March 2023 Recap: State of Innovation Newsletter

Last month, Choose New Jersey embarked on its fifth mission to “The Startup Nation” since 2018 to celebrate the grand opening of the New Jersey Israel Center in Tel Aviv. The new office, opened in collaboration with the New Jersey-Israel Commission, will grow commercial, academic, and cultural partnerships with Israel and support Israeli businesses looking to expand to New Jersey. The center will be led by Peres & Associates Global Advisory, a leader in creating global connections to the Israeli innovation ecosystem. While the team was in Israel, Governor Murphy signed legislation to support New Jersey Small Businesses, reinforcing New Jersey’s attractiveness to startups and small businesses.

New Jersey Economic Trends

Jobs created

▼ Decrease 0.004% from January to February

0 %
Unemployment Rate

▼ Decrease 1.1% YoY | U.S. 3.6%

0 %

  Q4 2022 | 2.6% Q3 2022

-1 %
U.S. Consumer Price Index

▲ Increase 6.0% YoY

Bond Rating

Moody: A2

Outlook change from 2021, stable

S&P: A-

Outlook change from 2021, positive

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

Big Moves

Wipro, a global company delivering innovation-led strategy, technology, and business consulting services, found a home in East Brunswick.

Read More

Sanofi, a Paris-based pharmaceutical and healthcare company, is relocating its flagship location from Bridgewater to Morristown.

Read More

The biotech company EpiBone is relocating to Jersey City after benefitting from the state’s Emerge Program.

Read More

Alleva Dairy, Little Italy in NYC’s oldest cheese shop, has found a new home in Lyndhurst.

Read More

Board Spotlight

Prudential tower in Newark, NJ

Prudential Financial

Prudential Financial recently announced the launch of the Prudential Community Grants Program. This program is a $500,000 initiative that will support local, community-based projects promoting growth in Newark.

Read More

Stock photo of two transmission towers


PSE&G recently filed for a three-year, $2.54 billion extension of its Gas System Modernization Program with the New Jersey Board of Public Utilities. The proposal aims to update PSE&G’s existing infrastructure, which will reduce greenhouse gas emissions and promote job creation in the state.

Read More

Notable & Quotable

“New Jersey’s educated and diverse talent pool, accessible location, and network of high-profile research universities make it an ideal spot for a dynamic, rapidly growing business to reach its potential. New Jersey also offers a robust range of programs to support companies through all stages of growth. Jersey City, in particular, is a model of diversity, has a thriving innovation community, and is accessible via mass transit – all just a short drive from lower Manhattan and major international airports.”

Dr. Nina Marie Tandon
Co-founder and CEO, EpiBone


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.

Rebecca King
Editorial Content Specialist
Bill Noonan
Chief Business Development Officer