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February 2022 – State of Innovation Newsletter

Choose New Jersey released our 2021 Annual Report highlighting record job growth and our efforts behind major attraction projects like early stage investor and seed accelerator HAX and global fintech company Fiserv. This year, we assisted 32 companies in relocating or expanding to New Jersey, resulting in 7,629 new and retained jobs and generating $1.6B in capital investment. Approaching the 11th year of the organization’s founding, we have assisted a total of 335 companies resulting in 38,997 new and retained jobs and generating $7.7B in capital investment. 

New Jersey Economic Trends

*Labor and unemployment data not yet released for February

0
Jobs created

▲ Increase 0.31% from December to January

0 %
Unemployment Rate

Decrease 1.4% YoY | U.S. 3.9%

0 %
U.S GDP

  Q3 2021 | 6.70% Q2 2021

0 %
U.S. Consumer Price Index

▲ Increase 7.5% 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

Indian IT services company Tata Consultancy Services (TCS) plans to expand STEM programs, add 1,000 employees by 2023

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German multinational skincare manufacturer Beiersdorf opens new Innovation Center in Florham Park to expand global R&D

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Biopharma leader Intercept Pharmaceuticals will relocate global HQ from New York City to Crum & Forester building in Morristown

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Clinical stage biotech company Tevogen Bio is growing in New Jersey with a new corporate hub in Warren to develop cell and gene therapies

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Board Spotlight

The Cove

BioNJ

Debbie Hart, President & CEO of BioNJ, describes The Cove in Jersey City’s future impact on New Jersey’s life sciences ecosystem. 

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Offshore windmills

Orsted

Orsted’s Ocean Wind project, supported by PSEG, is accelerating South Jersey’s economic growth along with the New Jersey Wind Port.

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Notable & Quotable

“The Beretta family is in love with New Jersey. It is our point of entry, our starting point here in America.”

Simone Bocchini, President & CEO, Fratelli Beretta

2022 BIO International Convention

Choose New Jersey, BioNJ and NJEDA are excited to be leading the New Jersey presence at the 2022 BIO International Convention from June 13-16 at the San Diego Convention Center! This annual event attracts 15,000+ biotech and pharma leaders from around the world and is a great opportunity to showcase your brand for thousands of eyes to see. Learn more about New Jersey Pavilion sponsorship opportunities.

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