April 2022 – State of Innovation Newsletter

Governor Murphy led a historic, highly successful four-day, two-city economic mission trip to Ireland earlier this week with a delegation of over 40 of New Jersey’s top business, academic, and government leaders. Among the highlights, Irish highway service plaza operator Applegreen announced their new North American headquarters and $126 million expansion in New Jersey, NJCU, Choose New Jersey, and DEVCO signed a memorandum of understanding with Atlantic Technological University and Guinness Enterprise Centre, and Ørsted hosted an expert clean energy panel at University College Cork. The mission deepened existing ties with Irish companies considering a U.S. expansion and uncovered new opportunities for research and collaboration with our Irish counterparts. Choose New Jersey was also behind the New Jersey booth presence at the IPF 2022 offshore wind conference in Atlantic City and co-hosted the New Jersey Reception with NJEDA and PSEG. 

New Jersey Economic Trends

0
Jobs created

▲ Increase 0.50% from February to March

0 %
Unemployment Rate

Decrease 2.7% YoY | U.S. 3.6%

0 %
U.S GDP

  Q4 2021 | 2.3% Q3 2021

0 %
U.S. Consumer Price Index

▲ Increase 8.5% YoY

Bond Rating

Moody: A2

Outlook change from 2021, stable

S&P: A-

Outlook change from 2021, stable

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

Big Moves

NJEDA launches the NJ Innovation Evergreen Fund (NJIEF) to increase access to resources and venture capital funding for entrepreneurs. 

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Choose New Jersey-assisted electric vehicle company Ideanomics announces EV experience center & U.S. manufacturing facility in Harrison.

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WalletHub ranks New Jersey as the best state in the U.S. to work from home based on factors like affordable, high-speed internet access. 

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At IPF 2022, NJEDA signs a Letter of Intent (LOI) with Ørsted to marshal the Ocean Wind 1 project with PSEG at the New Jersey Wind Port.

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Board Spotlight

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CGI

CGI held a ribbon-cutting ceremony and reception celebrating its new main office in New Brunswick and partnership with the New Brunswick High School PTECH program.

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NJIT

NJIT is shaping New Jersey’s innovation economy through new degree programs, partnerships with industry for research, and support for entrepreneurs. 

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Notable & Quotable

“Northern New Jersey proved an ideal location for our headquarters as it is centrally located amidst many states in which we operate, is close to several major airports, and offers top talent for our rapidly growing business.”

-Elizabeth Pierce, President of Applegreen USA Operations

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.

Carly Wronko
Director of Marketing