Driving Downtown Streets – Broad Street – Newark New Jersey USA – Episode 43.
Starting Point: https://goo.gl/maps/DUBWtNZquyB2 . Route: https://goo.gl/maps/zwQMqG6t4wF2 .
Four Corners at the intersection of Broad and Market Streets in Newark, New Jersey, United States, is the site of the city’s earliest settlement and the heart of Downtown that at one time was considered the busiest intersection in the United States.
Newark is the largest city (by population) in the U.S. state of New Jersey, and the county seat of Essex County. One of the nation’s major air, shipping, and rail hubs, the city had a population of 277,140 in 2010, making it the nation’s 67th most-populous municipality, after being ranked 63rd in the nation in 2000. For 2015, the Census Bureau’s Population Estimates Program calculated a population of 281,944, an increase of 1.7% from the 2010 enumeration, ranking the city the 70th largest in the nation. Newark is the second largest city in the New York metropolitan area, located approximately 8 miles (13 km) west of the region’s historic core, in lower Manhattan.
Several leading companies have their headquarters in Newark, including Prudential, Panasonic (North America), Audible.com, and PSEG. A number of important higher education institutions are also located in the city, including the Newark campus of Rutgers University (which includes law and medical schools and the world-renowned Rutgers Institute of Jazz Studies); the New Jersey Institute of Technology; and Seton Hall University’s law school. The U.S. District Court for the District of New Jersey holds court in the city, as well. Local cultural venues include the New Jersey Performing Arts Center, Newark Symphony Hall, The Prudential Center, The Newark Museum, and the Bears & Eagles Riverfront Stadium.
More than 100,000 people commute to Newark each workday, making it the state’s largest employment center with many white-collar jobs in insurance, finance, import-export, health-care, and government. As a major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city is also a “college town”, with nearly 50,000 students attending the city’s universities and medical and law schools. Its airport, maritime port, rail facilities, and highway network make Newark the busiest transshipment hub on the East Coast in terms of volume.
Though Newark is not the industrial colossus of the past, the city does have a considerable amount of industry and light manufacturing. The southern portion of the Ironbound, also known as the Industrial Meadowlands, has seen many factories built since World War II, including a large Anheuser-Busch brewery that opened in 1951 and distributed 7.5 million barrels of beer in 2007. The service industry is also growing rapidly, replacing those in the manufacturing industry, which was once Newark’s primary economy. In addition, transportation has become a large business in Newark, accounting for more than 17,000 jobs in 2011.
Newark is one of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state’s Economic Development Authority. Developers who invest a minimum of $50 million within 0.5 miles of a train station are eligible for pro-rated tax credit. After the election of Cory Booker, millions of dollars of public-private partnership investment were made in Downtown development but persistent underemployment continue to characterize many of the city’s neighborhoods. Poverty remains a consistent problem in Newark. As of 2010, roughly one-third of the city’s population was impoverished.
Newark is the third-largest insurance center in the United States, after New York City and Hartford. The Prudential Financial, Mutual Benefit Life, Fireman’s Insurance, and American Insurance Company all originated in the city. The first, one of the largest insurance companies in the world, has its “home office in Newark. Many other companies are headquartered in the city, including IDT Corporation, NJ Transit, Public Service Enterprise Group (PSEG), Manischewitz, Horizon Blue Cross and Blue Shield of New Jersey. and Audible.com. In 2013 Panasonic moved its North American headquarters to a new 250,000-square-foot (23,000 m2) office building.
Portions of Newark are part of an Urban Enterprise Zone. In addition to other benefits to encourage employment within the Zone, shoppers can take advantage of a reduced 3½% sales tax rate (versus the 7% rate charged statewide) at eligible merchants.