February 2019 – State of Innovation Newsletter

New Jersey Opportunity Zone Summit - March 11, 2019

As part of our public policy discussion series on NJ’s economic growth, Choose New Jersey will be hosting a statewide Opportunity Zones Summit on March 11 from 8:15 am – 4:00 pm at the Hyatt Regency New Brunswick. We will bring together business leaders, developers, investors and community officials for a deep dive into Opportunity Zones – a federal development program designed to encourage investment in low-income areas. The Summit will feature remarks from Governor Phil Murphy and U.S. Senator Cory Booker (invited).

New Jersey Economic Trends

62,00 0
Jobs Created

 ▲ Increased 1.8% YoY

0 %
Unemployment Rate

▼ Declined .5% YoY | US: 4.0%

0 %
Consumer Price Index

YoY

0 %
GDP (Q3, 2018)

NJ GDP 2017: 1.6% 

US GDP Q3 2018: 3.4% 

Real Estate Vacancy Rates

Industrial

4.2% ▼ declined .2% North

4.7% ▼ declined .3% Central

3.0% ▼ declined .3% South

Office

11.7% ▼ declined .7% North

11.1% ▼ declined 1.2% Central

7.6% ▼ declined .6% South

Bond Rating

Moody: A3

No change over 2017, stable

S&P: A-

No change over 2017, stable

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

Big Moves

Built on Heritage

ON3 by Prism Capital welcomes a new 150,000 sq. ft. spec lab facility to its already impressive R&D hub in Nutley and Clifton – ushering in a new era for New Jersey innovation at the former Roche site.

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A 21st Century Workforce

Governor Murphy announced this month $2M in advanced computer science grants for 29 high schools and $2.8M in apprenticeship training grants to 7 New Jersey businesses and colleges.

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Banking on NJ

Somerset Development reached its 1M sq. ft. leasing milestone at Bell Works. IPG Photonics is the newest tenant – another tech company to call the visionary metroburb home.

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Board Spotlight

Morristown Medical Center

Morristown Medical Center was recognized as one of ‘America’s 50 Best Hospitals’ by Healthgrades for the fourth consecutive year, placing in the top one percent of hospitals in the nation for clinical performance.

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South Jersey at Rowan University

Rowan University

South Jersey Technology Park at Rowan University is becoming a hot hub for startups thanks to NJEDA’s NJ Ignite Program. SJTP is currently home to 28 young tech and life sciences companies benefitting from the university’s network and business resources.

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CEO Corner - Jose Lozano

When talking with CEOs and site selectors making location decisions, the value system of a state is proving to be more and more important. In New Jersey, we are committed to inclusivity and prosperity for all. As one of the most dynamic and most diverse states in the nation, our multicultural population is our greatest asset. This was recently underscored by a WalletHub study ranking New Jersey among the Top 3 states in America benefiting from the immigration economy, placing us #1 in “workforce”, #3 in “socioeconomic contribution” and #3 in “brain gain & innovation.” We know that from diverse backgrounds come diverse ideas that spur innovation, and it’s time that we make this better known to companies looking to establish a footprint in New Jersey.

Point of Pride

LGBT flags in Princeton

Princeton University was ranked #1 Most LGBTQ-friendly university in the U.S. by College Consensus, followed by Rutgers University (#20) and Montclair State University (#24).

Notable & Quotable

“Our objective in relocating to New Jersey was to be right in the middle of the action, where we could easily connect with, and recruit, top researchers and scientists and also provide an excellent location for our employees to raise their families.”

– Dr. Marco Taglietti, CEO, SCYNEXIS, Inc.

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