NJ Spotlight published the following article on 7/14/2014. To read the full article, click here.
State Revises Sandy Fund for Backup Generators, After Lengthy Review
Scott Gurian | July 14, 2014The recovery of New Jersey’s economy may continue to be slow, but one sector — the self-employed and other businesses without paid employees — has been steadily increasing, according to data from the U.S. Census Bureau.Statistics released last spring for nonemployer businesses (like a CPA or a freelance writer) show that both the number and the total receipts have been rising in New Jersey and in most of its counties.
Statewide, there were 620,282 businesses without paid employees in 2012, an increase of a little less than 1 percent from 2011 and up 5 percent over 2007, the year in which the recession officially began. Receipts for those businesses rose to $35 billion, a 3 percent increase over one year and 8 percent higher than in 2007.
The increases follow a national trend, according to census officials. In the United States, the number of nonemployer businesses — ones without paid employees that are subject to federal income taxes and have at least $1,000 in business receipts — reached 22.7 million in 2012, up 1.1 percent from 2011 and almost 4 percent from 2007. The number of these businesses has grown by more than a quarter over a decade.
The average revenue per business nationally was $45,000 in 2012. In New Jersey, it was $56,554. Nearly all industry sectors experienced growth in both the number of establishments and the receipts nationally. That was not the case in New Jersey, however, as there are fewer businesses in about a third of the individual sectors, both compared with 2007 and 2011.
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