February 2021 – State of Innovation Newsletter

Choose New Jersey 2020 Annual Report:
A Decade of Exponential Growth

In the face of many challenges posed by COVID-19, Choose New Jersey assisted 33 companies in relocating or expanding in New Jersey resulting in 1,455 new and retained jobs and generating $607 million in capital investment this year. In fact, for every dollar contributed to Choose New Jersey in 2020, we invested nearly $200 back into New Jersey’s economy. We are proud to report that on our 10th anniversary, we have assisted a total of 303 companies resulting in 19,340 new and retained jobs and generating $6.2 billion in capital investment.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

0
Jobs Lost

▼Decrease .16% from November to December

0 %
Unemployment Rate

▲Increase 3.9% YoY | U.S. 6.7%

0 %
U.S GDP

  Q4 2020 | 33.20% Q3 2020

0 %
U.S. Consumer Price Index

▲Increase 1.4% 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

NJ Delivers

New Jersey is one of the fastest growing logistics and distribution hubs in the U.S. UPS continues to expand in NJ with plans to hire 1,000 employees at its new Bayonne facility.

Read More

testube icon

Global Health Leader

Headquartered in New Brunswick, Johnson & Johnson is on its way to earning FDA approval for its single-shot dose of the COVID-19 vaccine. 

Read More

handshake icon

Perfect Partnership

Tnuva – a leading Israeli kosher dairy manufacturer – enters into a collaboration with Rutgers Food Innovation Center to continue to grow in NJ and expand R&D capabilities.

Read More

Board Spotlight

Prudential tower in Newark, NJ

Prudential Financial

Congratulations to Prudential Financial for being name among Fortune‘s World’s Most Admired Companies list alongside other New Jersey leaders J&J, Merck, ADP and Quest Diagnostics! 

Read more 

Offshore windmills

IBEW 825 & LiUNA

IBEW 825 and LiUNA were among the six labor unions that signed an MOU with Atlantic Shores Offshore Wind — the joint venture between EDF Renewables NA and Shell New Energies US —as part of its bid submission.

Read more

CEO Corner - Jose Lozano

Choose New Jersey has joined a regional bid for the FIFA host city selection process to pitch MetLife Stadium for the World Cup 2026 tournament. The 2026 World Cup has already been awarded to the U.S. (along with Mexico and Canada) and the final will be played in the U.S. – its just a matter of where. As the most-watched sporting event in the world, if selected, it would be a major economic boost for the region and raise our State’s global profile. Learn more about our effort to market New Jersey as a major event destination ⚽🏆 

Point of Pride

Bolivian dancer in Jersey City, New Jersey

We’re proud of our diversity in New Jersey and believe it’s our greatest strength. That’s why we’re thrilled that Jersey City has been ranked the most ethnically diverse city in the U.S. once again by WalletHub!

Notable & Quotable

“[Our New Jersey] facilities are in close proximity to all major east coast ports and highways allowing us to serve international clients in a cost effective manner, and achieve faster transit times throughout the Northeast.”

-Ken Johnson, Chief Operating Officer, RLS Logistics

Ken Johnson, Chief Operating Officer, RLS Logistics

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
Editorial Content Manager