Why Owning a Business in East Hanover, New Jersey, Is a Smart Move

If you’re considering starting or relocating your business, East Hanover, New Jersey, offers a compelling blend of historical charm, economic stability, and a supportive community. This township seamlessly combines its rich past with modern amenities, making it an ideal spot for entrepreneurs.

A Glimpse into East Hanover’s Rich History

Established in 1720 and named after Britain’s King George I from the House of Hanover, East Hanover has a storied past. Its strategic location between the Whippany and Passaic Rivers made it significant during the Revolutionary War, serving as a hospital site for General George Washington’s troops in 1777. This deep-rooted history contributes to the township’s unique character and community pride.

Thriving Demographics and Economic Indicators

Understanding the local population is crucial for any business. East Hanover boasts a population of approximately 11,126 residents, with a median age of 47.7 years. The community is predominantly White (70%), with significant Asian (13%) and Hispanic (11%) populations, offering a diverse customer base.

Financially, the township is robust. The median household income stands at $144,792, surpassing both the county and state averages. The per capita income is around $68,909, indicating a community with substantial purchasing power. Notably, the poverty rate is a low 2.2%, reflecting overall economic stability.

Favorable Tax Environment for Businesses

New Jersey’s corporate tax structure is tiered to support businesses of varying sizes:

• 6.5% for net incomes up to $50,000

• 7.5% for net incomes between $50,001 and $100,000

• 9% for net incomes over $100,000

Additionally, East Hanover’s property tax rate is competitive at 2.594, making it more attractive compared to neighboring areas. The combined sales tax rate is 6.63%, with no additional local sales tax, simplifying the tax landscape for businesses.

Strategic Location and Infrastructure

Positioned conveniently near major highways and approximately 25 miles from New York City, East Hanover offers unparalleled access to urban markets while maintaining suburban appeal. This connectivity is advantageous for businesses requiring efficient transportation and logistics.

Supportive Business Community

East Hanover is home to over 2,100 businesses, ranging from global corporations like Novartis and Nabisco to local enterprises. The East Hanover Partnership actively fosters a collaborative environment, providing resources and networking opportunities to support business growth.

Quality of Life Enhancements

Beyond business, East Hanover offers a high quality of life, which can be a significant asset in attracting and retaining employees. The township features excellent public services, recreational facilities, and a strong sense of community.

Conclusion

Owning a business in East Hanover, New Jersey, presents numerous advantages, including a rich historical backdrop, a prosperous and diverse population, favorable tax rates, strategic location, and a supportive business environment. These factors collectively create an ecosystem where businesses can thrive and grow.