Employer business startups (new firms with employees) play a key role in job creation and productivity growth in the Morris County economy. Thankfully, the county has seen quite a few companies that established their business in 2018. According to ReferenceUSA, a big data provider for public information, 55 businesses were formed in Morris County throughout 2018.
Of these 55 businesses, five were formed in Parsippany, five were formed in Morris Plains, and four were formed in Rockaway. The top two types of businesses formed were law firms and restaurants. This growth in business formation may be due to the increased economic activity that took place in 2018. As of 2018 Morris County’s population increased by 0.3% since 2013, growing by 1,658. Population is expected to increase by 0.6% between 2018 and 2023, adding 2,918. From 2013 to 2018, jobs increased by 5.6% in Morris County, NJ from 297,903 to 314,562.
This change fell short of the national growth rate of 7.8% by 2.2%. As the number of jobs increased, the labor force participation rate decreased from 64.2% to 62.0% between 2013 and 2018. Concerning educational attainment, 30.6% of Morris County, NJ residents possess a Bachelor’s Degree (11.9% above the national average), and 6.3% hold an Associate’s Degree (1.7% below the national average). The top three industries in 2018 are Education and Hospitals (Local Government), Restaurants and Other Eating Places, and General Medical and Surgical Hospitals.