June 2021 – State of Innovation Newsletter

New Jersey Ranked #1 State to Live in the U.S.

“The Shore. Bruce. Taylor ham, or pork roll as the case may be. What’s not to like?”

It’s official; New Jersey is the best state in the U.S. to live. According to Wallethub’s 2021 Best States to Live In, New Jersey was ranked #1, ahead of Massachusetts and New York. The State ranked top 10 for safety, quality of life, education, and health. This adds to New Jersey’s other #1 standings including best state to raise a family and top public school system in the U.S., proving that New Jersey is the best place to live, work and play.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

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Jobs created

▲ Increase .37% from April to May

0 %
Unemployment Rate

Decrease 9.3% YoY | U.S. 5.8%

0 %
U.S GDP

  Q1 2021 | 4.30% Q4 2020

0 %
U.S. Consumer Price Index

▲ Increase 5.0% 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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Artistic Endeavors

Pompidou Center, a multipurpose art superstructure based in France, is coming to Jersey City. This addition will aid in Jersey City’s mission to establish itself as a haven for the arts. The expansion will be called Centre Pompidou x Jersey City and is set to open in 2024.

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Future in Food

A Food Specialization Center recently opened in Bridgeton, New Jersey. The Cumberland County Improvement Authority held a ribbon-cutting recently for the $9.2 million project. Chank’s Pizza Cones of Millville is the center’s first tenant.

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Esports Evolution

NJEDA is investing $200,000 in an Esports Innovation Center at Stockton University. This development will aid New Jersey in becoming a national hub for the competitive gaming industry. The center will be used to support research & development. 

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Board Spotlight

EY  

 EY announces New Jersey’s Entrepreneur of the Year finalists, including companies Lightbridge Academy and Partake Foods. Winners will be revealed August 4th.

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Prudential Center

PSEG & Prudential Financial

Fifteen companies headquartered in New Jersey made the latest Fortune 500 list, including Newark-based PSEG and Prudential Financial.

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CEO Corner - Jose Lozano

New Jersey has long been a leader in not only providing high quality healthcare, but pioneering medical discoveries. RWJBarnabas and the Rutgers Cancer Institute, in partnership with DEVCO, broke ground for the first free-standing cancer hospital in New Jersey this month. The Jack & Sheryl Morris Cancer Center is expected to be completed in 2024, providing world-class oncology treatment and conducting research to find a cure. The addition of this facility will aid in growing New Brunswick’s already thriving innovation ecosystem. 

Point of Pride

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New Jersey prides itself on being one of the leading LGBTQ-friendly states in the U.S. Last year, New Jersey’s own Asbury Park was named one of the most LGBTQ-friendly cities in the U.S. by Realtor.com. New Jersey is also among the first states to implement LGBTQ+ education in its public school curriculum.

Notable & Quotable

“What’s nice about New Jersey is that it has access to the tri-state area, one of the best educational systems in the U.S. and in the world and access to one of the best talent pools in the world.”

-Phil Chibe, President & CEO, Ferrero North America

Phil Chibe

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