From Thomas Edison to Albert Einstein, New Jersey has long been home to great thinkers who do great things. That’s no less true today, and New Jersey’s approach to economic development is designed to tap its best assets: a prime location midway between Boston and Washington, D.C., access to 100 million consumers in a 24-hour radius, and a well-educated, highly motivated workforce that features the highest concentration of scientific talent in the United States. “We truly have it all,” said Virginia S. Bauer, CEO and Secretary of the Commerce, Economic Growth & Tourism Commission. “For two centuries, New Jersey has been on the cutting edge, and we are poised for even more discovery and growth.”
New Jersey’s economy is the eighth largest in the United States, with a gross state product of nearly $397.4 billion in 2003. It is a national leader in job creation, having generated 79,500 new jobs in 2004 alone. And New Jersey’s jobs are good jobs; the state is home to the nation’s largest cluster of pharmaceutical companies that perform more than half of the nation’s $30 billion worth of private health research. Many of the biggest names in pharmaceuticals and biotechnology – Pfizer, Merck, Schering-Plough, Novartis, Sanofi-Aventis – and some of best-watched new players, such as Celgene and Medarex, call New Jersey home. Complementing the private sector presence are outstanding university partnerships with Rutgers, the State University of New Jersey; Princeton University; the New Jersey Institute of Technology and the University of Medicine and Dentistry of New Jersey. In June, the state will be an active partner and co-host of BIO 2005 in Philadelphia, an international conference that brings together all the players in world of biotechnology.
Transportation infrastructure has long been one of New Jersey’s top selling points. Major ports on the Hudson and Delaware Rivers provide sea and air access to European, South American and Pacific Rim markets. The Port of New York and New Jersey is the third-largest U.S. port complex and the largest on the Eastern Seaboard, a source of $100 billion in trade. New Jersey’s extensive road and rail networks are well known. In recent years, the state’s two international airports – Newark Liberty and Atlantic City – and a network of regional airports have gained notice for their ability to ship both goods and people.
Given its history and location, New Jersey has focused its economic development strategy on six key job sectors: pharmaceuticals and biotechnology, chemicals, logistics, information technology, finance and insurance, and hospitality, which includes not only the 12 Atlantic City casinos but also outstanding conference and business meeting spaces. Led by the Commerce Commission, the Department of Labor and Workforce Development and the Economic Development Authority have formed a partnership, “New Jersey Works for You,” to ease the process for employers seeking to tap all the incentives and financing options the state has to offer.
From Thomas Edison to Albert Einstein, New Jersey has long been home to great thinkers who do great things. That’s no less true today, and New Jersey’s approach to economic development is designed to tap its best assets: a prime location midway between Boston and Washington, D.C., access to 100 million consumers in a 24-hour radius, and a well-educated, highly motivated workforce that features the highest concentration of scientific talent in the United States. “We truly have it all,” said Virginia S. Bauer, CEO and Secretary of the Commerce, Economic Growth & Tourism Commission. “For two centuries, New Jersey has been on the cutting edge, and we are poised for even more discovery and growth.”
New Jersey’s economy is the eighth largest in the United States, with a gross state product of nearly $397.4 billion in 2003. It is a national leader in job creation, having generated 79,500 new jobs in 2004 alone. And New Jersey’s jobs are good jobs; the state is home to the nation’s largest cluster of pharmaceutical companies that perform more than half of the nation’s $30 billion worth of private health research. Many of the biggest names in pharmaceuticals and biotechnology – Pfizer, Merck, Schering-Plough, Novartis, Sanofi-Aventis – and some of best-watched new players, such as Celgene and Medarex, call New Jersey home. Complementing the private sector presence are outstanding university partnerships with Rutgers, the State University of New Jersey; Princeton University; the New Jersey Institute of Technology and the University of Medicine and Dentistry of New Jersey. In June, the state will be an active partner and co-host of BIO 2005 in Philadelphia, an international conference that brings together all the players in world of biotechnology.
Transportation infrastructure has long been one of New Jersey’s top selling points. Major ports on the Hudson and Delaware Rivers provide sea and air access to European, South American and Pacific Rim markets. The Port of New York and New Jersey is the third-largest U.S. port complex and the largest on the Eastern Seaboard, a source of $100 billion in trade. New Jersey’s extensive road and rail networks are well known. In recent years, the state’s two international airports – Newark Liberty and Atlantic City – and a network of regional airports have gained notice for their ability to ship both goods and people.
Given its history and location, New Jersey has focused its economic development strategy on six key job sectors: pharmaceuticals and biotechnology, chemicals, logistics, information technology, finance and insurance, and hospitality, which includes not only the 12 Atlantic City casinos but also outstanding conference and business meeting spaces. Led by the Commerce Commission, the Department of Labor and Workforce Development and the Economic Development Authority have formed a partnership, “New Jersey Works for You,” to ease the process for employers seeking to tap all the incentives and financing options the state has to offer.
Powerful Business Incentives
In recent years, New Jersey has revamped its nationally recognized Business Employment Incentive Program, known as BEIP. Expanding or relocating businesses can receive grants in the form of tax credits for up to 10 years; amounts vary between 10 and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from when the new employees are hired.
Recent changes have lowered the eligibility thresholds from 75 jobs to 25, except for high-tech and biotech companies, which can qualify for BEIP by creating as few as 10 jobs. The amount of the BEIP is determined by several factors, with criteria favoring those companies in targeted job sectors, those that pay high wages and those that locate in areas that promote the state’s commitment to “smart growth,” which favors reuse of existing infrastructure, particularly in urban areas.
A brand-new program, the Business Retention and Relocation Assistance Act, aims to keep existing jobs in New Jersey through tax credits and sales and use tax exemptions on the cost of outfitting new spaces for existing employees. Some companies in the pharmaceutical and information sectors, notably Pfizer, have used several programs in combination when creating new headquarters complexes.
In addition, New Jersey has shown an uncommon commitment to creating the right spaces and workers for high-tech companies. The Economic Development Authority built the Technology Center of New Jersey, a 50-acre research park near Rutgers in North Brunswick, which is oriented toward the life sciences. In the past year, the creation of three Innovation Zones in the New Brunswick area, in Camden and in Newark are designed to spur collaboration between public research universities and technology businesses by encouraging the use of the state’s best economic tools in areas where growth is needed. EDA provides a full menu of financing options, including direct investment funds, and customized training grants are available to assist the special needs of high-tech companies.
Commitment to Manufacturing
New Jersey is well suited to certain sectors of manufacturing that demand highly trained workers. Some of New Jersey’s oldest manufacturing areas, such as glass making, are reinventing themselves to compete in the global economy by exploring new and specialized products for the research and development sector, both in New Jersey and beyond.
The state is responding by tailoring its economic incentives, workforce training and education programs – at both the high school and community college level – to meet the demands of high-skill manufacturing. New Jersey’s outstanding public schools, coupled with a workforce that is 22 percent more productive than the national average, create an environment committed to quality. Employers benefit from one of the nation’s most stable and successful workers’ compensation systems.
In addition, the legislation that created the BRRAG program featured an energy sales tax exemption specifically designed to preserve manufacturing in urban areas.
New Life for New Jersey Cities
Twenty years ago, New Jersey launched its first Urban Enterprise Zones, and 2005 marks a celebration of an unparalleled success story. From the original 10 zones to the current 32, the program has brought in more than $18 billion worth of investment. Through 2004, 155,000 workers employed in 7,750 businesses that participate in the program are breathing new life into areas that once seemed hopeless.
Within a UEZ, businesses can receive sales tax exemptions on all equipment and supplies, including building materials, as well as corporate tax credits for hiring designated employee groups. In addition, qualified retail businesses may charge 50 percent of state’s 6 percent sales tax on “in person” customer purchases, with the remaining 3 percent earmarked for economic development and public service improvements within the respective zone. The success of the UEZ system stems from its local focus, with communities driving projects within a framework of state assistance and oversight. From Newark to Perth Amboy, from to Elizabeth to Trenton, mayors and economic development leaders have leveraged UEZ benefits to create new retail, entertainment, housing, and manufacturing opportunities.
The Millville Airport
Located in Cumberland County in the heart of the Northeast Corridor, the Millville Airport is a significant asset that can offer the state’s premier economic development incentives in a prime location, supported by outstanding relationships among local, regional and state leaders. This full amenities airport across 916 acres has seen $15 million in investment in the past three years, aided by its location within a UEZ, a federal empowerment zone, and a foreign trade zone (one of five in New Jersey). Runways are 6000 feet and 5000 feet by 150 feet, with clear approach paths. The Millville Airport Partnership, a consortium of local agencies and the New Jersey Aviation Academy, offers 3,800 acres of developable land, 200,000 square feet of vacant hangar manufacturing and office space. The region boasts a highly skilled, aviation-oriented workforce that has benefited from significant state investments in workforce training.
The City of Millville was recently named one of America’s 25 Champions of Industry Cities. The busy-friendly approach is exemplified by a streamlined permitting process and a willingness to invest UEZ funds to attract and retain jobs. Three industrial sites are well suited for light industry, manufacturing and warehousing. Millville is the North American base for affiliates of major foreign headquartered companies, such as Durand Glass Manufacturing, T-Fal and Wheaton USA.
Quality of Life
For a small state, New Jersey has it all – cities and farms, mountains and beaches, a vibrant arts and entertainment scene, and a diverse, ever-evolving culture. Few places in the world offer so many opportunities to experience what’s new and to get away from it all. “New Jersey is a great place to work, but it’s also a great place to live,” says Secretary Bauer. “Many places claim to have something for everyone, but in New Jersey, it’s true.”
In recent years, New Jersey has revamped its nationally recognized Business Employment Incentive Program, known as BEIP. Expanding or relocating businesses can receive grants in the form of tax credits for up to 10 years; amounts vary between 10 and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from when the new employees are hired.
Recent changes have lowered the eligibility thresholds from 75 jobs to 25, except for high-tech and biotech companies, which can qualify for BEIP by creating as few as 10 jobs. The amount of the BEIP is determined by several factors, with criteria favoring those companies in targeted job sectors, those that pay high wages and those that locate in areas that promote the state’s commitment to “smart growth,” which favors reuse of existing infrastructure, particularly in urban areas.
A brand-new program, the Business Retention and Relocation Assistance Act, aims to keep existing jobs in New Jersey through tax credits and sales and use tax exemptions on the cost of outfitting new spaces for existing employees. Some companies in the pharmaceutical and information sectors, notably Pfizer, have used several programs in combination when creating new headquarters complexes.
In addition, New Jersey has shown an uncommon commitment to creating the right spaces and workers for high-tech companies. The Economic Development Authority built the Technology Center of New Jersey, a 50-acre research park near Rutgers in North Brunswick, which is oriented toward the life sciences. In the past year, the creation of three Innovation Zones in the New Brunswick area, in Camden and in Newark are designed to spur collaboration between public research universities and technology businesses by encouraging the use of the state’s best economic tools in areas where growth is needed. EDA provides a full menu of financing options, including direct investment funds, and customized training grants are available to assist the special needs of high-tech companies.
Commitment to Manufacturing
New Jersey is well suited to certain sectors of manufacturing that demand highly trained workers. Some of New Jersey’s oldest manufacturing areas, such as glass making, are reinventing themselves to compete in the global economy by exploring new and specialized products for the research and development sector, both in New Jersey and beyond.
The state is responding by tailoring its economic incentives, workforce training and education programs – at both the high school and community college level – to meet the demands of high-skill manufacturing. New Jersey’s outstanding public schools, coupled with a workforce that is 22 percent more productive than the national average, create an environment committed to quality. Employers benefit from one of the nation’s most stable and successful workers’ compensation systems.
In addition, the legislation that created the BRRAG program featured an energy sales tax exemption specifically designed to preserve manufacturing in urban areas.
New Life for New Jersey Cities
Twenty years ago, New Jersey launched its first Urban Enterprise Zones, and 2005 marks a celebration of an unparalleled success story. From the original 10 zones to the current 32, the program has brought in more than $18 billion worth of investment. Through 2004, 155,000 workers employed in 7,750 businesses that participate in the program are breathing new life into areas that once seemed hopeless.
Within a UEZ, businesses can receive sales tax exemptions on all equipment and supplies, including building materials, as well as corporate tax credits for hiring designated employee groups. In addition, qualified retail businesses may charge 50 percent of state’s 6 percent sales tax on “in person” customer purchases, with the remaining 3 percent earmarked for economic development and public service improvements within the respective zone. The success of the UEZ system stems from its local focus, with communities driving projects within a framework of state assistance and oversight. From Newark to Perth Amboy, from to Elizabeth to Trenton, mayors and economic development leaders have leveraged UEZ benefits to create new retail, entertainment, housing, and manufacturing opportunities.
The Millville Airport
Located in Cumberland County in the heart of the Northeast Corridor, the Millville Airport is a significant asset that can offer the state’s premier economic development incentives in a prime location, supported by outstanding relationships among local, regional and state leaders. This full amenities airport across 916 acres has seen $15 million in investment in the past three years, aided by its location within a UEZ, a federal empowerment zone, and a foreign trade zone (one of five in New Jersey). Runways are 6000 feet and 5000 feet by 150 feet, with clear approach paths. The Millville Airport Partnership, a consortium of local agencies and the New Jersey Aviation Academy, offers 3,800 acres of developable land, 200,000 square feet of vacant hangar manufacturing and office space. The region boasts a highly skilled, aviation-oriented workforce that has benefited from significant state investments in workforce training.
The City of Millville was recently named one of America’s 25 Champions of Industry Cities. The busy-friendly approach is exemplified by a streamlined permitting process and a willingness to invest UEZ funds to attract and retain jobs. Three industrial sites are well suited for light industry, manufacturing and warehousing. Millville is the North American base for affiliates of major foreign headquartered companies, such as Durand Glass Manufacturing, T-Fal and Wheaton USA.
Quality of Life
For a small state, New Jersey has it all – cities and farms, mountains and beaches, a vibrant arts and entertainment scene, and a diverse, ever-evolving culture. Few places in the world offer so many opportunities to experience what’s new and to get away from it all. “New Jersey is a great place to work, but it’s also a great place to live,” says Secretary Bauer. “Many places claim to have something for everyone, but in New Jersey, it’s true.”
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