Governor Phil Murphy, Administration Officials Tout Plan for Stronger and Fairer Economy at 2018 Jersey City Summit
TRENTON, N.J. (November 13, 2018) – Governor Phil Murphy laid out his vision for a stronger and fairer New Jersey economy today in a mid-morning address to more than 800 principals, investors, owners, developers, planners, and other stakeholders at the 2018 Jersey City Summit for Real Estate Investment.
“The confluence of all the state’s selling points here in Jersey City is a model of how a shared vision can successfully restore economic vibrancy,” said Governor Murphy. “Optimizing the state’s strategic location and talented workforce, and restoring the state’s position of leadership in innovation will help to build meaningful momentum in both urban and suburban areas all over the state.”
Throughout the day, key administration leaders highlighted initiatives supporting the objectives of the Governor’s economic development strategic plan. This included opening remarks by New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan, who presented an overview of the plan, with a focus on the particular benefits it is expected to have for Jersey City and areas like it around the state.
“The real estate market is both a driver and an indicator of the health of the economy,” said Sullivan. “We are excited to work with industry stakeholders like those participating in today’s conference, along with our partners across state and local government and the legislature to develop initiatives that will result in targeted, thoughtful economic development that will benefit all New Jersey residents and communities.”
Sullivan added that a focus on transit-oriented development, which has been successfully leveraged in Jersey City and other urban areas throughout the state, will continue to be an important element of the State’s economic development strategy.
Other NJEDA representatives participated in conference sessions with the goal of raising awareness of new and proposed state initiatives and resources available to support development projects. Brian Sabina, Senior Vice President of NJEDA’s Office of Economic Transformation, joined a panel of commercial real estate experts for a discussion on the office market focused on tools for tenant attraction and retention, the unique strengths and challenges of suburban vs. urban markets, and the role of residential development in the commercial market. Sabina highlighted proposed tax credit programs designed to advance development while supporting Governor Murphy’s goals of inclusivity and equity.
The role of amenities in attracting and supporting both commercial and residential tenants was the focus of an afternoon panel featuring NJEDA Vice President of Technology and Life Sciences Kathleen Coviello, who shared information on the NJEDA’s Commercialization Center for Innovative Technologies and Biotechnology Development Center, both located at the New Jersey Technology Centre campus in North Brunswick. Coviello also discussed the newly-launched NJ Ignite Program, which offers rent support to early-stage companies locating in collaborative workspaces, as well as other NJEDA-resources for innovation sector companies in all stages of growth.
To read Governor Murphy's full economic plan, please visit: nj.gov/economicplan
About the New Jersey Economic Development Authority
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.