April 2020 – State of Innovation Newsletter
New Jersey Innovation Combating COVID-19 💡
In the midst of a painful time, #NJInnovation is a beacon of light. We’ve seen many encouraging stories about New Jersey’s private sector innovating to meet the challenges posed by the pandemic. Here are just a few:
- Biotech company Celularity received FDA approval to begin clinical trials of its immunotherapy treatment.
- Johnson & Johnson is advancing a potential COVID-19 vaccine.
- New Jersey manufacturers like L’Oreal and Louis Vuitton are converting their production lines to make PPE.
- Craft distilleries like Fairfield Distillery are making hand sanitizer.
- Fintech company Cross River is providing free financial literacy resources to small businesses.
- Newark Venture Partners (NVP) healthtech startups have developed critical tools that improve COVID-19 care, track intake, train staff and address physician burnout.
*Note this data is reported from March prior to COVID-19 stay at home order
New Jersey Economic Trends
0
Jobs Created
0
%
Unemployment Rate
Decrease .3% YoY, U.S. 4.4%
▼
0
%
U.S. Consumer Price Index
1.5% YoY
▼
0
%
U.S. GDP
Decrease 6.8% (Q4 2019 to Q1 2020)
Sources: U.S. Department of Labor, U.S. Department of Commerce, U.S. Bureau of Labor Statistics
Bond Rating
Moody: A3
XXX No change over 2019, stable
S&P: A-
XXX No change over 2019, stable
Sources: U.S. Department of Labor, U.S. Department of Commerce, U.S. Bureau of Labor Statistics
Big Moves
Best of the Best
NFI, Kuehne + Nagel Americas and DSV Panalpina were named among Transport Topics’ Top 50 Logistics Companies List 2020.
High Marks
New Jersey continues to be a top education leader with 21 high schools ranked among the nation’s best according to the U.S. News and World Report Best U.S. High Schools 2020 list.
Cheers to That
Mark Anthony Brewing, Inc., maker of hard seltzer White Claw, is opening a distribution center in Phillipsburg and expects to create 100 jobs.
Board Spotlight
United Airlines
United Airlines is donating free air travel to volunteer health care workers coming to work at New Jersey hospitals via Newark Liberty International Airport. The airline is also helping to transporting critical medical equipment shipments and donations.
PSEG
PSEG is partnering with the New Jersey Tech Council to start the NJTC CleanTech Alliance. They kicked off the launch with a webinar featuring special guest former presidential candidate Andrew Yang and announced the $50,000 CleanTech Impact Challenge for startups.
CEO Corner - Jose Lozano
New Jersey’s higher education institutions are stepping up their efforts to combat COVID-19. Most notably, Rutgers University developed a saliva test that won FDA approval and has been rolled out at testing sites in New Jersey. The first-of-its-kind testing is safer, quicker and may be critical to combatting the outbreak in the U.S. Rutgers has also graduated medical and pharmacy school students early to address staffing shortages and launched the largest national study of hospital workers exposed to COVID-19 in partnership with RWJ. Elsewhere in the state, NJIT is using 3D printers to make masks and Rowan students are engineering intubation boxes. Stockton University is housing healthcare workers in quarantine in their student dorms. Princeton University awarded over half-a-million dollars in funding for COVID-19 faculty research projects. We’re proud of our universities working to keep us all safe and healthy.
Point of Pride
New Jersey was ranked the #3 state for public university students that earn the highest salaries after graduation according to Volusion.
Notable & Quotable
“[There is] a lot of manufacturing [being done] in New Jersey and it’s a part of the state’s history. … New Jersey is a great location for manufacturing because once you make something, you can get your goods [wherever they need to go] very quickly.”
– Clifford Lindholm, President & CEO, Falstrom Company
Falstrom Company recently celebrated 150 years of doing business in New Jersey. The fourth generation defense and aerospace manufacturer is based in Passaic and employs nearly 115 workers.
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