December 2022 Recap – State of Innovation Newsletter

‘Tis the season for hustling and bustling, and New Jersey is ending 2022 with a bang! This month, Governor Murphy announced major funding to expand access to safe transportation and enhance areas around public transit facilities across the state. Hustling and bustling using New Jersey’s public transportation lends to a greener state and will soon be safer and more efficient.

The Choose New Jersey team was in India on a business attraction mission earlier this month. The team met with business leaders and government officials in New Delhi, Bengaluru, Mumbai, and Ahmedabad, promoting the shared benefits of expanding or establishing Indian businesses in New Jersey. Are you surprised that New Jersey and India are such a perfect match? Check out our latest blog discussing why Indian companies find success and community in New Jersey.

Whether you’ve maxed (out) or relaxed this month – we hope you can find time to pause and enjoy the holiday season. We wish you peace,  prosperity, and happy holidays, and look forward to continued engagement in 2023! 

New Jersey Economic Trends

Jobs created

▲ Increase 0.24% from October to November

0 %
Unemployment Rate

Decrease -1.7% YoY | U.S. 3.70%

0 %

  Q3 2022 | -0.60% Q2 2022

0 %
U.S. Consumer Price Index

▲ Increase 7.1% YoY

Bond Rating

Moody: A2

Outlook change from 2021, stable

S&P: A-

Outlook change from 2021, positive

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

Big Moves

Newark and Jersey City both ranked among the Top 5 cities nationally for those seeking careers in technology, according to research done by the educational resource website Edwize.

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More than $8 million have been allocated to build a more diverse, inclusive green jobs sector in New Jersey.

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NJR Clean Energy Ventures has converted a landfill in Mount Olive into one of the largest capped landfill solar arrays in North America.

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United Airlines will buy at least 100 Boeing jets, as it replaces its older planes with more fuel-efficient models.

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Board Spotlight


Robert Wood Johnson

Robert Wood Johnson University Hospital introduced its new, state-of-the-art trauma care intensive care unit.

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Students walking under Ramapo College archway

Ramapo college

Ramapo College of New Jersey has launched one of the nation’s first investigative genetic genealogy centers.

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Notable & Quotable

“I think it’s amazingly special what [Fiserv is] doing in New Jersey. Small businesses build community. They see that — and they are really committed to building a diverse and inclusive talent pipeline. It’s authentic.”

Nancy Cantor

Chancellor, Rutgers University-Newark


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Economic Development Connections

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Rebecca King
Editorial Content Specialist
Ingrid Austin
PR & Communications Manager