5 Statistics For Opening A Small Business In Parsippany NJ

There are several statistics for opening a small business in Parsippany NJ. Starting a new business in Parsippany is both an exciting and time-consuming journey. Before establishing a new company, entrepreneurs need to closely analyze local statistics of this Northern New Jersey town. As a prospective business owner, you should know the most useful, insightful metrics before the launch of your new organization. This way, you can better understand the local community and environment where your startup will operate. Read on to discover some statistics for opening a small business in Parsippany NJ.

Home To Many Top Companies

The first statistic you should know is that Parsippany NJ is home to many top companies. In fact, many Fortune 500 companies currently run their headquarters or establish local private office space in Parsippany. The Parsippany Area Chamber of Commerce constantly welcomes new companies to the area. These companies are often looking to expand their operations to facilities in Parsippany. With so many companies, Parsippany alone employs nearly 60,000 local workers. Additionally, over one million square feet of new office space is currently proposed to accommodate new companies in the future. Surely you can open a small business in Parsippany NJ since it’s home to many top companies.

Convenient Transportation

In addition, convenient transportation is another stat to know about opening a business in Parsippany. NJ Transit has many routes that can take you to Parsippany from anywhere in New Jersey and even some near by states. Leaving Parsippany, employees can take a bus directly to NYC in roughly 30 minutes. Commuters from different towns can also access different highways like Route 80, 46 and 287 for a short car ride to your office. Additionally, you can get to local airports in less than an hour for business trips or leisure. For example, the Newark Liberty International Airport is only a 40 minute drive from Parsippany. Of course, another stat to know is that Parsippany NJ has convenient transportation options.

Modern Demographics

More so, you should know that Parsippany NJ is also a hub for diversity. Parsippany is home to nearly 52,000 residents. If you’re starting a business for a specific audience, know that 43 is the city’s average age. Nearly 49% of the population are males and about 51% are females. If your business works in professional services, you should know that 90% of the popular is white collar workers. Moreover, nearly 35% of town residents have a Bachelor’s Degree and another 20% have a graduate degree. You can use this data throughout the hiring process to find locals who fit your job needs and experience. In short, another statistic to know about Parsippany NJ is that it’s a hub for diversity.

Rapidly Growing Economy

Additionally, know that Parsippany NJ has a rapidly growing economy before you start your business. Today, Parsippany’s unemployment rate is only about 6%. Research indicates that Parsippany’s job growth over the next ten years could hit around 23%. Following the rest of the Garden State, the sales tax rate here is currently 6.6%, while the income tax rate is 5.5%. The average resident makes nearly twice as much as the average U.S. citizen each year. After all, the median household income in Parsippany is around $90,000. Certainly, another business statistic to know is that Parsippany NJ has a rapidly growing economy.

Engaged & Accepting Community

Furthermore, you should understand that Parsippany NJ is an engaged and accepting community. In fact, nearly 50% of residents report there’s a great sense of community and outreach. And around 20% of people in Parsippany get involved in community events and activities. Since there are various business types and organizations, you can connect with companies in different sectors than yourself. In fact, most companies in Parsippany offer professional, scientific or technical services. If you open a retail business, you have a high chance of working with manufacturing companies at local events. This way, you can network with current business owners and get your name out in Parsippany. Definitely, Parsippany being an engaged and accepting community is another statistic you should know.

There are various statistics for opening a small business in Parsippany NJ. First, Parsippany is home to many large businesses like some Fortune 500 companies. In addition, you can easily access any local town or state with convenient transportation. More so, Parsippany is a hub for diversity with people of all different work and educational backgrounds. Additionally, Parsippany has a rapidly growing economy with low unemployment rates and high income averages. Furthermore, know that it’s an engaged and accepting community with many types. These are the different statistics for opening a small business in Parsippany NJ.

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