December 2020 – State of Innovation Newsletter

New Jersey Economic Recovery Act of 2020

Choose New Jersey supports the State of New Jersey incentives package brought together by Governor Murphy, Senate President Sweeney and Speaker Coughlin. This suite of programs will help us economically recover even stronger from COVID-19 and will aid our efforts to attract business, create jobs and increase investment in New Jersey.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

0
Jobs Created

▲Increase .24% from October to November

0 %
Unemployment Rate

▲Increase 6.5% YoY | U.S. 6.7%

0 %
U.S GDP

Q3 2020 | ▼ -31.40% Q2 2020

0 %
U.S. Consumer Price Index

▲ Increase 1.2% 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

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Fantastic for Food

ProFoodWorld interviews our Chief BDO Cathy Scangerella on factors companies should consider when looking for a new location and opportunities for food processing and manufacturing in NJ.

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Gateway to Newark

Governor Murphy announces $190M in upgrades at Newark Penn Station – the 7th busiest rail station in North America and a major transportation hub along the Northeast Corridor.

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Rite of Passage

Passage Bio’s new lab within the Princeton West Innovation Campus marks a huge step forward for cell and gene therapy manufacturing and clinical development in New Jersey.

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Board Spotlight

Morristown-Medical-Center

Morristown Medical Center

Atlantic Health System distributed its first shots of the Pfizer-BioNTech vaccine to eligible team members and physicians at Morristown Medical Center, taking a major step in the fight against COVID-19.

Hackensack-Meridian-Health

Hackensack Meridian Health

Hackensack Meridian Health administered its first vaccinations to frontline team members, who have heroically cared for the highest number of
COVID-19 patients in New Jersey. 

CEO Corner - Jose Lozano

Choose New Jersey CEO Jose Lozana talks about the global interest increase in New Jersey due to the COVID-19 pandemic.

A new study by Commercial Cafe found that New Jersey is the 5th most innovative state in the nation according to U.S. Patent and Trademark Office activity. This achievement shows what we know to be true – invention and ingenuity have deep roots in New Jersey and the momentum of #NJInnovation continues. As we enter 2021, we can’t wait to see new discoveries coming out of our State, and look forward to helping more innovative companies and entrepreneurs grow here. Happy Holidays and New Year to all!

Point of Pride

FlexibleFlyerSled

Did you know the iconic Flexible Flyer sled was invented in New Jersey in 1889? Check out this video feature from NJ.com on the history of “The Cadillac of Sleds” 🛷

Notable & Quotable

“I couldn’t wait for this moment to hit New Jersey. This is the best birthday present ever. I can see the light at the end of the tunnel.”

-Maritza Beniquez, an emergency room nurse at University Hospital in Newark, who become the first person in New Jersey to receive the COVID-19 vaccine coincidentally on her 56th birthday.

Maritza Beniquez_University Hospital

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
Creative Content Specialist