Choose New Jersey Announces Tim Crouch as Organization's Chief Strategy Officer

July 2023 Recap: Choose New Jersey Newsletter

We’re incredibly proud to announce CNBC named New Jersey the most improved state for business in its Top States for Business ranking. The recent ranking demonstrates policymaking to promote business growth works! New Jersey was also named the third best state in which to live and work by CNBC.

We recently announced our nine-day, multi-country economic mission to East Asia that will include Japan and South Korea in October, led by Governor Phil Murphy. We look forward to deepening New Jersey’s relationship with such vital economic partners with Gov. Murphy and a robust delegation.

New Jersey Economic Trends

New Jersey Jobs Added

Increase 0.06% from May to June

0 %
New Jersey Unemployment Rate

▼ Decrease 0.3% YoY | U.S. 3.6%

0 %

 Annualized Q2 2023 | ▲ Increase  from 2.0% Q1 2023

0 %
U.S. Consumer Price Index (June 2022 - June 2023)

▼ Decrease from 4.9% May 22 – May 23

Bond Rating

Moody: A1

Outlook change from 2022, stable

S&P: A

Outlook change from 2022, stable

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

Big Moves

The New Jersey Economic Development Authority has approved agreements with Ørsted for the development and sublease of up to 34 acres at the New Jersey Wind Port.

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Kyowa Kirin, Inc., a global specialty pharmaceutical company based in Japan, completed its new North American headquarters at Carnegie Center in Princeton.

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CJ Logistics, a supply chain and technology company based in South Korea, announced a partnership with Korea Ocean Business Corp. to build large-scale logistics centers in Secaucus.

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Enzene Biosciences, Lincoln Equities Group, and H.I.G. Realty plan to build specialty manufacturing buildings at the Princeton West Innovation Campus in Hopewell.

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Board Spotlight

Stevens University Center Complex

Stevens Institute of Technology

Stevens Institute of Technology was awarded 4.5 out of 5 stars and was named one of the U.S.’s best colleges by Money Magazine’s new college ranking system. Stevens, which specializes in interdisciplinary study, is one of New Jersey’s top research universities offering programs in finance, data science, energy and environment, and resiliency and sustainability.

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Rowan University

Rowan University, Coriell Institute, and Cooper University Medical School launched the Camden Cancer Research Center this month, further establishing New Jersey as a leader in life science research. The center aims to investigate cancer and translate basic cancer science into new treatments.

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Notable & Quotable

“We want to underscore the importance of New Jersey as the hub for pharmaceutical discovery and innovation. What we think about at Merck, and this site in particular, is we have over a century of experiments, research that has come through this pipeline.”

Paula Alston
VP of Engineering & Operations at Merck


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.

Ingrid Austin
PR & Communications Manager