June 2020 – State of Innovation Dashboard

New Jersey in the New Normal

The Choose New Jersey business development team has continued to see steady activity even during the global pandemic. This month we virtually attended BIO Digital, the world’s largest annual biotechnology conference. Of course, COVID-19 was at the top of the agenda as the life sciences world is fast-tracking R&D for therapeutics and treatment. We met with companies interested in a New Jersey location and touted our State as a biotech innovation hub. We have a compelling story to tell, as New Jersey companies are leading the way to finding a cure from J&J and Merck to Celularity and PTC Therapeutics. We also attended Collision Summit, North America’s fastest growing tech conference, from home. We were able to connect with prospective business and had the opportunity to hear from New Jersey innovators – like Nokia Bell Labs, Verizon and Tata Consulting – that were featured speakers.

Current economic hardships reflect the global COVID-19 pandemic. 

New Jersey Economic Trends

0
Jobs Created

▲Increase 2.5% from April to May

0 %
Unemployment Rate

▲Increase 11.9% YoY | U.S. 13.3%

0 %
Unemployment Rate

 Q1 2020

0 %
U.S. Consumer Price Index

▲Increase 0.1% YoY

Bond Rating

Moody: A3

XXX No change over 2019, stable

S&P: A-

XXX No change over 2019, stable

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

Big Moves

NJ is Tops

TopPop Packaging, a product development and contract manufacturing company, opened a new facility in Marlton. The company specializes in the production and packaging of a shelf-stable, ready-to-freeze alcohol-infused ice pops.

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Signing the Lease

WuXi Biologics, a China-based global company, selects Cranbury for its 3rd clinical manufacturing campus in the U.S., bringing up to 100 jobs to the region.

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Wind in our Sails

Governor Murphy announced plans to build the 1st port for assembling offshore wind turbines in the U.S. in Salem County. The project can create up to 1,500 manufacturing, assembly, and operations jobs, as well as hundreds of construction jobs.

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Board Spotlight

Center-for-Hackensack Meridian Health Discovery-and-Innovation

Hackensack Meridian Health

Shade, a healthtech startup working out of the Hackensack Meridian Health Center for Discovery & Innovation (CDI), has received a National Science Foundation Grant for its clinical-grade wearable UV sensor.

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NJII BioCentriq suites

NJII/NJIT

New Jersey Innovation Institute (NJII) introduces BioCentriq – the only industry-facing contract development and manufacturing organization (CDMO) for cell and gene therapies located on a university campus in the U.S. 

Read the Blog

CEO Corner - Jose Lozano

Choose New Jersey CEO Jose Lozana talks about the global interest increase in New Jersey due to the COVID-19 pandemic.

Choose New Jersey’s programming has gone virtual to address our State’s role in globally pressing topics. This month, we held a COVID-19 Innovations: New Jersey Meets Israel webinar in partnership with BioNJ, NJ-Israel Commission and BioJerusalem. The event showcased 6 cutting-edge New Jersey and Jerusalem companies working on critical COVID-19 biotech solutions. Soon we will be launching a thought leader web series in conversation with business leaders from around the State to discuss trends, opportunities and innovation in New Jersey. Topics include Real Estate: Suburban Office Parks, Supporting Black-Owned Businesses and How to Support Main Street in the New Normal. We hope you will join us for these informative and engaging discussions. Stay tuned for more information on how to register!

Point of Pride

Children on kayaks in Hunterdon County, New Jersey

Save the Children organization has once again named New Jersey the #1 state to raise children in a new 2020 report. For the first time, U.S. county outcomes were included in the rankings. Hunterdon County was recognized as the safest place in America for kids. 

Notable & Quotable

“If we invest in companies that are owned by people of color that have growth opportunity, that is another way of addressing all the systemic issues of racism […] It will strengthen communities of color, and will make our city and our state stronger. That’s what we’re asking people to believe.”

– Lyneir Richardson, Executive Director of the Center for Urban Entrepreneurship & Economic Development at Rutgers Business School in Newark, on the recent launch of the Black and Latino Angel Investment Fund of NJ

Lyneir Richardson, Executive Director of the Center for Urban Entrepreneurship & Economic Development at Rutgers Business School in Newark

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WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

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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.

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Tiffany Hess-Bennette
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