Ocean City, N.J.'s rating reflects continued economic growth and development of the city's tourism-based economy, coupled with a sound financial management and performance. Other rating factors include historically strong property tax base growth, above-average income levels, and a moderate debt burden, offset by declining capital needs. Ocean City (population 15,512) primarily is a residential community located in Cape May County, near the southern tip of New Jersey. The city is a popular summer resort, especially for residents Philadelphia, Pa. and other parts of New Jersey. Total tourism-related revenues totaled about $500 million in 1993. The city's economy, like the county's, is essentially cyclical as a result of its dependence on tourism. In 1993, the city's average unemployment rate was 8.2%,
