August 2021 – State of Innovation Newsletter

Geoponica Greens Grows
in New Jersey

Choose New Jersey is pleased to announce Geoponica Greens, an indoor hydroponics vertical farm business, is expanding its existing operations in New Jersey to Hamilton Township this fall. True to our name as The Garden State, New Jersey is on the forefront of the urban farm movement. Geoponica Greens is committed to conserving energy, reducing water usage, and providing more nutrient rich foods. The Choose New Jersey team provided Geoponica Greens with state resources information, economic development connections, and site selection assistance and will continue to support the company’s success here.

 

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

0
Jobs created

▲ Increase 0.47% from May to June

0 %
Unemployment Rate

Decrease 5.80% YoY | U.S. 5.4%

0 %
U.S GDP

  Q2 2021 | 6.40% Q1 2021

0 %
U.S. Consumer Price Index

▲ Increase 5.4% YoY

Bond Rating

Moody: A3

Outlook change from 2020, stable

S&P: BBB+

Outlook change from 2020, stable

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

Big Moves

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Medicinal Moves

BeiGene, a global biotech company that develops innovative cancer medicines, announced a new campus for R&D at the Princeton West Innovation Campus in Hopewell. The company plans to build a state-of-the-art facility and create hundreds of jobs.

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Camera Ready

The largest film studio in New Jersey, Cinelease Studios, recently opened in Jersey City. The studio anticipates booking 2-4 major TV and film productions per year, creating new jobs and supporting ancillary businesses.

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Research Hub

A Princeton University-led consortium of regional universities including Rutgers and NJIT are forming a Northeast I-Corps Innovation Hub funded by a $15M National Science Foundation grant. The hub will provide entrepreneurial training, mentoring, & other resources to help researchers form startups.

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Board Spotlight

NJCU 

NJCU officially opened their Fort Monmouth campus this month. As the educational partner in the revitalization of Fort Monmouth, NJCU’s new location will expand bachelor’s and master’s degree offerings along the Jersey Shore. 

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Amazon

A $125M Amazon Cargo Hub is coming to Newark Liberty International Airport expected to create ~1,000 jobs. Amazon will redevelop two 1990s vintage buildings into a new state-of-the-art air cargo campus.

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CEO Corner - Jose Lozano

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New Jersey’s strategic location, talent pool and innovation ecosystem is ideal for technology companies to grow and thrive. I authored this piece for Expansion Solutions magazine this month to demonstrate why New Jersey is a rising tech hub. Our state has always been home to innovation, from Edison’s lightbulb to the digital cellular networks built by Bell Labs. Today, we are home to startups and multinational companies that are discovering 21st century solutions by tapping into New Jersey’s assets and resources. 

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Point of Pride

Cape May made the list for the 26 most beautiful towns in the U.S., and we couldn’t agree more. Condé Nast Traveller called out the South Jersey town for its preserved Victorian houses, charming historic district, and ample whale & bird watching opportunities. 

 

Notable & Quotable

“New Jersey has solidified itself as the new home of sports betting in the USA, thus making it the natural place for us to have our headquarters . . . With an incredible pool of local talent in the New York metro area, we’re thrilled to establish our headquarters in Hoboken.”

-Dean Sisun, CEO of Prophet

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 Creative & Digital Marketing
Tiffany Hess-Bennette
Editorial Content Manager