Business Climate

New Jersey’s world-class workforce, infrastructure, and ample State support, make it the best place in North America for business relocation or expansion.

We’ve created the most improved climate for job growth, recorded seven straight credit rating upgrades from Wall Street, and have one of the strongest housing markets in the nation. Our location, coupled with our infrastructure and highly skilled workforce, creates tremendous value for businesses while our unparalleled quality of life makes New Jersey the best state to raise a family.”

Governor Phil Murphy

CNJ Website Headshots GovMurphy

Governor Phil Murphy

CNJ Website Headshots GovMurphy

Economic Momentum

In 2023, CNBC named New Jersey the Most Improved State for Business in the country. Since June 2020, New Jersey has ranked first among Northeast states for private sector job creation, and personal income has grown across the state by over 5%. With Governor Phil Murphy’s continued investment and focus on our key sectors, and support of our small businesses, New Jersey’s brightest days lie ahead.

Tax Incentives and Economic Development Programs

The New Jersey Economic Development Authority (NJEDA) plays a vital role in cultivating economic prosperity and bolstering enterprise throughout New Jersey. Committed to spurring innovation and job creation, NJEDA provides more than 50 tax credits, grants, and bespoke incentives for businesses ready to create jobs, invest in local communities, or innovate in key sectors like technology, clean energy, and film, for which we boast the best tax incentives in the country. NJEDA also enacted the Economic Recovery Act, which creates a seven-year, $14 billion package of tax incentives, financing, and grant programs that address the economic impacts of the COVID-19 pandemic to build a stronger, fairer New Jersey economy.

Infrastructure Investment

New Jersey is committed to building tomorrow’s infrastructure today. From interconnected transportation networks to reliable utilities, our State is on the move, investing in infrastructure projects that pave the way for seamless connectivity and economic development. The Gateway Program will deliver critical rail infrastructure projects between Newark (a key hub for NJ Transit and Amtrak) and Penn Station in New York City, as well as create a new tunnel under the Hudson River and replace several bridges over the next several years. Infrastructure is also being built to support high-growth industries, like the New Jersey Wind Port, located on the Eastern shore of the Delaware River in Lower Alloways Creek. It is the nation’s first purpose-built offshore wind port and provides essential staging, assembly, and manufacturing activities related to offshore wind projects on the East Coast.

Workforce Development

To meet the needs of businesses and industries, New Jersey is committed to cultivating a workforce that’s ready for tomorrow’s challenges. Through innovative partnerships bridging businesses, academia, and government, we are creating training programs, apprenticeships, and educational pathways tailored to the specific needs of evolving industries. This collaborative approach ensures that our talent pool is finely tuned to the demands of the market, offering companies a competitive edge through a skilled and adaptable workforce.

These programs include:

  • The Wind Institute for Innovation & Training, part of the NJEDA, which advances offshore wind workforce development, education, research, and innovation.
  • The AI innovation hub, created by Princeton University and the NJEDA, which will bring together researchers, industry leaders, and startup companies and house dedicated accelerator space.
  • The New Jersey Business Action Center’s Cannabis Training Academy, which supports the State’s burgeoning legal cannabis industry.
  • The FinTech & Sports Wagering Innovation Center, a collaborative hub that fosters growth in online gaming and financial technology, uniting stakeholders from companies, startups, academia, and government, established by the NJEDA and New Jersey City University.

Small Business Support

Small businesses are the backbone of our community and the engine of our growth. Recognizing their crucial role, New Jersey is committed to providing an ecosystem where small and diverse businesses flourish. Since 2018, the amount of New Jersey small businesses has increased by over 40,000, a nearly 20% increase. The 2024 state budget provided a fourth consecutive investment of $50 million in small businesses.

New Jersey Stats & Rankings

7

Credit Upgrades Over the past year and a half

Source: Moody’s, Standard & Poor’s, Fitch

#1

in the Northeast for Private-Sector Job Growth

Source: Bureau of Labor Statistics 2022

$53B

New Jersey’s GDP has grown $53 billion since 2018

Source: NJEDA

#1

Most Improved State for Business

Source: CNBC, 2023

#1

Public School system in the United States (K-12)

U.S. News & World Report

#1

concentration of scientists and engineers in the country

Source: National Science Board

#1

Busiest Port on the East Coast

Source: Port Authority of NY and NJ

#1

Safest state in the country

Source: Innerbody Research

1st

dedicated offshore wind port in the United States

Source: Pharmaceutical Executive, 2021

Key
Industries

New Jersey’s key industries are the foundation of our economic strength. The State is actively investing in and cultivating these industries, providing them with the workforce, financial support, and development space they need to thrive.

Life Sciences

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Life Sciences

New Jersey is one of the world’s leading destinations for biopharmaceutical R&D, biopharmaceutical manufacturing, cell & gene therapy, and medical devices. In fact, eight of the top 10 largest pharmaceutical companies call New Jersey home. With a legacy of pioneering discoveries and a supportive ecosystem of academic institutions, research centers, and venture capital, New Jersey continues to drive life sciences advancements on a global scale.

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CNJ Website KeyIndustriesAccordion LifeSciences

Technology

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Technology

New Jersey’s emphasis on STEM education and its supportive startup ecosystem provides a launch pad for tech innovation. New Jersey-based tech companies are revolutionizing advancements in AI, fintech, esports, telecom, cybersecurity, and beyond. Supported by a skilled workforce, academia, and collaborative workspaces, global information technology companies like Audible, Verizon, and Samsung thrive in New Jersey.

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CNJ Website KeyIndustriesAccordion Technology

Advanced Manufacturing

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Advanced Manufacturing

Advanced manufacturing in New Jersey represents a dynamic blend of innovation, precision, and industry expertise. New Jersey manufacturers produce everything from food and building materials to computers and electronics. Our advanced manufacturing sector is pioneering new supply chain solutions and fostering economic growth.

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CNJ Website KeyIndustriesAccordion Manufacturing

Food & Beverage

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Food & Beverage

New Jersey’s food and beverage industry is redefining what it means to produce and package food sustainably. The $126 billion food industry in the state has seen an increase of 6,000 jobs in the past five years, and more than ⅓ of the top 100 major food companies in the United States have a presence in the state, including industry giants like Campbell Soup Company. Leading food tech companies that specialize in plant-based substitutes, vertical farming, and more continue to push the boundaries of how the world thinks about, produces, and consumes food.

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CNJ Website KeyIndustriesAccordion FoodBev

Financial Services

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Financial Services

Our strategic location and highly educated workforce create an environment where financial companies succeed. Within just minutes from Wall Street, New Jersey offers the connectivity and resources of the world’s financial capital at a much more affordable price than New York City. It’s no surprise that many of the world’s leading financial firms – including Prudential Financial, PNC Bank, and JP Morgan Chase – call New Jersey home.

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CNJ Website KeyIndustriesAccordion Financial

Logistics

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Logistics

New Jersey is a crucial artery of commerce, connecting businesses to markets both domestically and internationally. New Jersey boasts a robust infrastructure — including The Port of New York and New Jersey, Newark Liberty International Airport, and the highest railroad density in the nation — that allows companies to move goods fast. With the rising demand for next-day and same-day delivery through e-commerce, New Jersey has the resources and infrastructure necessary to keep up with the increase in shipping volume required to get packages where they need to go quickly.

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CNJ Website KeyIndustriesAccordion Logistics

Clean Energy

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Clean Energy

New Jersey’s clean energy industry is at the forefront of sustainable innovation, making way for a greener future. The New Jersey Wind Port is the first port in the United States dedicated to Offshore Wind. The state is positioned to be a leader in offshore wind with its 130 miles of coastline, 340,000 acres of land with close proximity to shore, shallow water depths, and strong wind speeds. The State has implemented progressive policies, incentivizing the development of green technologies and committing to a more resilient energy infrastructure.

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CNJ Website KeyIndustriesAccordion CleanEnergy

Film, TV & Digital Media

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Film, TV, & Digital Media

New Jersey offers one of the nation’s most attractive incentive programs for filmmakers, featuring a 30% or 35% tax credit and a 2% or 4% diversity bonus. Here, you will find a pro-film environment with cooperative counties and municipalities and a breathtaking variety of locations and landscapes. The New York-New Jersey metro area has the highest concentration of creative and technical professionals outside of California, including a strong network of support services and vendors.

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CNJ Website KeyIndustriesAccordion FilmMedia

Let’s Work Together

Our Choose New Jersey team is comprised of industry specialists dedicated to fostering business success across the state, offering personalized support, strategic insight, and New Jersey charm to help your business thrive.

Andy Website Expert Silhouette

Andy Kuhn

Director of Business Development

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