#47 New Jersey
From the Governor
“I am an optimist. I believe New Jersey’s best days are before us and that our future is unlimited.” —Gov. Phil Murphy
Leading in Life Sciences
New Jersey remains a leader in life sciences, with more than 3,000 facilities operating across the state and over 117,000 people employed in the sector. The state is home to headquarters or major facilities of 12 of the top 20 biopharmaceutical companies in the world. In 2018, Teva Pharmaceuticals announced it would locate its headquarters in Parsippany-Troy Hills and create 1,000 jobs.
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
Grow NJ: Offers state income tax credits of up to $5,000 per job annually, with bonus credits of up to $3,000 per job for businesses that create or retain jobs in the state.
Manufacturing Equipment and Employment Investment Tax Credit: Offers a tax credit for the acquisition of manufacturing equipment and/or for an increase in employees resulting from the acquisition of such equipment.
NJ CoVest Fund: Offers capital to early-stage technology and life sciences companies where a funding gap exists and limited funds are available.
Technology Business Tax Certificate Transfer Program (NOL): Enables New Jersey-based companies to sell their net operating tax losses and R&D credits to unrelated profitable corporations.
New Jersey Economic Development Authority: njeda.com
Choose New Jersey: choosenj.com
Newark Community Economic Development Corp.: newarkcedc.org
Greater Trenton: greatertrenton.org
Highlighted Program or Initiative
Research with NJ is a new portal that showcases the state’s experts in science, technology, engineering and mathematics. The database and collaborative effort offer access to New Jersey’s cutting-edge research assets with the goal of strengthening the ties between industry and academia.
- Celgene announced in February 2018 it will open a 135,000-square-foot CAR-T cell therapy facility at its Summit West Campus.
- Three companies headquartered in India—Trioktekh System, DRP Buildcon, and Sharp Engineering Exports—opened their first offices in New Jersey in June 2018.
- Teva Pharmaceuticals announced in July 2018 it would locate its headquarters in Parsippany-Troy Hills and support more than 1,000 high-wage jobs.
- RWJBarnabas announced in July 2018 it will invest $100 million immediately, and more than $1 billion over the next 20 years, in a public-private partnership with Rutgers University.
- Telligent opened a $60 million expansion of its operations in August 2018 in Buena Vista Township and will double its employment to 225 jobs.
22 Fortune 500 companies are headquartered in the state, including:
Johnson & Johnson
Merck & Co.
Cognizant Technology Solutions
Bed Bath and Beyond
“This is a transformational partnership for RWJBarnabas Health and Rutgers University, but, more importantly, for the people of New Jersey and beyond…. Together, we are poised to develop a widely renowned academic health system, driving medical innovations and clinical research to influence outcomes across the nation.” —Barry Ostrowsky, CEO, RWJBarnabas
“We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles.” —Brendan O’Grady, Executive Vice President and Head of North America Commercial, Teva Pharmaceuticals