New Jersey: Diverse Industries Welcomed As Recovery Progresses

Area Development Homepage >> State Resources >> New Jersey >>

Mali R. Schantz-Feld (Oct/Nov 09)

All industries are targeted industries in New Jersey’s economic plan. Jerold L. Zaro, chief of the Governor’s Office of Economic Growth, says the recent economic downturn “hit the financial sector hard, and since so many people who live in New Jersey depend on the financial service industry, of course we are anxious to see expansion in that area.” But he says the Garden State practices no isolation of various industries. “We welcome any and all, with no specific targets.”

Zaro says New Jersey is ahead of the national curve in emerging from the recession, largely because it was one of the first states to actively try to deal with it. In October 2008, Governor Jon Corzine enacted his Economic Assistance and Recovery Plan, centered on providing residents with food, home energy assistance and foreclosure programs. He then listened and reacted to the business community’s concerns. “We found that the corporate business tax structure had some anachronistic and sort of punitive types of taxes, and since then, we have taken steps to fix that,” says Zaro.

Enlarge This Image

Petra Solar's SunWave intelligent photovoltaic solar unit

Related Articles

To ease the difficult regulatory and permitting environment, in May 2009, the governor signed the Licensed Site Remediation Professional Act, which “allows us to use outside engineers and environmental consultants to approve plans for environmental cleanup,” says Zaro. This change has resulted in some sites getting cleaned and ready up to three years faster, facilitating quicker start times and hiring processes. The ability to hire outside sources also save money by reducing the amount of staff on the government payroll.

Other state programs include the Urban Transit Hub Tax Credit Program, which attracts capital investment to transit-oriented urban centers while promoting commuting alternatives to car travel, as well as expansion of Urban Enterprise Zones and the Economic Redevelopment and Growth Program, which provides incentive grants for developers’ financing gaps.

Established industries in the state continue to report expansion. According to the Healthcare Institute of New Jersey, 15 of the world’s top 25 pharmaceutical companies have either global or North American headquarters or significant operations in New Jersey. Bausch & Lomb is locating its 30,000-square-foot global pharmaceutical headquarters in Madison, generating 70 new full-time, high-wage jobs.

Alternative energy projects have also arrived in New Jersey. Petra Solar was awarded a contract by PSE&G that is expected to generate 100 new jobs at the firm over the coming year, part of a $200 million agreement with PSE&G to provide 200,000 SunWave intelligent photovoltaic solar units for installation on street light and utility poles. “The State of New Jersey’s commitment to help grow the renewable power business has been a key factor in our decision at Petra Solar to locate within the state in the first place and to expand here,” says Shihab Kuran, Ph.D., president and CEO of Petra Solar. “Recently we received the first grant under New Jersey’s Clean Energy Manufacturing Fund, an initiative funded by NJ Board of Public Utilities and administered through the NJEDA as a result of the governor’s vision. We plan to triple our work force over the next year to fulfill our contracts.”

Article Tools


Print	Email	RSS Feed	Bookmark

NEWS ITEMS

AROUND THE WEB

STUDIES/RESEARCH

NEWS ITEMS

AROUND THE WEB

STUDIES/RESEARCH

Mars Candy Factory in New Jersey Goes Green With Solar Array

Ward van den Berg, Senior Research Associate, Roland Berger Strategy Consultants

U.S. Outward FDI: Current Flows Lowered in Weakened Global Economy but Attraction of Emerging Markets Remains

Karl P. Sauvant, Vale Columbia Center on Sustainable International

Manufacturing Resurgence | A Must for U.S. Prosperity

Joel Popkin and Kathryn Kobe, National Association of Manufacturers and the NAM Council of Manufacturing Associations

Cleantech Revolution: Building Smart infrastructures

PricewaterhouseCoopers

Quality Counts 2010 - Education Week’s Annual Education Report Card

Education Week

24th Annual Corporate Survey & 6th Annual Consultants Survey Complete Results

Area Development Magazine Special Presentation

OECD Science, Technology and Industry Scoreboard 2009

Organization for Economic Co-operation and Development

United States Economy Overview — Winter 2010

Jones Lang LaSalle

Emerging Trends in the U.S. Solar Market

GTM Research

All Studies/Research/Papers

STATE RESOURCES

Find the latest information regarding corporate taxes, financial and business incentives, credits, grants, current state information, contact directory and available buildings and sites in all 50 states.

State Resources Sponsor

ON THE MAP

California: California’s Road to Recovery

Pennsylvania: Educated Workers and Strategic Location Key to Varied Sector Growth

New York: Big Apple Incentives Lead Statewide Multisector Development

SPONSOR PROFILES:

Area Development Homepage >> State Resources >> New Jersey >>

Petra Solar's SunWave intelligent photovoltaic solar unit

11/10/2009

10/15/2009

07/13/2009

06/15/2009

03/09/2009

Ross DeVol and Perry Wong