November 2019 – State of Innovation Newsletter

Inroads in Italy + Sights on Silicon Valley

Cathy Scangarella, our Chief Strategy Officer, was in Italy earlier this month presenting to advanced manufacturing companies at Confindustria Vicenza’s “ObiettivoUSA” event held at CUOA Business School. Massimo Frasson of Brevetti-CEA Spa – an Italian company that designs and produces inspection machines for injectable pharma products – was also in attendance and spoke about the benefits of a New Jersey location for his business. While in the region, Cathy also had meetings with biotech and medtech companies in Milan and attended the Web Summit in Lisbon, Portugal.

Up next…we’re headed to California!  On December 2nd, Choose New Jersey and Silicon Valley Forum are hosting “The Silicon Valley – New Jersey Connection” – a morning networking event covering the latest in #NJInnovation. Governor Murphy will be delivering a keynote address with open discussion and Q&A to follow. The event will engage startups and shine light on New Jersey as a thriving and inclusive tech hub – and home to the best and brightest.

New Jersey Economic Trends

0
Jobs Created

 YoY +1.0%

0 %
Unemployment Rate

▼ Declined .7% YoY | US: 3.6%

0 %
U.S. Consumer Price Index

YoY

+ 0 %
US GPD (YoY)

NJ GDP: 1.5% Q2 YoY

Bond Rating

Moody: A3

XXX No change over 2018, stable

S&P: A-

XXX No change over 2018, stable

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

Big Moves

Inspiring Inventions

New Jersey companies are future-facing. TIME’s Best Inventions 2019 list includes AeroFarms patented indoor farming technology and TerraCycle’s reusable packaging service Loop. 

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Doubling Down

 Governor Murphy signs an executive order raising New Jersey’s goal from 3,500 megawatts of offshore wind energy by 2030 to 7,500 mw by 2035.

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21st Century Learning

We set the national standard for educating the next generation. New Jersey is home to 35 of the Top 500 STEM High Schools in the country.

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Board Spotlight

Boraie Development

Boraie Development cuts the ribbon at 50 Rector Park in Newark. The new residential project showcases the company’s visionary urban redevelopment portfolio. 

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Genova Burns

Genova Burns LLC launches a Fashion Law Group, aiming to take advantage of both its attorneys’ skills and the firm’s location in the New York metro region.

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CEO Corner - Jose Lozano

Choose New Jersey is very excited to receive a $3 million dollar grant from the State to develop a marketing campaign to showcase New Jersey as a hub for innovation. With a highly digital focus, we’ll be targeting decision-makers in life sciences, advanced manufacturing and technology among other industries. Our efforts will be in select competitive markets domestically and internationally. We plan to tout New Jersey’s talent, location and quality of life – including our official designation as THE smartest state in America! It’s been a long time coming for New Jersey to devote funding to a business attraction marketing campaign of this scale. We feel this will be a crucial opportunity to tell New Jersey’s story on a bigger stage with a louder microphone. We look forward to the campaign in full swing come 2020! 

Point of Pride

As we prepare for the Thanksgiving holiday filled with food, family and football, we celebrate the 150th anniversary of the first college football game played between Rutgers and Princeton on November 6, 1869.

New Brunswick DEVCO recently commissioned a sign on the Rutgers – New Brunswick College Avenue campus to commemorate The Birthplace of College Football 🏈

Notable & Quotable

“[This] award is a tribute to the significant pioneering progress made by Amarin’s dedicated employees in advancing cost-effective preventative care solutions for reducing the risk of cardiovascular disease.”

– John Thero, President & CEO of Amarin, on winning EY Entrepreneur of The Year® 2019 Life Sciences National Award. Amarin is a clinical-stage biopharma company based in Bridgewater, NJ!

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