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Internet of Things Redefines Information Industry in NJ

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Internet of Things Redefines Information Industry in NJ Internet of Things Redefines Information Industry in NJ By Nicole M. Sandelier, Executive Director of Focus NJ The “Internet of Things” (IoT) has redefined the information industry, particularly in sectors like software, Information Industry devices & infrastructure, IT, busi- ness services, telecommunications 70,702 services, and new emerging tech- Individuals employed in industry nology sectors. As the industry con- prior to COVID-19 tinues to innovate into the future, software development, cybersecu- 1.6% rity, data and infrastructure will be Industry percentage of NJ’s civilian key focuses. labor force prior to COVID-19 Difficulties recruiting a qualified, diversified workforce, accompanied $117,433 by industry regulation and balancing Average industry salary in 2019 the risks and rewards of incorporat- ing new technologies, may be key 3,724 Number of NJ industry firms in 2019 factors contributing to the decreas- ing presence of information firms in the Garden State. Trends: The information industry tion worker in New Jersey earned there is a continual shift toward lost 11,311 jobs (or 14.3% of total $117,433 in 2019, an increase from “non-physical outputs.” This means industry employment) from 2010 to $86,398 in 2010, according to the that there will continue to be an 2019, with total employment declin- BLS. Workers in Somerset County increased focus on service delivery, ing to under 68,000 jobs in 2019, earned the most, with average earn- computing, data processing, IT according to the US Bureau of Labor ings of $197,147 in 2019, while work- services, communications services, Statistics (BLS). Prior to COVID-19, ers in Cape May County were paid and internet publishing. the industry employed 70,702 indi- the least, earning an average $45,557. Skill Sets for the Future: Indi- Average annual wages varied viduals working in the information Losing 8% of information greatly by county in 2019. For exam- industry are already well accustomed industry firms in a single ple, nine counties earned six-figure to working with the latest tech- salaries on average, while Cape May nologies and artificial intelligence. decade is a trend that suggests ($45,557), Gloucester ($55,282), Cum- According to the Future of Work – a fading state-level industry. berland ($56,284), Atlantic ($57,296), Industry Series Study, skill sets of and Warren ($58,252) counties the future include IoT software, IoT viduals or 1.6% of the state’s civilian earned less than $60,000 on average hardware, cloud computing, robot- labor force, according to the BLS. in 2019. Cape May County is the only ics, drones, big data, analytics, next The number of information firms county in New Jersey where informa- generation security, AI platforms, and also decreased from 4,046 in 2010 tion workers earned on average less application integration. Because of to 3,724 firms last year. Losing 8% than $50,000 in 2019. the booming digital economy, jobs in (or 322) information firms in a single Innovations: According to Focus the information industry are in high decade is a trend that suggests a NJ’s Future of Work – Industry Series demand. Because they require highly fading state-level industry. Study, as the world continues to skilled workers, these are also high- Wages: On average, an informa- advance toward a digital economy, paying jobs. NJB Focus NJ, Inc. is an independent research non-profit conducting timely, innovative, nonpartisan economic and workforce research to support sound public policy in New Jersey. Visit www.focusnj.org for more information. New Jersey Business Magazine Reprint – November 2020.
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