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October 2022 – State of Innovation Newsletter

The manufacturing industry, a historically significant contributor to New Jersey’s economy, is getting a boost of additional support from the State. Governor Murphy announced the creation of a grant program that will enable purchases of equipment to improve productivity and efficiency and keep New Jersey competitive in the ever-growing manufacturing industry.

The Choose New Jersey staff promotes our State and services all over the world. This month, Choose New Jersey attended the Propelify Innovation Festival in Hoboken, MIPCOM, the International Co-Production and Entertainment Content Market Conference in Cannes, and Newark Regional Business Partnership’s virtual Economic Outlook conference. Contact us if you are interested in locating or growing your business in New Jersey!

New Jersey Economic Trends

0
Jobs created

Decrease -0.03% from August to September

0 %
Unemployment Rate

Decrease -2.5% YoY | U.S. 3.50%

0 %
U.S GDP

  Q2 2022 | 1.60% Q1 2022

0 %
U.S. Consumer Price Index

▲ Increase 8.2% YoY

Bond Rating

Moody: A2

Outlook change from 2022, stable

S&P: A-

Outlook change from 2021, stable

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

Big Moves

Ørsted opens its digital operations headquarters in Newark and aims to create STEM career paths for residents.

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Netflix wins the bid for the 293-acre mega-parcel to build a movie studio at Fort Monmouth.

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Stevens was awarded the LEED Gold certification for the sustainable design and construction of its University Center Complex.

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NJEDA approves $10 million in grant funding to reactivate and revitalize Atlantic City and Newark’s commercial corridors.

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Board Spotlight

tinypng wind-turbines

Jersey Central Power & Light

A proposal jointly submitted by Mid-Atlantic Offshore Development and Jersey Central Power & Light was selected as the offshore wind transmission solution for the State.

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Mark Melhorn, Stockton University: The ribbon cutting for the new Esports Innovation Center at Stockton, located on the Boardwalk as part of the university’s Residential Complex, takes place on Tuesday, Oct. 18. From left, Bill Penders, managing director of Strategic Sector Development at the NJEDA; Scott Huston, Stockton University's chief information officer; Tim Sullivan, CEO of the NJEDA; Ari Fox, producer of the Casino Esports Conference; Andrew Weilgus, executive director of the Esports Innovation Center at Stockton; and Ben Fox, producer of the Casino Esports Conference.

Stockton University

Stockton’s Esports Innovation Center puts New Jersey on the map as an industry leader.

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Notable & Quotable

“Sampled’s vision is to make it faster and easier for health innovators to improve human health, and this laboratory expansion will enable us to provide even more support for our customers, with added flexibility of scale, service and cost. We’re proud to be headquartered in New Jersey’s life science innovation corridor, and look forward to continuing to grow in such a supportive and talent-rich environment.”

Robin Grimwood, Co-founder and CEO, Sampled

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.

Ingrid Austin
PR & Communications Manager
Rebecca King
Editorial Content Specialist