New Jersey is committed to helping businesses prosper and grow. As part of that commitment, Gov. Chris Christie and Lt. Gov. Kim Guadagno created the Partnership for Action in 2010 to consolidate the state’s economic development efforts into a single body. The New Jersey Partnership for Action supports the vital role business plays in advancing the state’s economy and creating jobs. Led by Lt. Gov. Guadagno, the PFA is a public-private approach to economic development and the starting point for all initiatives, policies and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities.

The four elements of the PFA include Choose New Jersey, a privately funded non-profit organisation that markets the state as an ideal location for business investment; the New Jersey Business Action Center (BAC), which applies a proactive, customer-oriented approach to businesses’ interactions with State government and offers an array of international trade resources to encourage foreign investment. This includes a one-stop assistance programme for New Jersey companies interested in expanding their business to international markets; the New Jersey Economic Development Authority (EDA), serving as the state’s financing arm; and the Office of the Secretary of Higher Education, which coordinates, plans and develops policies, and advocates for the state’s higher education system.

FINANCING & INCENTIVES

The New Jersey Economic Opportunity Act of 2013 was signed into law on 18th September 2013 establishing New Jersey’s two primary incentive programs for businesses. The Grow New Jersey Assistance (Grow NJ) Program (www.njeda.com/GrowNJ) is the state’s main job creation and retention incentive programme which provides grants of corporate business tax credits to business creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility. Base tax credits under the new Grow NJ Program range from $500 to $5,000 per job, per year with bonus credits ranging from $250 to $3,000 per job, per year, based on applicable criteria. The Economic Redevelopment and Growth (ERG) Program (www.njeda.com/ERG) is New Jersey’s key developer incentive programme which assists developers and businesses with addressing revenue gaps in development projects. ERG reimburses up to 75% of the incremental revenues attributed to the project to provide funding of up to 20% of the total project cost, with bonuses of up to 20% available to encourage targeted development goals.

STRATEGIC ADVANTAGES

New Jersey adjoins New York City and Philadelphia, and is halfway between Boston and Washington, DC. Over 100 million consumers with a collective purchasing power of $2 trillion are within a 24-hour drive of the state. With the Port of New York and New Jersey as the largest facility of its kind on the eastern seaboard, and the South Jersey Port on the Delaware River, the state serves as a gateway for international trade.

To reach markets everywhere quickly and efficiently, New Jersey businesses take advantage of one of the best transportation, warehousing and highway connectivity networks in the United States. Within the state, New Jersey has a workforce that is one of the most well-educated and diverse in the nation. More than 1.7 million residents hold college degrees in a state of 63 colleges, universities and technology schools. New Jersey is committed to continually strengthening this workforce, evidenced by over $225 million awarded to state businesses to train their workers between 2003 and 2010. New Jersey is also home to Princeton University, which ranks No.1 nationally, according to US News & World Report’s 2016 annual Best Colleges rankings.

New Jersey is home to headquarters or operations of 14 of the 20 largest biopharmaceutical companies, including Johnson & Johnson, Bristol-Myers Squibb, Merck & Co, Novartis, Novo Nordisk and Bayer; more than 3,100 life science and biopharmaceutical establishments, including companies such as Celgene Corporation and Amicus Therapeutics; and a robust medical technology industry, including BD and Stryker. In Summer 2015, an agreement was signed between BioNJ, on behalf of New Jersey, and One Nucleus, on behalf of the UK, to strengthen our relationship within the biotechnology business community. The agreement was signed to create a framework by which both sets of member organisations will be kept aware of developments, opportunities and sector insights from both regions.

In addition to New Jersey’s strategic location and talented workforce, the state offers exceptional variety for all who live and work here. New Jersey is not only one of the top-ranked states on a number of educational measures, but is also home to a world-class healthcare system. In addition, the state is proud of an extraordinary range of cultural institutions, 130 miles of beach, Atlantic City’s casinos, great shopping and an extraordinary park and forest system also help consistently push New Jersey to the top of quality of life rankings.