March 2020 – State of Innovation Newsletter

New Jersey Coronavirus Response

As we all know, these last few weeks have been an extremely difficult time in the midst of a global health and economic crisis. Choose New Jersey stands ready to assist companies and organizations that are struggling at this time. We are working together with the State of New Jersey and our partners at New Jersey Economic Development Authority (NJEDA) and the Business Action Center (BAC) to address some of the challenges posed by this pandemic. NJEDA just introduced a suite of small business assistance programs available to those in need of financial relief.

Choose New Jersey has created a web page with information on resources and statewide efforts including support offered by the private sector. We encourage you to visit and bookmark this page to keep up to date on New Jersey business news and economic forecast in the weeks ahead. 

Please note that this data is reported from February and precedes COVID-19. 

New Jersey Economic Trends

0
Jobs Created

1.4% YoY

0 %
Unemployment Rate

▲Increase .2% YoY | U.S. 3.5%

0
U.S. Consumer Price Index

2.5% 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

Making a Point

Developer Hugo Neu Group secures $14.5M in financing to expand The Annex at Kearny Point to attract more entrepreneurs and innovators to the sustainable flex office space.

Read More

Be More in NJ

New Jersey Presidents’ Council (NJPC) launched a higher education “Be More in NJ” public affairs campaign to showcase the quality of our State’s colleges and universities.

Choose NJ is supporting the NJPC initiative by hosting BeMoreinNJ.org on our site.  

Read more

Winning in Warren

Control Point Associates, a land surveying, geospatial, and consulting firm, is relocating its corporate headquarters to a new, larger office in Warren to accommodate rapid growth.

Read More

Board Spotlight

Newark Legal Center Building in Newark

Sills Cummis & Gross

Congratulations to Sills Cummis & Gross for being named “New Jersey Firm of the Year” 2020 at the Benchmark Litigation awards for the fourth consecutive year.

Read More

Group of employees working over a laptop

Konica Minolta

Ramsey-based Konica Minolta announces partnership with Google Cloud to develop productivity tools for businesses. Konica is setting out to create the “Workplace of the Future” with AI, blockchain, and facial recognition services. 

Read more

CEO Corner - Jose Lozano

In the wake of the coronavirus outbreak, we have seen extraordinary philanthropic efforts from New Jersey’s corporate community. PSEG donated 50,000 N95 masks. Prudential Financial has also donated PPE equipment. New Jersey American Water is giving to local food banks. Audible is offering free unlimited streaming for kids quarantined at home. Wakefern and Shoprite stores are donating trailers to transport field hospital equipment. L’Oréal is converting its New Jersey manufacturing facility to produce hand sanitizer. New Jersey’s pharmaceutical companies are leading the fight to increase test kits and help find a cure. Our healthcare providers like Hackensack Meridian Health, RWJBarnabas Health and Morristown Medical Center are working hard to treat patients and mitigate this crisis. And of course, all of our essential businesses and employees that are on the front lines of this pandemic – we salute you. There’s a lot of uncertainty right now, but we know that New Jersey will get through this together.

Point of Pride

First Lady Tammy Murphy, along with Bon Jovi, Bruce Springsteen, Danny DeVito, Jon Stewart and other New Jersey celebrities, launch the New Jersey Pandemic Relief Fund over video chat to provide financial assistance and resources to combat coronavirus.

Notable & Quotable

“Your job is to go support the local economy.”

– Don Katz, Founder & Executive Chairman of Audible, regarding Audible’s Lunch Out Wednesdays initiative and corporate social responsibility.

The audiobook giant gives employees a lunch stipend every week to spend at Newark restaurants in an effort to boost the local economy. Audible employees have eaten 30,000 lunches in Newark since 2017.

Have a story to share?

Submit this form for the opportunity for your organization to be featured in our next newsletter or on the News section of our website.

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