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Regional Report: Growth in Biomedicine, Energy, and Food Processing Helping Mid-Atlantic Prosperity

Mark Crawford (Directory 2015)
In general, the Mid-Atlantic’s strongest sectors are financial and business services, healthcare, biomedicine, food processing, and energy. It’s been an uneven year for the Mid-Atlantic, but there are plenty of bright spots to light the way. More

Revolutionary Advances in Life Sciences amid Industry Disruption and Uncertainty

Mark Crawford (Q4 2014)
Major economic, social, and regulatory factors are having big impacts on the life sciences and medical device industries, representing an opportunity for innovative companies to become new leaders and gain market share. More

In Focus: New Development of Small Industrial Facilities Expected as Inventory Dwindles

James Martell, President, Ridge Development Company, LLC (Q3 2014)
Lack of inventory for smaller scale industrial facilities in certain markets has created more competition among tenants and is expected to prompt activity from regional and national industrial developers, bringing new, state-of-the-art buildings to market. More

Leading Locations for 2014: U.S. Metros Ranked for Economic and Job Growth

Dale D. Buss, Staff Editor,  (Q2 2014)
Area Development analyzes economic and workforce data for 379 MSAs, producing a snapshot of the cities across America that are poised to capitalize on the new potential for economic growth as the United States leaves the recession behind. A diversified economic base tops the most desirable traits. More

The Production and Corporate Headquarters Connection

John Minervini, Executive Director, Cushman & Wakefield of California, Inc. (Q2 2014)
In many key sectors, the initial alignment of corporate and production operations has shaped regions and influenced the industrial landscape in a very permanent way. More

New Jersey Direct Financial Incentives 2014

Area Development Online Research Desk (Q1 2014)
New Jersey's economic development, finance and tax organizations provide a range of incentive programs to initiate new business and commercial investment. More

Ports Jockey for Post-Panamax “Pole Position”

Tim Feemster, Managing Principal, Foremost Quality Logistics (Q1 2014)
East and Gulf Coast ports are gearing up to accommodate the supersized containerships that will be able to traverse the expanded Panama Canal — and the delayed expansion process has given them the advantage of time to get ready. More

Sustainability: The “Invisible Hand” Shapes Next-Generation Location Selection

Don Schjeldahl, Founder, Don Schjeldahl Group (Q1 2014)
Companies that view their location strategies through a “sustainability filter” are more likely to achieve competitive advantage and long-term stakeholder value. More

NEW JERSEY at a glance

POPULATION: 8,792,000 (2010 Census)

LABOR FORCE: 4,597,000

RIGHT TO WORK: No

TRADITIONAL INDUSTRIES: Agriculture, manufacturing, distribution, services, financial activities

EXPANDING INDUSTRIES: International trade, biotechnology, healthcare, research and development, business services, travel and tourism, food production

COLLEGE GRADUATES: (Age 25 and over) 34.6% (2010 Census)

BASIC BUSINESS TAXES:
Corporate Income Tax: 9 percent of net income with adjustments; 7.5 percent for small businesses (phasing in Single Sales Factor)

Sales and Use Tax: 7 percent of taxable sales and uses, rentals, occupancies, and admissions

Property Tax: Real property subject to taxation unless specifically exempt; taxes administered by local taxing districts; tax based on percentage of assessed value

FINANCING PROGRAMS/BUSINESS INCENTIVES:
Bond financing

Loans and loan guarantees

Small business programs:
• Main Street Business Assistance Program

• Small Business Fund

• New Jersey Business Growth Fund

• Statewide Loan Pool for Business Program

• Workforce training programs, grants

• Registered Apprenticeship Incentive Program

• New Jersey Manufacturing Extension Program

Business incentive programs:
• Business Employment Incentive Program (BEIP)

• Business Retention and Relocation Assistance Grant

(BRRAG) & Sales and Use Tax Exemption (STX)

Miscellaneous business initiatives:
• Portfields Initiative

• International trade assistance

• Site selection services

• Permitting assistance

Technology-specific programs:
• Edison Innovation Angel Growth Fund

• Edison Innovation VC Growth Fund

• Edison Innovation Growth Stars Fund

• Technology Business Tax

Certificate Transfer Program

• Edison Innovation Zones

• High-quality office and lab facilities

Clean energy programs:
• Edison Innovation Clean Energy Manufacturing Fund

• Direct Install

• Local Government Energy Audit

• New Jersey SmartStart Buildings® Program

• Pay for Performance

• Renewable Energy Incentive Program

• Renewable Energy Manufacturing Incentive

• Solar Renewable Energy Certificate Registration Program

• Edison Innovation Green Growth Fund

• Energy Efficiency Revolving Loan Fund

Urban/redevelopment/ environmental programs:
• Fund for Community Economic Development

• Local Development Financing Fund

• Hazardous Discharge Site Remediation Loan and Grant Program

• Brownfields and Contaminated Site Remediation Program

• Urban Transit Hub Tax Credit Program

• Economic Redevelopment and Growth Program

• Urban Enterprise Zone Program

Principal Manufacturing industries

  • Chemicals
    20.7%
  • Food
    12.3%
  • Computer & Electronic Products
    10.4%
  • Fabricated Metal Products
    8.9%
  • Printing & Related Support Activities
    6.6%
  • Machinery
    5.6%
  • Plastics & Rubber Products
    5.5%
  • Other Manufacturing Industries
    30.0%