Newark is in the midst of an economic renaissance driven by transportation accessibility, public/private sector investments, regional location to New York City and community engagement and leadership. Newark is the home of the Newark International Airport, one of the busiest airports in the country, and the Port Newark-Elizabeth Marine Terminal, the largest containerized cargo-handling facilities in the country, generating significant regional economic opportunities The city is also well served by its public transportation system with Newark Penn Station, which is the most traveled intermodal passenger station in the state with multiple commuter and regional rail, light rail, and local and regional bus lines, along with Newark Broad Street Station, Newark Light Rail, PATH high speed train line and the many highways that lead into the city.
Newark also has the highest concentration of higher education and health care institutions in the state with New Jersey Institute of Technology, Rutgers University School of Biomedical and Health Sciences (formerly University of Medicine and Dentistry of New Jersey), Rutgers University -Newark campus, Essex County Community College and Seton Hall University Law School collectively with over 60,000 students and faculty in the city. Among the health care institutions, there are five major hospitals, and collectively, they comprise Newark’s most significant job generators. Besides stalwart employers like PSE&G and Horizon with headquarters in the city, several other major employers have expanded or moved into the city, such as Mars Wrigley, Audible, and Panasonic who built a new 337,500 SF office headquarters in downtown Newark. However, the largest employer, Prudential, made the largest investment and expansion with their $440 million, 650,000 SF tower in downtown Newark which spurred additional development in the downtown area.
In addition, Newark serves as a center for culture, recreation and entertainment. The city has a vibrant and diverse visual and performing arts community. Its biggest attractions which garner the most national attention are the New Jersey Performing Arts Center which serves as a model for its programming and audience diversity, education initiatives and catalytic role in the revitalization of downtown Newark, and the 18,000 seats, $380 million Prudential Center, home to the New Jersey Devils hockey franchise, two NCAA college basketball teams, and host to numerous live events. For fine cuisine and nightlife, there is no shortage of ethnic cuisine and live venues, and Newark continues to attract visitors to the Ironbound neighborhood for Spanish and Portuguese cuisine. To enjoy passive recreational and outdoor activities, Newark has some of the best public parks which can be located throughout the city.
However, another major factor contributing to the growth of Newark’s population is the increasing availability of new and rehabilitated housing created throughout the city by non-profits and private developers, including the innovative Teacher’s Village project. From an investment perspective, Newark has experienced a renewed sense of residential community and interest resulting in a growing demand for a Newark residency.