NEWS ALERT: Camden City’s unemployment rate reaches 30-year-low according to Gov. Murphy’s administration

By Cooper's Ferry Partnership, July 19, 2019

Today Gov. Phil Murphy’s administration released data that highlights how Camden’s unemployment rate fell to the lowest levels in at least 30 years. According to Governor Murphy’s Department of Labor and Workforce Development, Camden’s unemployment rate fell to 6.8% in May 2019. In 1990 the unemployment rate was 16.4%, reaching as high as 24% in 1992 ( https://nj.gov/labor/lpa/employ/uirate/lfest_index.html).

“We want to thank Gov. Murphy for being transparent and releasing objective data that supports what we have been saying all along – despite Camden’s challenges, our residents are benefitting directly from the city’s renaissance,” said Camden County Freeholder Director, Louis Cappelli, Jr.  “Today, Camden has the safest neighborhoods in 50 years, our k-12 graduation rates are higher than they have ever been and everyday Camden residents are getting opportunities to become gainfully employed in companies moving to and expanding in the city.”

In 2017, Camden City was cited by the Federal Bureau of Labor Statistics as having the highest employment growth rate in the nation. The municipal economy was growing by leaps and bounds and providing opportunity and access to well paying jobs by new and expanding companies.

“Camden’s rise is objectively verified by the fact that over $2.5 billion in investments have been made in the city’s parks, roads, public safety infrastructure, neighborhood schools, new commercial and housing developments, and ‘Eds & Meds’ institutions,” said Kris Kolluri, President and CEO of Cooper’s Ferry Partnership. “The unemployment data validates the fact that our inclusive prosperity policies are working, and residents are beginning to benefit from our collective efforts. There is no doubt that years of economic and social stagnation are hard to overcome, but elected, faith, business, and non-profit leaders along with residents are committed to building on the progress that has been made.”

Approximately 40 percent of the more than 30 new businesses will call Camden home and are or will locate their central operations in city neighborhoods. Companies like ResinTech, Contemporary Graphics, EMR, and IPak are all already operating in different city neighborhoods.

Christina M. Renna, Senior Vice President, Chamber of Commerce Southern New Jersey, cites tangible proof of job growth for city residents.

“There have been many doubts about whether or not Camden is seeing a return on investment as employers move into the City,” Renna said. “Today, it is clear those concerns – that have been voiced repeatedly, publicly and unfairly – are entirely unfounded.

Companies are moving into Camden and investing in its most valuable asset – its residents – proving yet again that the incentives are doing the job they were meant to do in Camden City.” Camden Councilwoman Felisha Reyes Morton said the city’s transformation is still a work in progress, but significant gains are being made.

“No one in a position of responsibility has said Camden has achieved its maximum potential; we have shown with factual evidence the city and its residents are flourishing,” Reyes Morton said. “The Governor’s own data proves our point. Thank you, Governor Murphy.”