May 2021 – State of Innovation Newsletter

NBC's 1st Look:
Johnny Bananas Explores New Jersey

Choose New Jersey partnered with NBC for a special installment of 1st Look: a weekly travel and lifestyle program. The episode, titled “Destination: New Jersey,” is hosted by television personality Johnny Bananas. Here are some of the highlights from the episode:

🏢 Newark is an up-and-coming New Jersey city that serves as a hub for young professionals. The episode offers a firsthand look into #NJInnovation from Newark-based companies like Audible and AeroFarms.

☕ Red Bank is a coastal town with a thriving performing and visual arts scene. Johnny Bananas grabbed a cup of coffee from Rook—the beloved Monmouth County coffee company—with Governor Phil Murphy. Then, he stopped by the town’s notorious comic book store, Jay and Silent Bob’s Secret Stash, with Kevin Smith himself.

🎓 Princeton is home to thriving biopharma companies and is also a great place to raise a family. Along with the Princeton University, 1st Look visited the YingHua International School—a nonprofit school in the Greater Princeton area that offers a progressive model inquiry-based learning and dual language immersion program.

🏖️️ Cape May is home to the Congress Hall Hotel—America’s first seaside resort. While there, 1st look perused local businesses on historic Washington Street, the town’s main thoroughfare, including Whale’s Tale, Queen May, and Louisa’s Café.

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

0
Jobs created

▲ Increase .10% from March to April

0 %
Unemployment Rate

Decrease 3.9% YoY | U.S. 6.1%

0 %
U.S GDP

  Q1 2021 | 4.30% Q4 2020

0 %
U.S. Consumer Price Index

▲ Increase 4.9% 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

icon-airplane

Growing Here

 Lockheed Martin is growing in New Jersey and will be relocating its Vertical Launching Systems (VLS) production from Baltimore to Moorestown later this year. The expansion will result in a net gain of 400 jobs by 2023.

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Offshore Wind Icon

Clean Energy Innovators

Multinational wind power company Ørsted will locate their North American Digital Operations Headquarters in Newark. They chose Newark for its proximity to IT talent pools and its strategic location to existing Ørsted offices.

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A Thriving Fintech Hub

Top fintech company Cross River opened their new headquarters in Fort Lee and is committed to hiring 100 employees by years end. The company has rapidly grown to 500+ since its founding in 2008.

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Board Spotlight

NJCU

NJCU  

New Jersey City University signed an MOU with the New Jersey Economic Development Authority (NJEDA) that will help advance New Jersey’s leadership in the online wagering technology and fintech sectors.

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JCPL

JCP&L

JCP&L plays an integral role in creating reliable infrastructure to attract business to New Jersey and generate economic growth. FirstEnergy is involved in the redevelopment of Fort Monmouth to improve the site’s electrical grid.

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CEO Corner - Jose Lozano

This year marks the 10th anniversary of our organization’s founding, and Choose New Jersey is ramping up our efforts to tell the New Jersey story around the world. Today, 77% of our business development pipeline is international. Global companies are taking notice of New Jersey’s top talent and strategic East Coast location. This month, I spoke with New Jersey Business about our anniversary and contributions to the New Jersey economy. 

Point of Pride

smorgasburg jersey city

Smorgasburg, a popular outdoor food festival, opened in Jersey City on May 29th. This expansion marks the company’s first location outside of New York City and Los Angeles, and first time operating in-person since fall 2019.

Notable & Quotable

“Our expansion to this advanced facility demonstrates the rapid growth of NJ Bio in just over two years. This new location, well-equipped with the latest instruments, and staffed by exceptional scientists, will ensure that NJ Bio continues to remain an outstanding partner to our clients…”

-Nareshkumar Jain, President & CEO, NJ Bio on the company’s recent growth in New Jersey.

nareshkumar jain

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