Despite the unprecedented challenges that the pandemic presented to the global economy, Choose New Jersey helped 33 companies in relocating or expanding to New Jersey in 2020, which led to 1,455 new and retained jobs and generated over $607 million in capital investments, the company said in its 2020 Annual Report.
Choose New Jersey, a privately funded 501(c)(3) economic development organization with a mission to stimulate job creation and attract capital investment to New Jersey, celebrated its 10th anniversary.
CEO Jose Lozano said he expects 2021 to be even better.
“As Choose New Jersey celebrates its 10-year anniversary, we are determined in our commitment to help New Jersey rebuild and recover from this unprecedented health and economic crisis,” he said. “We are already seeing positive signs of relocation and expansion activity, and global interest in New Jersey has picked up during the pandemic as companies learn more about everything New Jersey has to offer.”
Lozano said the organization’s worth in the toughest of economic times has been shown repeatedly.
“Choose New Jersey was founded during a recession 10 years ago, and, today, we are in the midst of another economic crisis,” he said. “Over the last 10 years, we have seen incredible growth, and I have no doubt that New Jersey will rebuild from this pandemic stronger than ever.”
Lozano said for every dollar contributed to Choose New Jersey in 2020, the organization invested nearly $200 back into New Jersey’s economy. This growth builds upon Choose New Jersey’s success in strengthening New Jersey’s economy over the last decade by generating over 19,000 new and retained jobs, assisting over 300 companies and generating $6.2 billion in capital investment, he said.
Ralph LaRossa, the chairman of Choose New Jersey and the chief operating officer of Public Service Enterprise Group, said the organization’s aims continue to be important.
“Over the last 10 years, Choose New Jersey has helped showcase everything New Jersey has to offer, attracting new businesses and creating good-paying jobs,” he said. “While 2020 was a challenging year, Choose New Jersey still saw promising growth, and we look forward to doing everything we can to help strengthen New Jersey’s economy in the years ahead.”
The report highlights Choose New Jersey’s many noteworthy accomplishments over the past year, including:
- In February, Choose New Jersey led its second business mission trip to Israel, joined by a delegation of New Jersey’s top business and academic leaders. This trip was intended to build upon the progress Gov. Phil Murphy made on the 2018 mission, deepening relationships with Israeli executives;
- Choose New Jersey was awarded an additional $2 million grant allocation from the state of New Jersey to build upon the success of the 2020 State of Innovation Marketing Campaign to promote New Jersey around the world;
- In October 2020, Choose New Jersey and the New Jersey Innovation Institute hosted the virtual premiere of BioCentriq, a new, cutting-edge cell and gene therapy contract development and manufacturing organization, or CDMO, located on the New Jersey Institute of Technology campus in Newark.
“Choose New Jersey has played a vital role in advancing New Jersey’s economic development through various trade shows, virtual events and international business attraction trips,” said Linda Bowden, Choose New Jersey Business Development Committee chair and retiring regional president at PNC Bank. “Over the last decade, we have seen substantial growth that has helped put New Jersey on the international stage. Choose New Jersey is a true advocate and champion for our state, and I look forward to seeing how the organization will continue to build upon its incredible progress.”
Dan Lynch, Choose New Jersey Marketing Committee chair and vice president, corporate partnerships, at the New York Giants, said the organization’s importance to the state is more important than ever.
“Choose New Jersey is fiercely dedicated to showcasing our ongoing legacy as the ‘State of Innovation’ far and wide,” he said. “We have seen that economic development is more crucial now than ever before, and the organization impressively pivoted during this difficult time to help generate interest and foster economic growth in New Jersey.”