Shrewsbury Economics
Shrewsbury, NJ has a population of 4,122 people. Of this number, the borough’s economy employs 1,880 residents. The borough enjoyed a 1.68% increase in employment rate on 2016 as compared to 2015, which only had 1,849 employed residents.
Shrewsbury’s economy will be discussed further in this article.
Job Opportunities
Shrewsbury’s economy offers varying occupations, namely, management, business, science, & arts, sales & office, service, natural resources, construction & maintenance, and production and transportation. Of these, management, business, science, & arts, sales & office, service are the most common job groups.
Furthermore, the most common job groups in Shrewsbury are management with 19.4% of the employed residents in this trade, sales with 16.4%, and administrative with 13.8%. Whereas, the largest industries in the borough are healthcare & social assistance, finance & insurance, and professional scientific, tech services. They account for 18%, 11%, and 9.1% respectively of the total industries for residents of Shrewsbury. On the other hand, the highest-paying industries in Shrewsbury are finance and insurance, professional, scientific, tech services, and educational services. Employees from these industries receive an average of $157,500, $106,010, and $53,571 respectively per annum.
Average Income
Shrewsbury residents have an income per capita of $51,959 and a median household income of $116,071. Females in Shrewsbury earn an average income of $72,228, whereas males have salaries that are 1.5 times higher than that of females. According to the Gini index, this income inequality in the borough is 0.526 higher than the national average. There was a 4.4% decline in income inequality from 2015 to 2016; therefore the wage distribution in Shrewsbury is somewhat more even today.
Moreover, Asian workers were the highest paid race/ethnicity in the area. Their salaries were 1.07 times more compared to their White counterparts, who received the second highest wage of any race/ethnicity in the area.
Average Home Values
The median home value in Shrewsbury is $541,400. Home values in the borough had a 0.5% increase over the past year. It is predicted that it will continue to rise to as much as 5.3% within the next year. On the other hand, rentals in Shrewsbury range from $1,700 to $3,200 per month.
Unemployment Rate
The unemployment rate in Shrewsbury is 2.6%, which is lower than New Jersey’s 5.2% unemployment rate and even the national unemployment rate of 4.7%. Shrewsbury has seen a 2.4% rise in its job market over the last year. It is predicted that there will be a 40.3% growth in terms of future jobs.
Poverty Rate
Of Shrewsbury’s population, 1.85% live below the poverty line. This number is lower than the national average which is at 14%. Females aged 75 years old and above make up the largest demographic living in poverty. They are followed by females aged 45 to 54 years old and then males aged 18 to 24 years old. On the other hand, the most common race or ethnic group living below the poverty line are White with 68.8% followed by Hispanic or Latino with 31.4%.