Why Do Business in New Jersey?
Why Do Business in New Jersey?*
- New Jersey’s regional location as a corridor state with a superior transportation infrastructure is ideal for global commerce.
- New Jersey is home to the Port Authority of New York and New Jersey (PANYNJ) including 10 ports that serve regional and national commerce in addition to 5 airports, and 6 bridges and tunnels. One of these airports, Newark Airport, is the 14th largest airport in the world.
- A reliable and increasingly resilient energy infrastructure, along with lower natural gas costs and solar development, provide incentives for businesses looking to expand.
- Cutting edge policies enabling low cost, high speed broadband access have been proven to directly increase job expansion across all industries.
- State government implementation of strategic, comprehensive pro-growth policies has encouraged the migration and cultivation of new and existing business. In 2010, a tax relief plan in the amount of $2.3 billion was enacted to attract investment in highly-competitive, innovation industries.
- Among several organizations created specifically to promote growth and development are the following:
- NJ Partnership for Action: reaching out to diverse companies and industries has incited $11 billion in public and private investments.
- NJ Innovation Council: searches and implements best practices to forge partnerships between higher education and business communities.
- Choose NJ, a private 501(c)(3) organization, promotes NJ’s superior advantages, such as its transportation infrastructure, to both national and global audiences.
- The state is a global hub for innovations in life sciences and health care.
- New Jersey has one of the nation’s most highly-educated workforces with a school system also that ranks nationally among the best.
- Throughout the state, there are 26 transit villages designated as redevelopment areas for residential and retail uses.
- New Jersey is host to diverse recreation areas; thriving cultural and performing arts; and big sports and entertainment events.
*Information culled from “Doing Business in New Jersey, 2014 Edition” published by Journal Media for NJBiz Magazine, sponsored by Comcast Business.