CONSTRUCTION CAPE MAY OVERVIEW
( ) in 2020. Technology, life sciences and aviation are among the key sectors slated to drive the Coastal Shift and overall diversification of the county’s economy well after the pandemic is contained. This is further outlined in the guiding tenets of Cape May County’s Economic Development Program that center around business support services, entrepreneurial development and new business attraction with an emphasis on growing the emerging technology and innovation sector. Approximately a year after its completion, all of Tech Hangars is fully leased by tech-based companies. Aviation-related services, such as Unmanned Aerial Systems, commonly known as drones, have been identified as an innovative economic segment slated to provide job growth opportunities for the local workforce. “Drone usage is growing rapidly, and it spans various industries, including public safety, traffic management, construction, public works and land surveying, filmmaking, photography, structural inspections, and real estate,” Atlantic Cape Community College reported. The local community college is bolstering its Unmanned Aircraft System program in anticipation of the rise in job demand. “As more industries adopt this technology, the need for service and aircraft operators is steadily increasing, and job demand is on the rise,” the college reported. Looking Ahead As Cape May County begins to emerge on the other side of the pandemic landscape, the future looks bright for New Jersey’s southernmost community. Most COVIDrelated restrictions have been lifted and tourists are flocking back to the county’s shores. A lingering labor shortage is expected to remain a short-term challenge for local businesses ramping up operations. However, first-quarter figures point to a successful recovery for the tourism sector. The county’s growing technology and innovation sector are expected to catalyze the Coastal Shift by providing economic diversity, highpaying jobs and year-round operations. These efforts coupled with key infrastructure improvements position the county among the most dynamic markets to live, work and play in South Jersey.
Capital Analytics would like to thank Cape May County for its contributions in compiling this chapter. To learn more, visit their website at: www.capemaycountynj.gov
Jay Gillian Mayor Ocean City
What differentiates Ocean City? Ocean City is based on tradition. Generations of families come and vacation here year after year. Many of these families purchase second homes and later become year-round residents. We have a terrific reputation for safety and an excellent school system. The city is also easily accessible to visitors traveling from anywhere in the region or nation. We have been fortunate that the stewards before us remained true to what Ocean City has always been. We do not have games of chance or alcohol and that really sets us apart from every other seaside community. What are some recent developments for the city? We have new investment in housing, hotel rooms, restaurants and retail. My priority as mayor is to reinforce our infrastructure to ensure we have the best facilities in the state. The city is committed to an aggressive and groundbreaking flood mitigation program to protect everybody’s investments in Ocean City. We are working on back-bay dredging and beach replenishment. We are also building up our marshes to sustain our waterways and protect our shoreline. In terms of the business community, the fact that we’re investing in infrastructure helps attract real estate investors, and we are No. 3 in the state in the value of ratables. Ocean City is in a very good position in terms of real estate, and average sales prices are at an all-time high. What are your expectations for 2021? Provided the weather remains good, I see no reason why we can’t have a banner year. We are a seasonal community but our seasons are getting longer. The government’s stimulus packages have helped greatly with our businesses here. At Gillian’s Wonderland, we are ahead of last year and our biggest problem now is recruiting. Part of this is because of the huge amount of money that is being handed out by the government. But our guests have now returned, and Wonderland is thriving. www.capitalanalyticsassociates.com
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