Our institutions bring tremendous strength and support to Camden, acting as an economic engine for stability and growth. We employ more than 1,250 Camden city residents — an increase of more than 31% compared to just five years ago. Employees earn good wages, receive health and retirement benefits, are eligible for tuition reimbursement, and otherwise reap the benefits of working for employers that have been recognized as Best Places toWork by publications in the state and region. Our total payroll for Camden residents is more than $33 million annually - an increase of more than $10 million, or 45%, compared to just five years ago.
These wages make a middle-income lifestyle possible for increasing numbers of families. Further, these wages are spent on food, products and services in the city, creating a ripple effect and setting up the virtuous cycle necessary for a diverse economy in the city. As higher education and healthcare institutions, we know that projected growth and employment in our sectors outstrip many others. National projections show healthcare as the fastest growing sector of the economy for the next 10 years; educational services should also see above-average growth. Camden can be sure that our anchor institutions represent the economy of the future.
The work continues as we further fulfill our commitment to benefit Camden's residents. Cooper University Hospital's new patient pavilion and Rutgers-Camden’s new law school building will open in 2008, providing hundreds of job opportunities. Other upcoming projects, including a new medical school building and a biomedical research facility, already have state funds committed to them. The challenge is to grow in a way that maximizes the positive effect on Camden and its residents.Our commitment, working with civic and business leaders and the community, is to make the tide rise in Camden for everyone.