Somerset County Income Charts

This section shows the Somerset County New Jersey economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Somerset County depicts it has a Median earnings of $82,414 which is the third most median earnings of all other counties in the greater Somerset County region. The county with the highest median earnings per worker in the area is Morris County which depicts a median earnings of $85,436 (only about 3.7% larger). Comparing median earnings per worker to the United States average of $53,269, Somerset County is 54.7% larger. Also, benchmarked against the state of New Jersey, median earnings per worker of $66,099, Somerset County is 24.7% larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $121,695 which is the third most median income of all other counties in the greater Somerset County region. The county with the highest median household income in the area is Morris County which indicates a median income of $123,727 ( only slightly larger). Comparing median household income to the United States average of $69,021, Somerset County is 76.3% larger. Also, in comparison with the state of New Jersey, median household income of $89,703, Somerset County is 35.7% larger.

The next section examines a variety of different income statistics for the Somerset County metropolitan area. In Figure 3 we see that it it has the largest proportion of earnings between $75,000 and $99,999 at 29.9% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.2 which is the highest of all counties in the greater Somerset County region. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $40.43 which is the third most average hourly earnings of all other counties in the greater Somerset County region. The county with the highest average hourly earnings in the area is Morris County which depicts an average hourly earnings of $42.13 (only about 4.2% larger). Comparing average hourly earnings to the United States average of $26.40, Somerset County is 53.1% larger. Also, measured against the state of New Jersey, average hourly earnings of $33.02, Somerset County is 22.5% larger.

Figure 7 examines the number of self employed people in the Somerset County metro area based on the number of people who reported any self employment income. Somerset County shows it has a Self Employed of 11.0% which is the third most of all other counties in the metropolitan area. The county with the highest percentage of people self employed in the area is Hunterdon County which depicts a percentage self employed of 13.1% (18.7% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $121,772 of the total and is ranked #3. Only #2 Hunterdon County ($127,522), and #1 Morris County ($132,434) are larger. Second, it has one of the largest proportions of median income-25 to 44 years at $153,910 of the total and is ranked #2. The only larger county being Hunterdon County with $156,142. Third, it has one of the largest proportions of median income-45 to 64 years at $78,753 of the total and is ranked #2. The only larger county being Morris County with $80,935.

Figure 9 breaks down the source of income and Somerset County has the smallest proportion of investment and retirement income at 4.2% of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 22.4% which is in the mid point range of other counties in the local area. The county with the highest households with retirement income in the area is Hunterdon County which depicts a households with retirement income of 25.6% (14.6% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $154,673 of the total and is ranked #2. The only larger county being Morris County with $156,070. Second, it has one of the largest proportions of white family income at $99,252 of the total and is ranked #3. Only #2 Morris County ($108,265), and #1 Hunterdon County ($155,175) are larger. Third, it has one of the largest proportions of black family income at $83,833 of the total and is ranked #3. Only #2 Morris County ($84,476), and #1 Middlesex County ($93,060) are larger. Also, it has the largest proportion of american indian family income at $192,919 of the total and is ranked #1. In addition, it has one of the largest proportions of hawaiian family income at $83,791 of the total and is ranked #3. Only #2 Morris County ($88,913), and #1 Hunterdon County ($118,375) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Somerset County shows it has the hightest cost of 173.4 for the cost of housing group.

Somerset County Labor Force Charts

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate shows that from February 2017 to before the Coronavirus Pandemic it went from 4.1% to 3.0% in December 2019. This represents a decrease in the monthly unemployment rate of 26.8%. Since that time, the monthly unemployment rate has gone to 3.0%. This represents an increase in the monthly unemployment rate of very little. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. The monthly labor force participation depicts that from January 2017 to before the COVID-19 Pandemic it went from 169,928 to 172,728 in November 2019. This represents an increase in the monthly labor force participation of very little. Since that time, the monthly labor force participation has gone to 172,728. This represents an increase in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Somerset County shows it has a Unemployment Rate of 3.6% which is the second smallest when ranked by unemployment rate of all the other counties in the area. The county with the highest unemployment rate in the area is Essex County which shows a rate of 5.7% (59.2% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Somerset County depicts it has a Labor Force Participation of 69.2% which is the largest of all counties in the greater region.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Somerset County has the smallest proportion of unemployed at 30.8% of the total.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Somerset County shows full time employees approximately 4.4 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Somerset County area. Somerset County depicts it has a Single Earner Families of 26.9% which is the second smallest in terms of families with a single earner of all the other counties in the local area. The county with the highest families with a single earner in the area is Middlesex County which depicts a single earners rate of 30.2% (12.2% larger). The percentage of families with no one working is depicted in Figure 22. Somerset County shows it has a Families with No One Working of 11.5% which is less than most other counties in the local area. The county with the highest families with no one working in the area is Hunterdon County which shows a families with no worker of 14.8% (28.9% larger).

Somerset County Poverty Charts

The next section details economy analysis about poverty for residents of the Somerset County community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Somerset County indicates it has a Total In Poverty of 17,394 which is the second smallest in terms of total people earning less than the poverty level of all the other counties in the area. The county with the highest total people earning less than the poverty level in the area is Essex County which shows a total people earning less than the poverty level of 126,984 ( markedly bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Somerset County shows it has a Percent of Population In Poverty of 5.1% which is less than most other counties in the area. The county with the highest percent of people earning less than the poverty level in the area is Essex County which depicts a percent of people in poverty of 15.3% (approximately 3.0 times bigger).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Somerset County has the smallest proportion of white poverty rate at 7% of the total. Second, it has the second smallest in terms of white poverty rate of all the other counties in the greater region in order of black poverty rate at 9% of the total.

Figure 27 shows key poverty statistics for groups based on marriage status. Somerset County has the percentage of married with children and in poverty the second smallest in order of married with children and in poverty of all the other counties in the metropolitan area at 19% of the total. Second, it has the second smallest as measured by married with children and in poverty of all the other counties in the metro area as measured by unmarried with children and in poverty at 21% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Somerset County depicts it has a Public Assistance Percent of 3.7% which is the second smallest in terms of households with public assistance of all the other counties in the surrounding region. The county with the highest households with public assistance in the area is Essex County which depicts a households with public assistance of 15.0% (approximately 4.1 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Somerset County depicts it has a Gini Index of 46.4% which is in the center range of other counties in the metro area.

Somerset County Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Somerset County community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Somerset County has the smallest proportion of people who take public transportation to work at 1% of the total. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Somerset County or elsewhere.) Somerset County has the smallest proportion of people who walked at 1% of the total.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Somerset County has the smallest proportion of people who leave for work between 5am to 530am at 3% of the total. Second, it has the smallest proportion of people who leave for work between 530 am to 6am at 7% of the total. Third, it has the smallest proportion of people who leave for work between 630 am to 7am at 14% of the total. Also, it has the largest proportion of people who leave for work between 7am to 730am at 14% of the total and is ranked #1. In addition, it has the largest proportion of people who leave for work between 730 am to 8am at 16% of the total and is ranked #1. Furthermore, it has the largest proportion of people who leave for work between 8am to 830am at 9% of the total and is ranked #1. Next it has the largest proportion of people who leave for work between 830 am to 9am at 9% of the total and is ranked #1.

The average commute time is shown in Figure 37. Somerset County depicts it has a Avg Commute Time of 32 which is in the center range of other counties in the metropolitan area. Figure 38 shows the difference between male versus female commuting time. Somerset County shows average commute time in minutes for men 37.2% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Somerset County has the percentage of no vehicle available less than most other counties in the metro area at 17% of the total. Second, it has the largest proportion of 1 vehicle available at 44% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Somerset County depicts it has a Work in city or place where live of 20% which is the smallest in order of people who both work and live in the same city of all the other counties in the local area. The county with the highest people who both work and live in the same city in the area is Essex County which depicts a people who both work and live in the same city of 35% (72.0% larger). Comparing people who both work and live in the same city to the United States average of 44%, Somerset County is approximately half the size. Also, compared to the state of New Jersey, people who both work and live in the same city of 24%, Somerset County is about 19.2% smaller.

Somerset County Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Somerset County shows it has the hightest median earnings of $142,321 for the earnings-healthcare practitioners and tech occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Somerset County depicts it has the hightest median earnings of $115,782 for the earnings-computer, engineering, and science occupations aggregate. The table in Figure 48, shows Somerset County employment data in terms of job categories and salary data.

Somerset County Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Somerset County shows it has the hightest entrepreneurs of 58% for the self employed management, business, science, and arts businesses group.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Somerset County shows it has the hightest entrepreneurs of 30% for the self employed in professional, scientific, management, administrative services group.

In Figure 51 the average annual self employment/entrepreneur income is shown. Somerset County shows it has a Self Employment Income of $66,194 which is the largest of all counties in the metropolitan area. Comparing average annual self employment income to the United States average of $42,141, Somerset County is 57.1% larger. Also, versus the state of New Jersey, average annual self employment income of $51,981, Somerset County is 27.3% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Somerset County depicts total number of self-employed men 71.9% larger as the total number of self-employed women.