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September 2022 – State of Innovation Newsletter

New Jersey continues to be an attractive destination for domestic and international businesses as evidenced by Fitch Ratings’ recent upgrade of New Jersey’s credit rating, joining Moody’s and S&P to provide triple confirmation of New Jersey’s “positive” rating outlook. The credit upgrades improve New Jersey’s near-term resilience, yield further gains for businesses and individuals going forward, and affirm New Jersey’s economic ascendancy.

Choose New Jersey recently opened the New Jersey Ireland Center in Cork, Ireland, making New Jersey the first state in the U.S. with an economic development office in Ireland. With a full-time presence in Ireland, the Choose New Jersey Ireland Center – which represents all of Ireland including Northern Ireland – will help to grow the already large presence of Irish businesses in New Jersey. Governor Murphy’s economic mission trip to Ireland in April led to the opening of the Ireland office as well as the signing of several Memoranda of Understanding, including the Student Exchange Agreement between Ireland’s South East Technical University (SETU) and Rowan University.

President and CEO Wesley Mathews, joined by State of Secretary Tahesha Way and other state leaders, welcomed a group of Latin American Consuls General and industry representatives to our Newark office on September 1. The meeting strengthened New Jersey’s cultural, economic, and diplomatic ties to Latin America.

New Jersey Economic Trends

0
Jobs created

▲ Increase 0.54% from July to August

0 %
Unemployment Rate

Decrease 2.7% YoY | U.S. 3.6%

-1 %
U.S GDP

  Q2 2022 | -1.60% Q1 2022

0 %
U.S. Consumer Price Index

▲ Increase 8.3% YoY

Bond Rating

Moody: A2

Outlook change from 2021, 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

Healthcare company Eisai is opening a new facility in Nutley that will bring 800+ jobs to the area.

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Princeton was once again named the #1 university in the nation by U.S. News & World Report.

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NJIT and Ben-Gurion University in Israel collaborate to create the Institute for Future Technology.

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L’Oréal will build a Research & Innovation Center in Clark that will bring together more than 550 employees, with plans to replace the existing facilities that it has occupied for the past 60 years.

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Board Spotlight

Ralph-Larossa

PSEG

Ralph LaRossa, the Chairman of Choose New Jersey, has been named President and Chief Executive Officer of PSEG.

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united-amirates

United

United and Emirates formed a historic agreement that will expand flights from Newark, including nonstop flights between Newark and Dubai. 

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Notable & Quotable

“We’re creating an unprecedented partnership right here in Newark. Its nerve center will be a collaboration innovation lab right where we can set new standards for the fintech industry, where experienced professionals work side by side with university researchers and professionals of tomorrow from Newark, Greater Newark, and beyond, leveraging diversity, creating better, smarter solutions by bringing people from many backgrounds together to tackle problems.”

Nancy Castor, Rutgers-Newark Chancellor

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
Ingrid Austin
PR & Communications Manager