Economic Development - Demographics
As of the United States Census of 2010, there were 12,171 people, 4,408 households, and 3,335 families residing in New Providence. The population density was 3,236.9 people per square mile (1,249.3/km²).
There were 4,408 households out of which 39.2% had children under the age of 18 living with them, 66.2% were married couples living together, 7.2% had a female householder with no husband present, and 24.3% were non-families. 20.8% of all households were made up of individuals and 8.5% had someone living alone who was 65 years of age or older. The average household size was 2.73 and the average family size was 3.20.
In New Providence the population was spread out with 28.9% under the age of 19, 3.4% from 20 to 24, 24.3% from 25 to 44, 29.6% from 45 to 64, and 14.0% who were 65 years of age or older. The median age was 41 years. The population is 48.7% male and 51.3% female.
A majority of New Providence's residents hold professional, managerial or other executive positions in their business or industry with an above average salary.
Among the most common occupations in New Providence are (2010 Census):
Management, professional, and related occupations, 62.4%
Sales and office occupations, 20.1%
Service occupations, 11.4%
Approximately 78.2% of workers in New Providence, New Jersey work for companies,
13.1% work for the government and
8.7% are self-employed.
New Providence is also a well-educated community. For population 25 years and over:
High school or higher: 95.1%
Bachelor's degree or higher: 58.1%
Graduate or professional degree: 27.6%
According to the 2010 Census, the median income for a household in the borough was $113,542, and the median income for a family was $144,837. The per capita income for the borough was $53,564. The median home value was $608,900.
The Borough of New Providence is located 28 miles west of New York City in one of the most populous areas of the country. In fact, within a 5 mile radius of downtown New Providence, there is a significant daytime population, generating consumer demand from households with above average income levels. The two main thoroughfares in the borough, South Street and Springfield Avenue, bring nearly 27,000 vehicles through town each day, creating substantial business opportunity.
DEMOGRAPHICS 2014 Projection
1 Mile Radius
Median HH Income $115,005
Average HH Income $151,612
Total Households 3,712
Median Age 42.0
Daytime Population 7,284
3 Mile Radius
Median HH Income $135,708
Average HH Income $203,372
Total Households 22,127
Median Age 42.2
Daytime Population 42,375
5 Mile Radius
Median HH Income $121,090
Average HH Income $181,026
Total Households 61,923
Median Age 41.8
Daytime Population 117,304
Source: Silbert Realty Management Company, Inc.Print this text