Current economic hardships reflect the global COVID-19 pandemic.
New Jersey Economic Trends
▲ Increase 0.47% from May to June
▼ Decrease 5.80% YoY | U.S. 5.4%
Q2 2021 | 6.40% Q1 2021
▲ 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
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.
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.
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.
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.
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.
CEO Corner - Jose Lozano
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.
Point of Pride
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
