New Jersey sees 1,199 H-1B petitions from employers classified under the Finance and Insurance industry during 2024

Employers classified under the Finance and Insurance industry based in New Jersey submitted 1,199 H-1B petitions during 2024, according to data provided by the U.S. Citizenship and Immigration Services via the H-1B Employer Data Hub.

Of these, 1,190 were approved (99.2%), while nine were denied (0.8%).

Employers are classified under industries based on their reported operations and may be involved in multiple industries.

The H-1B visa program allows U.S. employers to temporarily hire foreign workers in specialty occupations requiring specialized knowledge and at least a bachelor’s degree or equivalent. It is designed to address skill gaps in the U.S. workforce while ensuring wage standards to protect both U.S. and H-1B workers. Employers must certify that they will pay H-1B workers wages equal to or greater than those of similarly qualified U.S. employees or the prevailing local wage.

The average approval rate for H-1B petitions across the United States in 2024 stood at 98%, higher than 2023’s 97.3%. Statewide, New Jersey employers across all industries submitted 31,718 petitions during the same period, achieving an approval rate of 97.9%.

While the Professional, Scientific, and Technical Services industry led the H-1B filings with 25,105 petitions, representing 79.2% of all submissions in New Jersey during 2024, the next largest contributor was the Manufacturing industry, which accounted for 1,673 petitions and represented 5.3% of the total. Among petitions from employers in the Manufacturing industry, 24,547 were approved and 558 were denied.

The New Jersey employers which made the most petitions in the Finance and Insurance sector during 2024 included Blackrock Financial Management, Inc. with 267 petitions, Broadridge Financial Solutions, Inc. with 103 petitions, and Insurance Services Office, Inc. with 77 petitions.

Compared to 2023, the Finance and Insurance sector in New Jersey saw a 7.8% decrease in the number of H-1B petitions during 2024.

The United States admits around 1 million legal immigrants annually, most of whom receive permanent residence (green cards) through family sponsorship or employment-based visas. In 2023, about 1.2 million immigrants were granted green cards, a return to pre-pandemic levels. Temporary visa programs, such as the H-1B for highly skilled workers and H-2A for seasonal agricultural workers, also play a critical role in filling workforce needs.

Public opinion on immigration varies, with 46% of Americans favoring maintaining current legal immigration levels, according to a 2024 Pew Research Center survey. Additionally, 42% believe that highly skilled workers, such as scientists, doctors, and programmers, should be prioritized for legal immigration, compared to 25% who prioritize workers filling labor shortages and 19% who emphasize family sponsorship. Despite this, family sponsorship remains the most common path to permanent residency, accounting for 63% of green cards issued in 2023.

The data in this article comes from the H-1B Employer Data Hub provided by the U.S. Citizenship and Immigration Services (USCIS). While USCIS strives for accuracy, manual data entry and errors on paper forms submitted by applicants or petitioners may result in discrepancies in employer names, tax IDs, locations, or other details.