CEO Guide to the States

#48

New Jersey

CEO Rank on Best & Worst States for Business

BETTING BIG IN THE GARDEN STATE

With a highly educated workforce, the Garden State has long been a leader in biosciences and tech. New Jersey is home to more than a dozen of the world’s largest medical technology and pharmaceutical companies, some of which have played a prominent role in addressing Covid-19. In addition to expanding jobs in manufacturing and fintech, the Garden State is also climbing the ranks in sports wagering. Since legalizing sports betting three years ago, New Jersey has become one of the largest markets in the industry, often surpassing Nevada in monthly handle with nearly $1 billion per month wagered in the end of 2020.

“A big piece of building a stronger and fairer New Jersey is fueling a strong 21st century economy that works for everyone.”
Phil Murphy
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Business Retention and Relocation Assistance Act: Offers a tax credit equal to $2,500 for each new full-time position at the business’s location in the first year and $1,250 for year two.

Grow New Jersey Assistance Tax Credit: Available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified busi- ness facility in a qualified incentive area.

Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit of 4% of the investment credit basis to a maximum of $1 million for taxpayers with 50 or fewer employees and a net income of less than $5 million.

Business Employment Incentive Grant: Offers grant funding for businesses that create at least 25 eligible positions in base years.

EDCs

New Jersey Economic Development Authority

njeda.com

Trenton Housing and Economic Development Department

trentonnj.org/204/Housing-Economic-Development

Greater Trenton

greatertrenton.org

Newark Alliance

newark-alliance.org/economy

HIGHLIGHTED PROGRAM OR INITIATIVE

In September 2021, the Commission on Science, Innovation and Technology announced that six startups had been approved, with more to come, to participate in its Clean Tech Research and Development (R&D) Voucher Program. The program, which accepts applications on a rolling basis, helps early-stage New Jersey clean technology companies more easily access resources, such as specialized equipment at one of the state’s many world-class universities or federal laboratory facilities.

BIG DEALS

  • Freshly announced in April 2021 it would locate its second assembly and distribution facility in the state and create 340 jobs.
  • Indian-based NeenOpal announced in July 2021 an expansion of its operations in New Jersey.
  • Fiserv announced in September 2021 adding 1,927 jobs at a $105 million expansion of its Berkeley Heights location.
  • Pharmaceutical giant Alembic Pharmaceuticals announced in October 2021 it would expand in Bedminster.

BIG COMPANIES

10 Fortune 500 companies are headquartered in the state: 

  • Johnson & Johnson
  • Prudential Financial 
  • Merck
  • Becton Dickinson
  • Cognizant Technology Solutions 
  • PBF Energy
  • Automatic Data Processing 
  • Bed Bath & Beyond
  • Public Service Enterprise Group 
  • Quest Diagnostics