The banking industry has been growing and in New Jersey, the employment rate has risen to 11.5%. Compared to before when the whole state's employment rate for all types of sectors have fallen to 0.9%.
After the decline in employment when the United States experienced critical downsizing, close-downs and job losses, New Jersey may be seeing a growing light, now.
According to North Jersey, the job growth in New Jersey can be isolated to the 3,000 banks and thrifts operating within the state. The state is starting to grow back its financial employment sector wings again.
The comparative analysis shows that it has even outpaced United State's banking employment rate in the last 14 years. During those 14 years, the United States bank and thrift employment rate declined to 2.9%.
The New Jersey Bankers Association has commissioned Edward J. Bloustein School of Planning and Public Policy at Rutgers University to conduct the study. The researchers believes the study to be industry-impacting.
In 2014, the state recorded a total of 44,651 people employed in commercial, savings and loans banks. It has amounted to a total of $3.63 billion in wages. The average annual pay for those recorded employees amounted to about $81,000. According to Will Irving, the study's senior project manager and economic analyst, said that it's better compared to the "... Over $60,000 for all jobs in the state, on average."
In the early to mid 2000s, New Jersey's job growth in commercial banks slowly declined. In 2008, it spiked even though there were severe close downs and downsizing. Now, employment is stabilizing. Commercial bank employment in New Jersey had climbed 30% from 2001 to 2008 by 40,000. After 2008, it declined to 36,500 in 2014. Now, Irving analyzed that "You may be seeing a correction."
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