The 65th largest city in America, Newark in New Jersey is a business hub only second to city’s like New York. Situated along the banks of the Passaic River, Newark experienced tremendous growth during the 19th and 20th century as industrial development swept through the state and business flourished. Today, Newark plays host to a number of large firms including large insurance firms and software agencies.
The Public Service Enterprise Group (PSEG) is one particularly large firm that calls Newark it’s base. A publicly owned gas and electricity company, PSEG is New Jersey’s oldest and biggest publicly owned utility firm. Boasting 2.1 million electric customers and 1.7 million gas customers, PSEG services 300 communities across the state. PSEG contributes to Newark’s growing service industry which currently accounts for 24,000 jobs in the local area.
With the rise and rise of the telecomms industry, Newark has also begun to play host to a number of agencies specialising in communication. International Discount Telecommunications is one company headquarted in Newark. Providing low cost call rates to hundreds of countries across the globe, IDT is also the largest distributor of prepaid phone cards in the United States.
Health and life insurance firms have also played a key role in the growth of Newark’s business sector which is neatly paired with the eight major banks that are resident in the city as well. Deposits to Newark-based banks account for over $20 billion each year. With regard to the insurance side of business, Prudential is perhaps Newark’s most famous financial resident. One of the world’s largest insurance firms alongside the like of Aviva Healthcare and Patient Choice, Prudential currently holds £2 trillion worth of life insurance.
Thinking of taking a trip to Newark? If you’re a business brain or high flying CEO why not take a tour around the business district next time you’re there.
By: Amber Laurie
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