New Jersey Attracts Investment, Creates Jobs
Companies are taking notice of New Jersey. From the beginning of 2010 through the first months of 2011, 48 businesses – ranging from international companies to small and medium-sized businesses – chose to relocate or expand in the Garden State, creating or retaining nearly 10,000 jobs.
In addition to the 18 Fortune 500 companies with headquarters in New Jersey, more than 1,100 multinational companies representing 40 nations do business in the state, taking advantage of strategic access to local and global financial markets, a highly trained workforce, a comprehensive distribution network of world-class seaports and airports, state-of-the-art energy and communications infrastructure, elite research universities and an environment that is welcoming to business.
New Jersey’s improving business climate is a result of an aggressive economic agenda implemented by the Christie-Guadagno administration through a three-pronged, public-private initiative called the Partnership for Action.
Led by Lt. Gov. Kim Guadagno, this interconnected and highly focused effort includes:
Choose New Jersey, led by Chief Executive Officer Tracye McDaniel
The New Jersey Business Action Center, led by Acting Executive Director Linda Kellner
The Economic Development Authority, led by Chief Executive Officer Caren Franzini
At the heart of the state's efforts is the New Jersey Business Action Center, which acts as a “one-stop” resource for companies of all sizes, advances the global competitiveness of New Jersey companies and promotes the state’s attractiveness as a business investment location and vacation destination nationally and internationally.
The Business Action Center serves as a primary point of contact, walking a business through everything from state regulatory and permitting procedures to financing and incentive programs to global business and trade services, working across state agencies and departments when necessary. In addition, the BAC offers a full range of site selection and location data, and serves as the focal point for coordinating and advancing the state's planning strategies.
The efforts are paying off in new jobs and investment. Case in point: In fall 2010, Pinnacle Foods Group announced its decision to stay and expand in New Jersey, resulting in the creation of 90 jobs and the retention of more than 130 jobs. The company is a leading producer, marketer and distributor of high-quality branded food products, including Birds Eye frozen vegetables, Mrs. Paul's frozen seafood, Duncan Hines baking mixes and frostings and other brands found in more than 85 percent of U.S. homes.
“This expansion represents a significant milestone for Pinnacle Foods Group, and we are pleased to be able to celebrate our commitment to growing and prospering in New Jersey,” says Bob Gamgort, Pinnacle CEO. “With the support of the state, New Jersey's highly skilled workforce and our excellent location in Cherry Hill, we are in a great position to better serve our customers and consumers, and we look forward to continued success.”
Economic development incentives of more than $1.1 million also played a role in Pinnacle’s decision to stay and expand in New Jersey.
In February 2011, clothing designer alice + olivia by Stacey Bendet selected Seacaucus for a 75,000-square-foot facility to house its administrative offices and warehouse operations, a move that creates 70 jobs.
The company offers a full line of clothing products for women, men and children sold in more than 700 retail locations and five freestanding boutiques across the country.
The company had considered a site in Pennsylvania but chose New Jersey, based in part on a BEIP grant worth more than $340,000 over 10 years.
“The Christie Administration has made economic development and job creation a top priority, and alice + olivia by Stacey Bendet’s decision to set up shop in Seacaucus is another indication that New Jersey is being redefined in the marketplace,” says Kellner. “As we continue to make our state a home for growth, our message is loud and clear – New Jersey means business.”
Accolades for New Jersey
- Among the top 10 states for the attainment of bachelor's degrees in the population ages 25-44
- In the top five states that could move the United States to an economy centered on globalization and innovation, according to the Kauffman Foundation's 2010 State New Economy Index
- Seventh in the nation in the number of Ph.D. scientists and engineers per 1,000 workers
- Third in bioscience venture capital investments
- Northern New Jersey ranks third in the United States for best waterborne commerce and southern New Jersey ranks fourth, according to Expansion Management magazine
- Second in the nation in Education Week's Chance for Success Index, which measures a state's ability to give its children the greatest chance for success
Fortune 500 Companies Based in New Jersey:
Automatic Data Processing
Avis Budget Group
Campbell Soup Co.
Bed Bath & Beyond
Great Atlantic & Pacific Tea
Hertz Global Holdings
Johnson & Johnson
Medco Health Solutions
Public Service Enterprise Group
Toys "R" Us
New Jersey’s Bank for Business
The New Jersey Economic Development Authority (EDA) serves as the state’s “bank for business” by financing small and mid-sized businesses, administering tax incentives to retain and grow jobs, revitalizing communities through redevelopment initiatives, and supporting entrepreneurial development by providing access to training and mentoring programs. Financial assistance is available in the form of:
Loans, loan guarantees and loan participations
Line of credit guarantees
Business Action Center
A one-stop shop that plays a key role in attracting, retaining and growing businesses in New Jersey. Among its services, the BAC:
Walks businesses through the vast array of state incentive and financing programs available to businesses.
Provides permitting and regulatory assistance to help new and existing businesses navigate state regulatory processes
Provides assistance to companies looking to do business globally through trade consulting services and inward foreign direct investment services
Offers a full range of site selection solutions including development services, such as assembling land and restructuring financing
In 2010, the EDA provided businesses with $567.3 million in financial assistance, business incentives and tax credits and served as a catalyst for more than $1.4 billion in new public/private investment. That assistance is expected to create 5,200 new jobs and retain 12,200 in New Jersey. Since its inception in 1974, the EDA has provided a total of $20.8 billion in assistance with 44.4 billion leveraged in public private investment and 309,423 jobs.