September 2020 – State of Innovation Newsletter

New Jersey Dominates National Rankings

New Jersey is one of the best places in America to live, work, play and raise a family. We invest in our students to build our future workforce. We believe in creating safe communities with quality healthcare, schools and recreation. Here are just a handful of accolades our State received this month:

Current economic hardships reflect the global COVID-19 pandemic.

New Jersey Economic Trends

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Jobs Created

▲Increase 1.82% from July to August

0 %
Unemployment Rate

▲ Increase 7.4% YoY | U.S. 8.4%

0 %
U.S GDP

Q2 2020 | Decrease 4.8% Q1 2020

0 %
U.S. Consumer Price Index

▲ Increase 1.3% YoY

Bond Rating

Moody: A3

Outlook change from 2019, negative

S&P: A-

Outlook change from 2019, negative

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

Big Moves

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Making Waves

The Port of NY/NJ welcomed the CMA CGM Brazil, a new ultra-large container vessel – the largest container ship ever to call at any East Coast port. The Port recently surpassed California as the 2nd busiest in the U.S.

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Place Your Bets

 With increased mobile betting due to COVID-19, New Jersey is on track to surpass Nevada as the nation’s gambling capital. New Jersey has handled over $7.6 billion in sports gambling and has seen nearly $532 million in overall revenue.

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NJ is Evergreen

Evergreen Theragnostics, a radiopharmaceutical Contract Development & Manufacturing Organization (CDMO) based in Jersey City, broke ground for its new manufacturing plant in Springfield.

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Board Spotlight

Photo of the Chiesa Shahinian & Giantomasi PC team

Chiesa Shahinian & Giantomasi PC

Congrats to Chiesa Shahinian & Giantomasi PC for being recognized as NJBIZ’s 2020 Best Places to Work! 

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Photo of Nassau Hall in Princeton University

Princeton University

Princeton University was once again named the #1 university in the nation by U.S. News & World Report’s 2021 Best Colleges rankings.

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CEO Corner - Jose Lozano

Choose New Jersey CEO Jose Lozana talks about the global interest increase in New Jersey due to the COVID-19 pandemic.

Looking back on the 1 year anniversary of our Governor-led business attraction mission to India, we’ve continued to see our efforts pay off with 4 more Indian firms committing to our State. We’ve also forged stronger higher education partnerships, including the NASSCOM Launchpad at [email protected] The New Jersey India Center (NJIC), established during our trip, is currently working with 61 Indian companies interested in a New Jersey location. Many will find a second home here among our thriving Indian communities, especially considering New Jersey was just recognized by CNN as “The Best Place for Indian Food in the U.S.”

Point of Pride

Woman making bagels

It’s no secret that New Jersey has the best bagels. New York Times dubbed our State “The Cradle of Global Bagel Baking” and profiled Beth George, a self-taught New Jersey baker helping entrepreneurs all over the world open their own bagel shops.

Notable & Quotable

“Fight for the things that you care about. But do it in a way that will lead others to join you.”

– U.S. Supreme Court Justice Ruth Bader Ginsburg. Justice Ginsburg was a Rutgers Law School professor in Newark from 1963 to 1972. Her Rutgers students sparked her interest in gender discrimination and the law.

Ruth Bader Ginsburg, Former Associate Justice of the Supreme Court of the United States

In Memoriam

1933-2020

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
Creative Content Specialist