Report aims to guide and further develop the state’s international business relationships

TRENTON, N.J. (March 22, 2024) – The New Jersey Economic Development Authority (NJEDA) today presented the inaugural New Jersey Global Economic Index, a report that highlights, ranks, and analyzes the sources of foreign direct investment (FDI) into New Jersey. The report, which will be released annually, aims to guide and further develop international business relationships with the state, while bolstering Governor Murphy’s global economic development goals.

“During my administration, New Jersey has developed strong ties with key international partners, from Ireland to East Asia,” said Governor Murphy. “The findings in this report will provide guidance and assist New Jersey companies, agencies, and organizations in developing relationships abroad, which in turn will create jobs, strengthen the economy, and provide new opportunities for New Jersey residents and communities.”

The Global Economic Index indicates that New Jersey, regionally, has the strongest economic relationships with Europe, the Asia Pacific region, and North America. While Europe had the highest number of countries listed as top performers, research found that India ranked first as a global partner with New Jersey, followed by the United Kingdom, Ireland, and Germany. The report notes that the United Arab Emirates and Israel also hold a high rank as global partners. Additionally, the Asia-Pacific region is also as an area of opportunity for New Jersey, including South Korea and Japan, which ranked seventh and eighth as global partners, respectively.

“The NJEDA is committed to supporting Governor Murphy’s vision for a stronger, more diverse economy, and the findings in the New Jersey Global Economic Index show the progress we have made fostering international relationships, attracting and quantifying FDI, and maximizing opportunities abroad,” said NJEDA Chief Executive Officer Tim Sullivan. “This report will inform us as we move forward with our goal of creating more jobs, increasing our visibility in foreign markets, and acting as a global economic leader.”

During his time in office, Governor Murphy, along with the NJEDA and Choose New Jersey, has embarked on economic mission trips to India, Ireland, Israel, and Germany. As a result, Choose New Jersey has opened offices in those countries to foster ties between the Garden State and critical foreign partners. Last October, Governor Murphy, NJEDA, and Choose New Jersey traveled to East Asia, making stops in Japan, South Korea, and Taiwan. While in Taiwan, Governor Murphy announced Choose New Jersey will open its fifth foreign office in Taipei City.

“This report will aid us in our efforts moving forward, as it is a reflection of the work we’ve accomplished, and an indicator of the work we still need to do,” said Wesley Mathews, President and CEO of Choose New Jersey. “I am proud to have worked alongside the NJEDA to meet Governor Murphy’s mission to make New Jersey a business leader on the international stage. I look forward to continuing important conversations abroad, so that New Jersey can remain a top destination for work and travel alike.”

“This report demonstrates a new way of thinking about and analyzing our economic relations,” said NJEDA Director of International Innovation and Partnerships Andrew Gross. “By indexing the State’s sources of global investment, we are able to gain a deeper understanding of New Jersey’s relationships abroad, while encouraging development in regions where we aren’t seeing as much economic activity.”

Developed by the NJEDA Office of International Innovation and Partnerships, with support from the Chief Economist’s Office, the 2024 New Jersey Global Economic Index launched at an event today hosted in the NJEDA’s Newark office for international diplomats and economic promotion organizations.

The full report can be found online here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

NEWARK, N.J. – The New Jersey Motion Picture and Television Commission (NJMPTVC), part of the New Jersey Economic Development Authority (NJEDA), today announced the hiring of Jon Crowley as its new Executive Director. In this role, Crowley will serve as the senior leader of all of New Jersey’s film initiatives, leading both the NJEDA’s film sector development work, as well as the management of the NJMPTVC.

Prior to joining the NJEDA, Crowley worked within the television industry for over two decades, producing and directing several well-known television series including “Impractical Jokers”, “House Hunters International”, “Big Brother”, “Lizard Lick Towing”, “Love After Lock-Up”, “Trading Spouses”, “Breaking the Ice”, “Full Contact”, and “Upload with Shaquille O’Neal”, among many others. Crowley is a two-time EMMY award winner, and CableACE Writing Nominee. 

 “As the film industry continues to expand across the state, I am excited to welcome Jon Crowley to the NJEDA where he will use his skills and experience to lead the Film Commission’s efforts to attract top-tier film and television productions to the Garden State,” said New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan. “In his role, Jon will help boost Governor Phil Murphy’s mission to strengthen New Jersey’s leadership role in the film sector, which will fuel our economy and create good-paying jobs for our residents.”

“I’m thrilled to have Jon Crowley join the Film Commission as Executive Director and I am confident New Jersey’s film industry will continue to grow and succeed under his leadership,” said NJMPTVC Chairman Michael Uslan. “Jon’s experience will be a tremendous asset to the Film Commission as we work to promote New Jersey as a top destination to film.”

“The growth of our film industry has been incredible over the past six years under Governor Murphy’s leadership, and we have welcomed productions to our state, many of which have been smash-hits and award winners,” said NJMPTVC Executive Director Steve Gorelick. “I know with Jon at the helm, the Film Commission will continue its successful track record of attracting major productions and expanding the film industry’s presence in New Jersey.”

“I am thrilled to take on this new challenge and am ready to ensure New Jersey’s momentum in the film industry continues to skyrocket,” said incoming NJMPTVC Executive Director Jon Crowley. “I am grateful to the NJMPTVC Board and NJEDA CEO Tim Sullivan for entrusting me with this responsibility and I look forward to working alongside the entire NJEDA staff in our shared mission of creating a stronger New Jersey economy.”

Crowley has also served on the Atlantic Highlands Borough Council since 2017. During his tenure, he worked closely with staff from the NJMPTVC on certifying the municipality as “Film Ready”.

“Since he took office, Governor Murphy has been on a mission to grow New Jersey’s film sector and because of the work done by the NJMPTVC, the industry has grown exponentially, leading to job creation and increased investment in our state,” said Chief Economic Transformation Officer Kathleen Coviello. “I am certain this booming industry will continue to reach new heights in New Jersey under the leadership of Jon Crowley and I am excited to see what future productions and studios decide to call the Garden State home.”

About the New Jersey Motion Picture & Television Commission

The NJMPTVC, part of the NJEDA, is staffed by industry professionals and serves as a resource for production companies. The Commission promotes film and television production in New Jersey.

www.film.nj.gov

About the NJEDA 

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Film Commission’s next Film Ready Workshop set for April 23

NEWARK, N.J. – The New Jersey Motion Picture and Television Commission (NJMPTVC), part of the New Jersey Economic Development Authority (NJEDA), announced today that 14 municipalities and four counties have completed the Film Ready New Jersey Program and are now designated as Film Ready Communities. The multi-step training and certification process prepares communities to accommodate movie and television producers and effectively market themselves as film destinations.

“The Film Ready New Jersey Program is helping the state’s film industry grow by giving municipalities and counties the tools needed to welcome top-tier productions to their communities,” said NJEDA Chief Executive Officer Tim Sullivan. “As more productions choose New Jersey as their backdrop, the training provided by the Film Ready Program will generate an economic boost for communities across the state by creating jobs, supporting small businesses, and attracting tourism.”

Berkeley Heights, Cranford, Fair Lawn, Jersey City, Manville, Newark, Plainfield, Pompton Lakes, Rahway, Ridgefield Park, Ringwood, Roseland, West Orange, Westwood, and Bergen, Passaic, Somerset, and Union counties are among the newest cohort of Film Ready Communities. For more information on the newest cohort of Film Ready Communities, click here.

Film Ready New Jersey is a 5-step certification and marketing program that educates municipalities on the basics of motion picture and television production and sets basic standards for attracting filmmaking. The “film-ready” designation provides an elevated platform for certified communities to promote themselves as filming destinations and connects film and television professionals with skilled and knowledgeable liaisons across the state.

The NJMPTVC will host the next Film Ready Workshop at the Morris Museum on Tuesday, April 23. Click here for more information and to register for the workshop.

Workshop participants will receive training and guidance from industry professionals, local mayors, and NJMPTVC Commissioners and staff. Participants will also learn about the economic impact of hosting on-location filming, ordinances and permitting, opportunities for small businesses, and the expanding infrastructure.

“The State of New Jersey offers many advantages to the film and television industry, including communities that are prepared on day one. Through the Film Ready New Jersey Program, we are encouraging our cities and towns to readily welcome filmmakers and enjoy the many benefits when production crews come to town, said NJMPTC Executive Director Steven Gorelick. “Partnerships with our municipal and county governments are vital to the state’s film industry success.”

New Jersey has a rich history in entertainment, and the state’s motion picture and television industry is at the forefront again as production has exploded in recent years. Since the revival and enhancement of the NJEDA’s Film and Digital Media Tax Credit Program, the state has attracted 166 feature films, television shows and digital media projects. This activity has generated $2.3 billion in spending. New Jersey now enjoys a constant flow of filmmaking across every county from Cape May to Sussex, hastening the demand to prepare municipalities for an influx of film and television production.

About the New Jersey Motion Picture & Television Commission

The NJMPTVC, part of the NJEDA, is staffed by industry professionals and serves as a resource for production companies. The Commission promotes film and television production in New Jersey.

www.film.nj.gov

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Program will Provide Grants up to $250,000 to Assist Small-Scale Developers in Gaining Access to Capital

TRENTON, N.J. (March 11, 2024) – The New Jersey Economic Development Authority (NJEDA) will host in-person and virtual information sessions to introduce the newly established $20 million Emerging Developers Grant pilot program.

The Program will help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. Applications are expected to launch in April.

WHAT:           The Emerging Developer Fund aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios. Specifically, this includes access to capital due to barriers caused by predatory lending, excessive carrying costs, and predevelopment expenses that result in projects being stalled, and in some cases underutilized. These deterrents in the development industry have created financial setbacks and limited portfolios for emerging development entities that lack the required capital to cover soft costs.

WHO:             The program will support small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope

WHEN/WHERE:        

VIRTUAL EVENT

Tuesday, March 19, 2024

6:00 p.m. – 7:00 p.m.

Register at: bit.ly/Emerging Developers

IN-PERSON EVENTS

Tuesday, March 12, 2024, 6:00 p.m. – 8:00 p.m.

Hilton Garden Inn, Camden Waterfront

1 Penn St., Camden, NJ 08102

Register at: http://bit.ly/EmergingDevelopers2

Wednesday, March 20, 2024 6:00 p.m. – 8:00 p.m.

Thomas Edison State University

111 W. State St.

Trenton, NJ 08608

Register at: bit.ly/EmergingDevelopers3

For More Information:

Visit: www.njeda.gov/emerging-developers/                       

Email:  emergingdevelopers@njeda.gov

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Aspire awards will support 538 new housing units, including 107 affordable residences

TRENTON, N.J. (March 11, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved projects in Newark and Woodbridge for Aspire tax credits at its March meeting last week. Together, these projects will create 538 housing units, of which 107 of those residences will be designated affordable. Combined, these two projects represent more than $310.6 million in investment.

“These two projects exemplify how the Aspire Program advances Governor Phil Murphy’s vision for revitalizing our communities through transit-oriented development, including the creation of modern market rate and affordable housing options,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire awards will modernize and expand one of the most crucial transit stations in the state and will add to the vitality of a neighborhood close to Newark Penn Station. Both projects will provide vital health care and social services for residents and the community, while creating jobs and driving economic activity.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

“Aspire is a crucial gap financing tool applying tax credits to spur economic development, promoting mixed-use, transit-oriented projects in communities that need it most,” said Assemblywoman Eliana Pintor Marin, prime sponsor of the legislation. “With at least twenty percent affordable housing included in all residential ASPIRE projects, it ensures benefits for all New Jersey residents. I look forward to seeing the completed projects contribute to the vitality of our state.”

“I want to thank the New Jersey Economic Development Authority for supporting our efforts to build both market-rate and affordable housing,” said Newark Mayor Ras J. Baraka. “Our administration has made those efforts one of our highest priorities, working with private and public partners to achieve high-amenity convenience and comfort in residents’ housing. By adding this outstanding addition to our downtown, we will simultaneously create construction jobs, retail space and parking upgrades that enhance Newarkers’ overall living experience.”

In Newark, a project at 930 McCarter Highway, across from the New Jersey Performing Arts Center, entails the new construction, led by Boraie Development LLC, of a mixed-income, residential development located on a 1.1-acre site, less than a 10-minute walk north of Penn Station. The project will include 333 residential units comprising 451,063 square feet, consisting of 265 market rate units and 68 affordable units. The 25-story high-rise building will also include 3,124 square feet of commercial/retail space, four stories of structured parking including 240 parking spaces for resident use, and various amenities.

The co-applicant is Elizabeth Development Corporation, a 501(c)(3), which has signed an agreement to provide economic, civic, and social welfare by providing a program of comprehensive economic development and social services for residents.

The project was approved for Aspire tax credits equivalent to 60 percent of total project costs up to $90 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

In Middlesex County, a project known as “Metropark at Woodbridge” will be a multi-phase, transit-oriented, mixed-use new construction development located at the current site of the Metropark New Jersey Transit Station, on an existing 12.4-acre surface parking lot. The project is situated near Routes 1 and 9, the New Jersey Turnpike, the Garden State Parkway, and is roughly 20 minutes from Newark Airport.

“The NJEDA Aspire Program stands as a huge component of the Transit-Oriented development at the MetroPark at Woodbridge project – a $200 Million investment spearheaded by New Jersey Transit and Hackensack Meridian Health,” said Woodbridge Mayor John E. McCormac.  “The overall project not only energizes the modernization of the MetroPark complex, but will bring hundreds of high paying jobs to our economy.”

“I applaud this approval of Aspire tax credits, which will help maximize the potential of Woodbridge’s Metropark office park and transit hub. From an underutilized stranded asset to a vibrant rebirth, the project will revive the entire area and become a new hub for healthcare excellence, serving patients from near and far.” said Speaker Craig J. Coughlin. “Together with the Newark project, these strategically located projects will serve as environmentally-sound economic engines, broadening the tax base and providing mixed-income housing for generations to come. They also recognize the importance of transit accessibility for New Jerseyans, who often depend on our railways for work, family visits, and recreational journeys.”

The 581,801-square foot new development will have a 325,301-square foot residential component, consisting of 235 units, with 20 percent of the units designated as affordable. It will also include 11,976 square feet of retail space, and 244,524 square feet of corporate and medical office space. The project is expected to be completed in two phases, with the corporate and medical office space completed first, followed by the residential space.

The project has three Lead Development Entities: Russo Development, Terminal Construction, and Onyx Equities. Hackensack Meridian Ambulatory Care, Inc. (HMAC), which is a 501(c)(3), is a co-applicant, and will act as the required non-profit for project financing. HMAC was formed as a non-profit organization exclusively for charitable, scientific, and educational purposes, including, but not limited to, providing medical care for sick, injured, disabled, and elderly people. This includes diagnosis, treatment, imaging and other testing, rehabilitation, and other services of every kind that improve the health of individuals and the delivery of healthcare services. The applicant and co-applicant have entered into a Participation Agreement detailing medical services and health and wellness education to be provided to tenants of the project and members of the community.

The project was approved for Aspire tax credits equivalent to 50 percent of the total project costs, up to $113.65 million for the total project, and the sum of the lesser, for each phase, of 50 percent of eligible costs or $60 million.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly. The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Program would keep NJ residents’ income taxes in-state, increasing state’s tax revenue

TRENTON, N.J. (March 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of a new program that incentivizes businesses to re-assign New Jersey residents who are working in another state to a New Jersey location. The $35 million New Jersey Reassigning In-State Employees (NJ RISE) Program will provide grants to companies to relocate their New Jersey-resident employees, helping to redirect tax revenue to New Jersey by ensuring that residents’ income taxes stay in state.

“For far too long, other states have benefited off hardworking New Jerseyans, using their tax withholdings to fund budget priorities that grow other economies, and fund out-of-state priorities,” said Governor Phil Murphy. “Through the NJ RISE program, we will be able to bring employee tax dollars back into our state, to support initiatives that make New Jersey the best place to live, work, and raise a family.”

“New Jersey residents deserve to have their income taxes support projects in their communities, as opposed to funding another state’s coffers,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy has been committed to bringing more businesses to the Garden State, and the NJ RISE program will not only help incentivize companies to reassign their New Jersey employees back to their home state, but it will also increase economic activity, and continue our efforts to grow a stronger and fairer economy.”

The NJ RISE Program is a pilot program that will provide grants to businesses principally located out of state that re-assign New Jersey residents currently assigned to work in a state that employs the “convenience of employer” income taxation rule to work in a New Jersey location. The grant is equal to the amount of New Jersey Gross Income Tax withholdings of the re-assigned resident employees during one tax year of the business, not to exceed $500,000 in the aggregate per business. The sum of all grants approved will not exceed $35 million per State fiscal year.

States such as Delaware, Nebraska, and New York use “convenience of employer” where an employee who resides out of state is taxed based on the employer’s assigned location. For example, if a New Jersey-resident works in a state with “convenience of employer” (State A) three days a week and from home the other two days, the employee will be taxed by State A for all five days, because the work done from home in New Jersey was at the convenience of the employer.

“With New York moving full steam ahead with their anti-environment, anti-commuter Congestion Tax, the RISE Program offers a great opportunity to help businesses move to Jersey and ensure our families can stay here for years to come. By keeping our tax dollars here, New Jersey can lower our local property taxes, make our communities safer, and make life more affordable. It’s a huge win-win,” said Congressman Josh Gottheimer (N.J.-05). “Most importantly, staying here and working from Jersey will give residents more time with their family and make it easier to get home to see the kids at night or catch a baseball game.”

“My focus in Congress is bringing jobs back to the Garden State and making life more affordable for hard working New Jersey families,” said Congresswoman Mikie Sherrill (N.J.-11). “With the introduction of the NJ RISE pilot program, NJEDA is bringing hard-earned employee tax dollars back to our state so we can invest in our best in the nation public school system, our infrastructure, and first responders. I look forward to continuing to collaborate with local, state, and federal officials to create good-paying jobs, support residents, and bolster the New Jersey economy.”

“NJ RISE means more business within our borders, more in-state jobs for our residents, and more revenue to invest in our own downtowns and main streets. By launching these incentives, we’re driving innovation and keeping talent close to home,” said Senator Joe Lagana (D-Paramus). “This program ensures that NJ tax dollars stay here to serve as a catalyst for local advancement.”

“Anytime we can bring tax dollars back to New Jersey from a competing state is a win in my book,” said Senator Jon Bramnick (R-Westfield). “The additional funding generated from NJ RISE will allow municipalities to support local projects and initiatives that benefit New Jerseyans, first and foremost.”

“This forward-thinking pilot program will motivate businesses to re-assign more employees to work within the state, supporting local employment and bolstering our economy,” said Assemblyman Benjie Wimberly. “It is time to redirect our funds away from other states’ treasuries and focus on transforming New Jersey into the premier destination for both businesses and employees.”

“The establishment of the NJ RISE program underscores our commitment to bolstering our workforce and revitalizing our neighborhoods through strategic initiatives,” said Assemblywoman Lisa Swain. “By having New Jersey residents work in-state, we are able to help our local talent pool stay close to home where they can deepen community ties and have a greater impact on local economies.”

“This initiative represents another significant investment into our communities as we encourage businesses throughout the country to relocate their workers to the Garden State,” said Assemblyman Chris Tully. “I’m proud to have been the sponsor of the bill that created this program, to bolster our tax base, support our statewide economy, and recruit and maintain talent here in New Jersey.”

Eligible businesses must have 25 or more domestic full-time employees and be principally located in another state. Applications for the NJ RISE program are expected to open later this year. Potential applicants seeking more information on the program can send questions to njrise@njeda.gov.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

Genmab is expected to create 300 new jobs in Middlesex County with support of NJEDA’s Emerge Program

TRENTON, N.J. (March 7, 2024) – The Murphy Administration today announced Genmab US, Inc. has been approved for a total of up to $8.4 million in tax credits over seven years to support the biotechnology company’s plan to open a second location in Plainsboro. Genmab’s new location is expected to create 300 new jobs and will support the commercialization of Epcoritamab, an antibody therapy, which was approved last year, to treat a rare form of blood cancer. The tax credits were awarded through the New Jersey Economic Development Authority’s (NJEDA) Emerge Program and approved today by the NJEDA Board at its monthly meeting.  

Genmab is an international biotechnology company that was founded in 1999 in Denmark and specializes in the development of antibody therapeutics for cancer treatment. Since its founding, Genmab has become a leader in antibody and research and development expertise and currently has two commercialized cancer medicines in the United States. Genmab has 668 employees at its U.S. headquarters in Plainsboro.

“Securing a new Genmab location in the state is another mile marker in New Jersey’s history of being a national leader in biotechnology innovation,” said Governor Phil Murphy. “For over two decades Genmab has been a prominent leader in the international fight against cancer. It’s expanded presence in New Jersey puts us front and center in that fight. The increased economic activity in Middlesex County and hundreds of new jobs will help build a stronger future for the Garden State.”

The NJEDA’s Emerge Program will award $1.2 million in tax credits yearly for seven years to support the opening of the new Genmab location. Genmab will enter a 12-year lease, with an option to extend the lease for a total of 22 years. The new location at 777 Scudders Mill Road will consist of three floors totaling over 135,000 square-feet of space. Estimated eligible capital investment associated with this project is $32.6 million to renovate and fit out the space.

Genmab expects to execute the lease by the second quarter of 2024 and have the facility fully operational in one year, with expected additional jobs in place by September 2026. The 300 new jobs expected to be created by Genmab will have a highly competitive compensation package and will include commercialization and enabling support functions.

Genmab had considered an alternate site in King of Prussia, Pennsylvania. However, approval of the Emerge tax credits is a material factor in the company’s decision to choose New Jersey, as well as its talent pool and proximity to colleges and universities.  

“The Emerge Program continues having an impact on New Jersey’s innovation economy and supporting the growth and expansion of cutting-edge businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy’s commitment to diversifying and growing our economy, along with our talent pool and prime location, positions New Jersey competitively to welcome new businesses and good-paying jobs.”

“We are honored by Governor Murphy and the New Jersey Economic Development Authority’s confidence in our ambitious vision to transform the lives of people with cancer and other serious diseases, benefiting patients and families in New Jersey and around the world,” said Genmab Executive Vice President and Chief People Officer Chris Cozic. “With this expansion, we will leverage the highly skilled talent pool in New Jersey to continue our growth trajectory and be a bigger contributor to New Jersey’s vibrant innovation ecosystem.”

The Emerge Program was created under the New Jersey Economic Recovery Act of 2020 (ERA). Through the Emerge Program, small to large businesses, as well as non-profits, can apply for tax credits to support projects that meet minimum capital investment, job creation or retention, and other requirements when competing with another State.

“Genmab is an incredible fixture of New Jersey’s biotech ecosystem and today’s approval is a testament to our state’s commitment to supporting innovative companies that are changing lives,” said Chief Economic Transformation Officer Kathleen Coviello. “An additional Genmab location will lead to hundreds more new jobs, a stronger economy, and more high-quality treatments for people living with cancer.”

“Of all the places on the planet that Genmab could have chosen, the announcement of the selection of New Jersey is a huge triumph for our State and a tribute to New Jersey’s many assets in support of this sector,” said Debbie Hart, President and CEO of BioNJ. “Genmab’s expanded presence will further enrich our thriving life sciences ecosystem with the addition of hundreds of new jobs and more of the unique and compelling Genmab culture in addition to increased hope and promise for Patients around the world.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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The Urban Investment Fund Grant Program will offer financial support to strengthen commercial corridors in Camden, New Brunswick, Newark, Passaic, Paterson & Trenton

TRENTON, N.J. (March 7, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Urban Investment Fund Grant Program to support recovery efforts in urban municipalities affected by the COVID-19 pandemic. Financed with over $38 million in federal funding, the pilot program will provide grants of up to $7 million for the revitalization of targeted commercial corridors in six of New Jersey’s urban municipalities.

“New Jersey’s resiliency post-pandemic relies on our ability to create an environment where businesses can thrive, particularly in our urban communities where shifts in work patterns have had a more profound impact,” said Governor Phil Murphy. “This new pilot program approved today will take advantage of federal funding to rehabilitate some of the hardest hit municipalities in the Garden State, promoting sustainable economic recovery.”    

“The NJEDA has taken the lead in supporting Governor Phil Murphy’s goal of investing in communities hit hard by the pandemic, to build world-class, economically thriving cities and towns across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The Urban Investment Fund Grant Program will promote strong and equitable economic recovery in vital commercial corridors and stimulate local economies with impactful investment.”

The Urban Investment Fund Grant Program, first proposed by the Governor in his Fiscal Year 2024 budget, will enable NJEDA to provide grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the COVID-19 pandemic by helping cities enhance vitality. The municipalities of Camden, New Brunswick, Newark, Passaic, Paterson, and Trenton, all ranked within the top five percent of commuter-adjusted population and municipal distress based on the 2023 Municipal Revitalization Index, are eligible to apply for a minimum of two projects. Approved grants may not exceed 80 percent of total project costs for eligible uses, including building rehabilitation projects, building reuse studies, and public space use improvements. Funding for the program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.

“The Urban Investment Fund Grant Program will unlock capital for communities still recovering from the pandemic’s economic effects, assisting the rehabilitation and improvement of commercial corridors to support urban municipalities,” said NJEDA’s Chief Real Estate Development Officer Jorge Santos. “This program will add to the NJEDA’s robust suite of real estate support initiatives, ensuring equitable and effective revitalization across the Garden State.”

The program will provide grants of up to $7 million to municipalities with commuter-adjusted populations of over 100,000 people, and up to $5.7 million for municipalities with commuter-adjusted populations under 100,000 people. For more information on eligibility requirements and funding uses, visit https://www.njeda.gov/urban-investment-fund-grant-program/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Meeting highlights Governor’s commitment to equity and inclusion in New Jersey’s innovation economy

TRENTON, N.J. (March 5, 2024) – The New Jersey Economic Development Authority (NJEDA) held the first in-person meeting of the Diversity Finance Advisory Board (DFAB) last week, bringing together a diverse group of investors, entrepreneurs, and mentors for presentations and networking sessions. Held at the Newark Art Museum, the event featured recognition of the New Jersey Innovation Fellows (NJIF) inaugural cohort, and remarks from NJEDA’s Chief Executive Officer Tim Sullivan and Chief Economic Transformation Officer Kathleen Coviello on the importance of equitable access to funding for women- and minority-owned start-ups. 

“The Diversity Finance Advisory Board meeting last week advances Governor Phil Murphy’s goal of creating the most diverse and equitable innovation economy in the nation, bringing together leaders of inventive start-up companies and seasoned investors for an important dialogue on access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “While we have more work to do to ensure minority entrepreneurs have access to the funding needed to launch and grow in the Garden State, discussions such as these will help to spark ideas for ways to level the playing field.”

Established in September 2023, the DFAB works to increase access to institutional capital for women- and minority-owned startups, providing knowledge, guidance, and insights on ways to best increase capital, access, and investments in New Jersey’s diverse entrepreneurs. In addition to the DFAB and the inaugural NJIF cohort, investment managers from the Black and Latino Seed Fund and Socially and Economically Disadvantaged Individuals (SEDI) Seed Fund, as well as other venture capital partners, attended the event.   

“Last week’s event showcased the growing diversity in New Jersey’s innovation sectors and is a tremendous step toward ensuring every entrepreneur has equitable access to opportunities and funding,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The NJEDA is taking important steps toward Governor Murphy’s goal of making the Garden State’s economy stronger and fairer by investing in inventive companies led by entrepreneurs that represent New Jersey’s culturally diverse population.”

Michael Johnson, President of the New Jersey Innovation Institute, addressed the crowd, identifying lessons he has learned through his far-ranging career as an innovator, and strategies that entrepreneurs can take to scale their unique businesses. Founded in 2014 at the New Jersey Institute of Technology, the New Jersey Innovation Institute aims to accelerate the translation of technologies, foster innovation and upskilling the state’s workforce by being a conduit between NJIT and the outside world.

“It has been breathtaking to see the changes in the state’s innovation economy in such a short period of time and programs like NJ Innovation Fellows are exactly what the state needs to spur innovation and build an innovation ecosystem,” said Johnson.

As part of the event, companies from the inaugural cohort of the NJIF program were invited to attend and network with investors, fellow entrepreneurs, and industry leaders. Announced in January 2024, the cohort consists of 10 new businesses, made up of 30 entrepreneurs, who will receive a total of $3.6 million in income replacement grants, as well as mentorship and training. Income replacement grants ensure that first-time entrepreneurs, diverse entrepreneurs, and recent grad students, who may not be able to forego steady income, are able to dedicate more time to growing the state’s innovation economy.

The application period for the second cohort of the NJIF program is expected to open in early April. For more information, visit https://www.njeda.gov/new-jersey-innovation-fellows-program/ or email questions to NJInnovationFellows@njeda.gov.

Among the NJIF cohort members participating in the Diversity Finance Advisory Board meeting were:

Klick Studios, a woman-owned, NJIF inaugural cohort member based in Burlington City, aims to fuse innovative digital media technologies with traditional video and content marketing tools to create interactive, immersive experiences. Klick Studios Chief Executive Officer and Founder Nefer Craig, who attended the event, said that the experience of being recognized by the Innovation Fellows program resulted in opportunities for further growth.

“Being an awardee has significantly elevated our business profile, opening doors to new opportunities and mentors that were previously beyond our reach. The recognition has not only validated our efforts and mission but has boosted team morale, instilling a greater sense of purpose, commitment, and readiness,” said Craig. “The event itself was an incredible experience, offering a platform to connect with industry leaders, potential investors, and fellow innovators. It provided invaluable insights and inspiration, fueling our passion and determination to drive our business forward.”

Another inaugural cohort member, AbilityHUB in West Windsor, will facilitate collaboration among service providers, caregivers, disabled community members, and their families by ensuring the delivery of services that impact whole person health for the disabled community. Chief Executive Officer Rohit Mathur said that funding from the program has allowed him to pursue his goal of growing an impactful business. 

“The significant funding provided by the NJEDA for income replacement has presented a huge opportunity to focus on growing our business. This funding has not only enabled us to leave our full-time jobs and pursue our entrepreneurial dream, but also think about growing our business and dedicating ourselves full-time,” said Mathur. “We are very, very heartened to hear from the NJEDA and other prominent leaders at this event, and to learn all the various features and functionalities of NJEDA programs that they are bringing to us to help us grow and prosper in the state.”

NJIF member My FitPlate, based in Jersey City, aims to revolutionize the way people see food by creating a wellness application and community that will aid users in their health and wellness journey alongside innovative Artificial Intelligence technology that will determine calorie counts and nutritional value. My FitPlate Chief Executive Officer Loraina Calderon said support from the NJIF program is opening doors to opportunities that startup companies struggle to access.

“This opportunity provided by the NJEDA is literally changing our lives,” said Calderon. “In most cases, startup businesses are not afforded a lot of funding, especially when you’re pre-launch of your product. So, we are very excited and grateful for this money and the opportunities that are part of this program, as well as the mentorship that is going to allow us to thrive as a business.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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