September 2016

Our Greater Philadelphia Economy, Our County & Timely Business Alerts

Local Economy – Think your business is small? Look who’s in Camden County!

Number of Employees		Number of Businesses		% of Total Businesses
1 to 4 					  6,120				53%
5 to 19					  3,697				32%
20 to 99				  1,402				12%
100 +					    257				2.2%

(U.S. Census Bureau, latest statistics 2012)

Greater Philadelphia Market (SE Pennsylvania, Southern New Jersey, Northern Delaware)

  1. The Place To Be: Our market has the fastest growing millennial population among the nation’s 30 largest cities.
  2. Educated Workforce: 34.7% of the workforce holds college degrees or higher…more than NYC. 104 Colleges and Universities award over 90,000 degrees annually.
  3. Entrepreneurship Hub: Over the past 2 years 1.2 Billion Dollars in venture capital funded 150 IT and software companies and 100 biotech companies.
  4. Largest Industry Sector: Education and Health Services, 27.4% (by number of employees).

(Select Greater Philadelphia Council, www.selectgreaterphiladelphia.com)

Employer Alert: New Overtime Rule takes effect December 1st.
Final rule raises the compensation exemption level for executive, professional, and administrative employees to $913 weekly. Highly compensated employees will have to earn $134,000/yr to be exempt. Under the new rule, salary and compensation levels are updated every 3 years.
(Courtesy: Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson and Co.)

Homeland Security Event Alert: Hometown Security Initiative, September 29, 2016, 8:30am to 11am.
The New Jersey Office of Homeland Security and Preparedness, in cooperation with the US Department of Homeland Security, the Camden County Prosecutor’s Office, the New Jersey State Police, the City of Camden, and the Camden County Police Department, invite you to attend to help local businesses and their employees further support the safety and security of the communities they serve.
Malandra Hall, 1200 South Merrimac Road, Camden NJ.

Legislative Alert: Congressman Donald Norcross will address members of New Jersey Business and Industry and Camden County Regional Chamber of Commerce on October 15th. Current Legislative activity will be discussed, including the proposed $15/hour minimum wage bill. For details go to www.camdencountychamber.com. Event registration link below.
https://www.camdencountychamber.com/calendar-of-events/#id=166&cid=1173&wid=501&type=Cal

Business Regulatory Update: DEP Commissioner Bob Martin advises that DEP’s program to speed permitting can be expanded to other state agencies.
(New Jersey State Chamber of Commerce; chamber@njchamber.com)