April 2021 – State of Innovation Newsletter

Freshly & WebMD Announce
Major Investments in NJ

Choose New Jersey was thrilled to have assisted WebMD, the leading provider of healthcare information services, in the decision to move some of its operations and approximately 600 to 700 jobs from New York City to Newark. The company is expected to begin a major buildout and renovation of 100,000 sq.ft. of space in the Gateway 2 building across the street from Newark Penn Station. The Choose New Jersey team also supported Freshly Inc., a top meal delivery company, in signing a lease for its second assembly and distribution facility in New Jersey. Located in East Greenwich in Gloucester County, the 234,000 sq. ft. facility will be Freshly’s largest distribution center, equipped to assemble and ship 1.6 million meals per week creating 340 incremental jobs.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

0
Jobs created

▲ Increase .54% from February to March

0 %
Unemployment Rate

▲Increase 3.9% YoY | U.S. 6.0%

0 %
U.S GDP

  Q4 2020 | 33.40% Q3 2020

0 %
U.S. Consumer Price Index

▲Increase 2.6% YoY

Bond Rating

Moody: A3

Outlook change from 2019, negative

S&P: A-

Outlook change from 2019, negative

Sources: U.S. Department of Labor, U.S. Department of Commerce, U.S. Bureau of Labor Statistics

Big Moves

Coming soon

Argent Ventures and H&R REIT launch The Cove JC – a newly imagined live, work, play community and global innovation hub for tech and life sciences across the Hudson River in  Jersey City.

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Dollar Bill Icon

Famous Funding

[email protected] startup GlydeApp, which provides contactless dining automation services, recieves funding by Village Global – a venture capital firm backed by Jeff Bezos and Bill Gates.

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Making History

Four New Jersey natives and Ramapo College alumni played a key role in the success of the Pfizer-BioNTech vaccine,  demonstrating the reach and impact of New Jersey talent. 

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Board Spotlight

Gateway center rendering

onyx  

Onyx Equities was featured in a piece by NJ.com about the Gateway Center office tower renovations underway that correspond with updates to Newark Penn Station, including plans for street-facing retail, restaurants and a glass atrium.

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Photo of Nassau Hall in Princeton University

Princeton University

Princeton University will be home to a new branch of Ludwig Cancer Research – a global community of leading scientists dedicated to preventing and controlling cancer. It will be the first location to focus on cancer metabolism research.

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CEO Corner - Jose Lozano

New Jersey is well positioned to become an attractive destination for filmmakers, especially as we are seeing productions being pulled from states like Georgia following new voting restrictions. New Jersey has an opportunity here to tout not only our robust film and media tax credits (35% in North Jersey and 30% in South Jersey) but our shared values – especially our commitment to diversity, equity and inclusion. I shared my thoughts on the New Jersey’s film industry with RIO-NJ, including our efforts for major film studios to take notice. 

Point of Pride

Cherry Blossoms

Newark’s Branch Brook Park has more cherry blossom trees than Washington, DC (5,000+) that burst into full bloom in April for the annual Cherry Blossom Festival.

Notable & Quotable

“We have a beautiful office on the [Jersey City] waterfront overlooking Manhattan so we’re quite lucky with that location…we have had an incredible team here in the last couple years and its helped grow our U.S. client base in the last 24 months from about 60 to over 200.”

-Hugh Curran, Managing Director, North America, Global Shares during the Fintech Bridge: Ireland & New Jersey webinar. 

Watch a recording of the event here.

Hugh Curran, Global Shares

WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.

Site Visits

We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.

Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.

Tiffany Hess-Bennette
Editorial Content Manager
Carly Wronko
Director of Creative & Digital Marketing