Newark - The Economic Jewel in New Jersey's Crown

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