The Newark Economy

In the past, much has been said about the darker side of Newark. The crime rates, run down sections of the city, and a lasting legacy of racial tensions have all made headlines about this city generally depressing in nature. What is less well known about Newark is that it is a city with an incredibly strong and diversified economic foundation, one which has only increased in recent years. Let's take a look at what Newark has to offer in terms of economic activity.

The manufacturing industry is traditionally the cornerstone of the Newark economic scene, although as we shall see presently it is becoming less important as the years go by. The city includes factories where everything from beer to drop through valves are made, all shipped out to the massive customer base of the New York and New Jersey area.

That shipping ability accounts for the second largest sector of Newark's economy; transportation. The Port at Newark is absolutely huge. Located close to the Atlantic Ocean, this port is a major stopping point for state, national, and international trade. Every type of heavy duty machinery or machine part you can imagine, from a crane to a sheaf, operates at the port. At one point in time it was the largest of its type in the world, although today it is ranked as the 15th. Still, with over $100 billion in goods shipped every year and with major plans to expand further, it's a force to be reckoned with.

The financial and insurance businesses are another important part of Newark's big economic picture. Eight of the major United States banks are headquartered in Newark, and that's good news for real estate in the area. High end condominiums for sale in Toronto Canada are traditionally bought up by those with roles in the financial district, and the same trend is true in Newark.

Newark is the third most important center in the United States, as far as the insurance world goes, too. If you run a Hamilton auto body shop, odds are that your employees and your customers all cause you to interact on a regular basis with a Newark based insurance company. Prudential Finance is one of the largest insurance companies in the world, and it was grown and continues to live in the city of Newark.

Because of the diversification of the economy of Newark and a minor trend away from manufacturing, the service sector is in ascendance when it comes to its portion of the city's economic pie. The city includes hundreds of different service companies, providing everything from fashion to catering. Toronto Ontario may have more people to serve in the immediate area when it comes to business, but factor in the nearby city of New York and you can see how Newark offers opportunities second to none.

The economic foundation of Newark suggests that it is a city with a lot of potential as far as residents are concerned. There is a lot of money to be made and returned to the continued improvement of the city itself.