Patterson, New Jersey: A City of Transformation

Patterson, New Jersey, known for its rich history and economic vitality, is poised for a new era of growth and prosperity. With a population of 159,732, according to the 2020 U.S. Census, Patterson is the third-largest city in the state and a hub for commerce, industry, and culture.

Economic Engine

Patterson's economy is driven by a diverse range of industries, including manufacturing, healthcare, and transportation. The city is home to several Fortune 500 companies, including Johnson & Johnson, PepsiCo, and BD (Becton, Dickinson and Company). These corporations contribute billions of dollars to the local economy and provide thousands of jobs.

Healthcare Hub

Patterson is a recognized healthcare center, with numerous hospitals, clinics, and research institutions. The city's healthcare industry employs over 30,000 people and generates an estimated $5 billion in annual revenue. Major healthcare providers in Patterson include St. Joseph's Healthcare System, Hackensack Meridian Health, and The Valley Hospital.

Transportation Gateway

Patterson is strategically located at the crossroads of several major highways and rail lines. Newark Liberty International Airport, the state's largest airport, is a short distance away, providing convenient access to global markets. The city's public transportation system offers affordable and efficient connections throughout the region.

Cultural Tapestry

Patterson is a melting pot of diverse cultures, reflected in its vibrant arts and entertainment scene. The city is home to several museums, galleries, and theaters, including The Paterson Museum, The Passaic County Art Center, and The Wellmont Theater. Patterson's annual Great Falls Festival attracts over 100,000 visitors each year, showcasing local music, food, and crafts.

Urban Revitalization

In recent years, Patterson has experienced a significant urban revitalization effort. The city has invested heavily in infrastructure improvements, including new parks, remodeled buildings, and redeveloped neighborhoods. The city has also attracted new businesses and startups, creating a dynamic entrepreneurial ecosystem.

Innovation and Research

Patterson is emerging as a hub for innovation and research. The city is home to several institutions of higher education, including William Paterson University, New Jersey Institute of Technology, and Montclair State University. These institutions are actively engaged in research and development, particularly in areas such as healthcare, technology, and sustainability.

Future Outlook

The future of Patterson looks bright. The city has a strong foundation of industry, healthcare, and transportation. Its recent urban revitalization efforts and focus on innovation position it for continued growth and success. Patterson is poised to become a model for sustainable economic development and a vibrant cultural destination.

4 Key Industries in Patterson, New Jersey

Patterson's economy is fueled by four key industries:

Common Mistakes to Avoid When Investing in Patterson

• Underestimating the competition: Patterson is home to several Fortune 500 companies and other major businesses. As a result, the competition can be fierce. Do your research and make sure you have a competitive advantage before investing.
• Overlooking the cost of living: Patterson's cost of living is relatively high, which can impact business expenses. Be sure to factor this into your investment calculations.
• Ignoring the local regulations: Patterson has a number of zoning and other regulations that can impact business operations. Be sure to familiarize yourself with these regulations before investing.

FAQs About Patterson, New Jersey

Q: What is the population of Patterson?
A: 159,732 (2020 U.S. Census)

Q: What is the unemployment rate in Patterson?
A: 6.3% (2023)

Q: What is the median income in Patterson?
A: $35,000 (2023)

Q: What are the major industries in Patterson?
A: Manufacturing, healthcare, transportation, and education

Q: What is the cost of living in Patterson?
A: 10% higher than the national average

Q: What is the most popular neighborhood in Patterson?
A: Downtown Patterson

Q: What are the best schools in Patterson?
A: Passaic County Technical Institute, John F. Kennedy High School, and Paterson Charter School for Science and Technology

Q: What are the fun things to do in Patterson?
A: Visit The Great Falls, explore The Paterson Museum, and attend The Great Falls Festival