December 2021 – State of Innovation Newsletter

CEO Corner - Jose Lozano

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For my last newsletter as President & CEO, I’d like to recognize my tremendous team for their tireless work to show the world that New Jersey is the best place to live and work. It’s amazing what we’ve been able to accomplish over the last three and a half years together. I am immensely proud, and look forward to seeing what the next chapter of leadership will bring. I can say with confidence that Choose New Jersey’s future is bright, and will continue to support the organization’s efforts in a new role at Hackensack Meridian Health.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

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Jobs created

▲ Increase 0.88% from October to November

0 %
Unemployment Rate

Decrease 3.6% YoY | U.S. 4.2%

0 %
U.S GDP

  Q3 2021 | 6.70% Q2 2021

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U.S. Consumer Price Index

▲ Increase 6.8% YoY

Bond Rating

Moody: A3

Outlook change from 2020, stable

S&P: BBB+

Outlook change from 2020, positive

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

Big Moves

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NEW BEGINNINGS

Sunovion Pharmaceuticals Inc., headquartered in  Massachusetts, has signed a lease to develop a new workspace for its organization at the Glenpointe corporate campus in Teaneck.

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LIGHTS, CAMERA, ACTION

New Jersey was featured in Variety for its booming film and television industry, detailing the State’s robust tax incentives and diverse set locations for filmmakers.

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ON THE MOVE

Innocoll Biotherapeutics,  focused on the development and commercialization of pharma technologies, has relocated its headquarters from Pennsylvania to Princeton.

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Board Spotlight

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PSEG

EV charging stations at logistics centers will be on the rise to support existing truck fleets. PSEG has committed to growing electric infrastructure by pledging to support 3,000 fast-charging stations along New Jersey’s major highways.

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EY

Choose New Jersey in conjunction with EY is hosting a webinar on why New Jersey should be on your site location shortlist in light of real estate and operating needs during the pandemic. Join us
January 26th from 1-2 pm ET! 

RSVP

Point of Pride

Read our new blog on why two of New Jersey’s largest cities – Newark and Jersey City – are hotbeds for innovation and among the best places to 
live, work, play and do business.

Notable & Quotable

“Why did we choose New Jersey? Where the facility is located was important. It’s a logistics hub, connected to four major highways, close to two major metro areas—and it’s close to all our major suppliers. In addition to the location, we were fortunate enough to have rail access. We are shipping finished goods by rail and receiving raw materials by rail.”

– Shami Usmani, Vice President of Engineering & Manufacturing,
AriZona Beverages. Read the Food Engineering piece highlighting
AriZona’s New Jersey location.

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