NAR Region II Local Market Assessments: New Jersey, New York, Pennsylvania

Cover of the 2022 Local Market Assessments: NAR Region II New Jersey, New York, Pennsylvania

New Jersey

New Jersey REALTORS® don’t need to look very far or hard to identify global business opportunities. The Garden State is home to nearly 1 million companies with a foreign parent organization. Its strategic position in the northeast corridor—at the center of one of the world’s most densely populated and affluent markets—makes New Jersey attractive to foreign investors of all sizes.

Supporting this investment is New Jersey’s highly diverse population. The state boasts the highest percentage of jobs generated by immigrant-owned businesses and the highest percentage of foreign-born STEM workers, according to WalletHub’s “Economic Impact of Immigration by State” study.

New York

New York City is home to some of the world’s most expensive real estate and a global hub of business and commerce, making it a top destination for foreign investors. Situated on one of the world’s largest natural harbors, New York City is a prime location for companies seeking easy access to the eastern half of the United States. The greater NYC metropolitan area is a premier gateway for legal immigration to the U.S., making it one of the most diverse cities in the world, with as many as 800 languages spoken.

Global real estate business opportunities are not limited to the New York City metro area. Roughly 3.2 million New York residents were born outside the United States, resulting in ethnic enclaves statewide and residential and commercial business opportunities for REALTORS®. New York is actively creating innovative workforce development programs to attract global commercial investors to generate new opportunities for New Yorkers and encourage regional economic growth.

Pennsylvania

A diverse and global economic hub, Pennsylvania is home to an experienced and skilled workforce, best-in-class higher education institutions (ranked #5 by CNBC’s 2022 best states to do business), and a business environment that supports companies of all sizes. Twenty-four Fortune 500 companies and 1.1 million small businesses call Pennsylvania home.

Its prime East Coast location attracts foreign corporations seeking access to the eastern U.S. and Canada. The state is becoming increasingly business-friendly—gradually reducing its corporate net income tax rate to 4.99% by 2031, making it among the lowest in the nation. Such efforts are expanding its stronghold in advanced manufacturing, energy production, distribution and logistics, robotics and life sciences, among other industries.

These are just some factors that create global business opportunities for REALTORS® in Pennslyvania. Follow these steps to learn more and to pursue international real estate opportunities.

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Local Market Assessments

These state-level case studies can help you learn to identify and cultivate global business, a growing real estate specialty in the U.S.

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