to 12 months ago.
Growing demand for accountants
The demand for accountants in New Jersey is increasing for many reasons:
- The state’s proximity to New York makes New Jersey a hub for investment firms.
- JP Morgan, Goldman Sachs, Prudential, and other top finance industry institutions are among New Jersey’s main employers.
- Nine of the top 20 pharmaceutical companies in the world are headquartered in New Jersey.
Increasing accountant salaries
The average accountant’s salary in the Garden State is approximately 20% higher than the national average. Also, some salaries for accountants are among the highest in the country. The reasons include:
- The cost of living in New Jersey is higher than the national average.
- The state’s per capita income is significantly higher than the national average.
- Because cities such as Hoboken and Jersey City are experiencing rapid gentrification, housing costs are increasing faster than incomes. Therefore, employers are adjusting salaries accordingly.
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