Newark, New Jersey 

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Economy in Newark, New Jersey

Newark, NJ is a city located in Essex County and is the most populous city in New Jersey. The 2 bedroom rent in Newark is $1,390 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Newark is higher than the US with 104 versus 100 respectively.
The main employers include Audible Inc., Prudential Financial, Public Service Enterprise Group (PSEG), Panasonic Corporation of North America and IDT Corporation. These companies provide employment opportunities to many local residents and contribute to the economic growth of Newark. Other popular businesses in this area are Ironbound Studios, Riverfront Park, PSE&G Children’s Specialized Hospital and St. James Music Academy. In addition to these businesses and corporations, there are a variety of restaurants and stores available for residents to explore as well as various entertainment venues such as theaters and museums.

Newark has an unemployment rate of 13.0%. The US average is 6.0%.

Newark has seen the job market decrease by -0.7% over the last year. Future job growth over the next ten years is predicted to be 18.1%, which is lower than the US average of 33.5%.

Tax Rates for Newark
- The Sales Tax Rate for Newark is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Newark is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Newark
- The average income of a Newark resident is $16,828 a year. The US average is $28,555 a year.
- The Median household income of a Newark resident is $34,012 a year. The US average is $53,482 a year.


  ECONOMYNewark, New JerseyUnited States
  • Unemployment Rate (US Avg: 6%)
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    Reviews for Newark    26 Reviews
    Horrible city - 5/27/2021
    Newark is straight garbage.... Read More

    Start Your Review of Newark

    Ironbound is crime ridden and police and politican - 8/8/2015
    Newark's Ironbound is extremely dangerous, there is a lot of crime, the police are just good at hiding it. It usually doesn't happen on Ferry St., but does 1/2 block... Read More

    Crime - 4/12/2013
    I have worked and lived in Newark for 20 years. I raised 3 children. Two of my children went on to college, graudated with Accountant Degree and the other one in... Read More

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