Choose New Jersey Announces Tim Crouch as Organization's Chief Strategy Officer

April 2023 Recap: State of Innovation Newsletter

Foreign direct investment in New Jersey continues to gain momentum – and with good reason! This month, Moody’s Investors Service upgraded New Jersey’s issuer rating and its rating on the state’s general obligation bonds to ‘A1,’ citing “an unprecedented level of budgetary surplus.” The upgrade brings New Jersey’s rating to its highest level in nearly a decade. Businesses are recognizing New Jersey as an ideal state to achieve sustainable growth, profitability, and long-term success. Countries like Ireland and Israel are seeing these results in real-time; a recent survey indicated that Irish companies show a preference for expanding to New Jersey, and there’s been another year of increased economic growth between New Jersey and Israel.

New Jersey Economic Trends

Jobs created

▼ Decrease 0.23% from February to March

0 %
Unemployment Rate

▼ Decrease 0.6% YoY | U.S. 3.5%

0 %

  Q4 2022 | 2.6% Q3 2022

-1 %
U.S. Consumer Price Index

▲ Increase 5.0% YoY

Bond Rating

Moody: A1

Outlook change from 2022, stable

S&P: A

Outlook change from 2022, positive

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

Big Moves

Slalom, a global consulting firm, celebrated the opening of its new office in New Brunswick.

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Premier League, an international soccer league system, is headed to Harrison this summer.

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Union County Savings Bank held a ribbon-cutting ceremony for their new administrative office in Springfield.

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Luigiano’s Parmigiana, an old-school Italian bistro, moved from Brooklyn to Montclair.

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Board Spotlight


United Airlines

United Airlines recently announced that, in conjunction with international summer travel, it has added three new destinations from Newark: Dubai, Stockholm, and Malaga, Spain. These additional flights further establish Newark as a city of connectivity.

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Stockton University

The National Oceanic and Atmospheric Administration is granting a $1.4M award to Stockton University’s Marine Field Station. The grant will help remove marine debris, including lost fishing and aquaculture gear and abandoned watercraft, from South Jersey waterways. 

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Notable & Quotable

“New Jersey brings the best of both worlds to its communities: small-town relationships and connections along with big-city resources, including an amazingly well-educated workforce and local universities that enthusiastically engage with corporate leaders to tap into students to prepare them for future jobs before they graduate. In this way, the state works with business owners to cultivate and nurture future employees, ensuring a smoother and more productive transition from academia to a world career.”

Eden Hoffman
Head of Global Communications, Cross River


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.

Bill Noonan
Chief Business Development Officer
Rebecca King
Editorial Content Specialist