#47 New Jersey
1.91 out of 10 in Taxation and Regulation
5.59 out of 10 in Workforce Quality
4.31 out of 10 in Living Environment
A Boost From Bioscience
While New Jersey’s thriving pharmaceutical industry took a hit in recent years due to consolidation, the biosciences industry has more than taken up the slack. The sector has grown to 400 companies that have had a $36 billion impact since 2012. Irish specialty pharmaceutical organization Mallinckrodt recently announced an $80 million investment to consolidate operations in Bedminster, and Allergen also turned down a relocation to Landsdale, Pennsylvania, and recommitted to the state for its talent pool and $58 million in incentives.
From the Governor
“It’s time for New Jersey to get back to leading by doing. Turning New Jersey around must begin with fixing our economy, making us a place that creates jobs and new opportunities in innovation and infrastructure, that treats workers fairly and makes the strategic investments that underpin and foster long-term economic growth.” —Gov. Phil Murphy
Biotech, Clean Energy, Manufacturing
Chubb & Sons
Johnson & Johnson
Medco Health Solutions
Grow NJ: Offers tax credits of up to $5,000 per job per year, with bonus credits of up to $3,000 per job for businesses that are creating or retaining jobs in New Jersey.
Economic Redevelopment and Growth (ERG) Program: Incentive for developers and businesses to address revenue gaps in development projects.
Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit for the acquisition of manufacturing equipment and/or for an increase in employees due to that equipment investment.
NJ CoVest Fund: Offers capital to early-stage technology and life sciences companies where limited funds are currently available and a funding gap exists.
Technology Business Tax Certificate Transfer (NOL) Program: Allows NJ-based companies to sell their NJ net operating tax losses and R&D tax credits to unrelated profitable corporations.
New Jersey Economic Development Authority:njeda.com
Newark Community Economic Development Corp.: newarkcedc.org
Highlighted Program or Initiative
New Jersey Career Connections creates a partnership with the state’s 19 community colleges and aims to empower at least 65% of adults with college degrees or credentials by 2025.
- Nestlé Health Science announced in October 2015 a $60 million headquarters and R&D facility in Bridgewater.
- Newell Brands announced in May 2016 it would relocate its headquarters from Atlanta to Hoboken with a $11 million investment and 300 new jobs.
- Food and household products importer Y International opened its first U.S. warehouse and distribution center in Lyndhurst in November 2016.
- Amazon announced its plans in April 2017 to open three 900,000-square-foot fulfillment centers in the state and add more than 2,500 jobs.
- German drug company Evotec AG opened its U.S. headquarters and an expanded facility in Princeton in May 2017.
21 Fortune 500 companies headquartered in state, including:
Johnson & Johnson
Cognizant Technology Solutions
“New Jersey is a place with a very rich talent base; it’s a good place to live….But more importantly, it’s a place where you can support entrepreneurial activity, especially in the biopharma area.” —Jay Tischfield, CEO and Scientific Director, RUCDR Infinite Biologics
“I consider Audible’s move to Newark one of the best decisions we’ve made as a company. Newark’s transportation advantages, its convenience to New York City, its many cultural amenities and the presence of more than 40,000 college students should all accrue to the creation of a vibrant growth economy environment.” —Donald Katz, Founder and CEO, Audible
“There are many benefits of operating in New Jersey. We bring in paper from all over the world, so it’s important for us to be near the major ports. We also ship internationally, so we must be close to profit transportation. We’re located less than an hour from airports and New York City.”
—Lisa Hirsh, President and CEO, Accurate Box