July 2021 – State of Innovation Newsletter

Welcome to New Jersey:
NeenOpal Expands to Newark

Choose New Jersey is pleased to welcome NeenOpal to New Jersey. The global management consulting firm recently announced its expansion to Newark. NeenOpal is based out of Bengaluru, India and currently has U.S. operations in New York and Atlanta. It cited New Jersey’s strategic location, highly educated workforce, and reputation as a life sciences and data analytics hub as reasons for choosing Newark. 

The Memorandum of Understanding between NASSCOM, VentureLink@NJIT, and Choose New Jersey signed during Governor Murphy’s economic mission trip to India in 2019 has shown significant signs of strengthening the state’s technology industry. This news is proof that Choose New Jersey’s work with NASSCOM and VentureLink@NJIT is helping to attract new companies to New Jersey, and we are excited about our ongoing efforts to bring more Indian companies like NeenOpal to our state.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

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Jobs created

▲ Increase .51% from May to June

0 %
Unemployment Rate

Decrease 9.0% YoY | U.S. 5.9%

0 %
U.S GDP

  Q1 2021 | 4.30% Q4 2020

0 %
U.S. Consumer Price Index

▲ Increase 5.4% YoY

Bond Rating

Moody: A3

Outlook change from 2020, stable

S&P: BBB+

Outlook change from 2020, stable

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

Big Moves

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Clean and Green

100% clean energy by 2050 is in motion in New Jersey. In an exciting major step this month, the New Jersey Board of Public Utilities recently approved the nation’s largest combined offshore wind award. This project will create approximately 7,000 jobs.

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Artistic Endeavors

The New Jersey Performing Arts Center (NJPAC) announced plans to create a vibrant new neighborhood on its Newark campus. This project will open up nearly 350 units of housing, as well as retail establishments and cultural spaces.

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Movie Magic

New Jersey’s film and television industry is back on the rise following the COVID-19 pandemic. 2021 is projected to generate $500M and bring in hundreds of movie & television productions to our State.

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Board Spotlight

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United Airlines  

United Airlines unveiled its “United Next” plan this month in Newark. This is an initiative that is expected to transform the passenger experience while significantly lowering carbon emissions. The program is expected to bring up to 5,000 union jobs to New Jersey by 2026. 

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Princeton, Rutgers, & Rowan Universities

New Jersey’s college towns are hotbeds for innovation and for top talent, and major companies cluster around these towns to get in on the action. They are also great places to live, work, and play offering endless amenities.

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CEO Corner - Jose Lozano

We are proud to report that in Business Facilities’ Annual State Rankings report released this month, the State of New Jersey ended up capturing seven Top 10 rankings, including #2 in biotech, as well as:

  • Percentage of Total Electricity from Solar
  • Food Processing Leaders
  • Installed Solar Power Capacity (MW)
  • Healthcare Jobs
  • Most Educated
  • Highest Average Income

The New Jersey metros that captured Top 10 rankings include Trenton and Gloucester County. Trenton is ranked as a top healthcare hub and Gloucester County is a national food processing leader. Choose New Jersey supported Freshly’s expansion to Gloucester County this year, further demonstrating how it’s an attractive region for the food processing industry.

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Point of Pride

New Jersey is the #2 state in the U.S. for most land dedicated to parks. Our state has dedicated approximately 945,000 of its 4.7 million acres to parks, which is crucial for wildlife and farmland preservation. From dense pineland forests and expansive wetlands to rugged mountains and quaint farmland, New Jersey truly is the Garden State. 

Notable & Quotable

“The decision to expand in New Jersey was an easy one, considering all the state has to offer for online gaming and sports wagering companies, including proximity to New York and Philadelphia, and a tech-savvy, highly-educated talent pool.”

-Amy Howe, President, FanDuel Group regarding the company’s announcement to add 100+ jobs in New Jersey by the end of 2021

JEN LENHARDT Chief Administrative Officer at Choose New Jersey

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