NJEDA Celebrates Its 50th Anniversary

Authority reflects on evolution and momentum of job creation, business attraction, and community development over half a century

TRENTON, N.J. (February 9, 2024) – The New Jersey Economic Development Authority (NJEDA) kicked off the commemoration of its 50^th anniversary at its February board meeting on Wednesday morning. The NJEDA was established on August 7, 1974, by a bill signed by then-Governor Brendan Byrne, and sponsored by Assemblyman Herbert Klein. The bill was designed to create new jobs for the working men and women of New Jersey, by creating an authority that would seek to attract new industry and expand existing industry in the state.

“Fifty years and ten governors after its creation, the work of the NJEDA is more essential than ever as we continue to build and shape a stronger, fairer New Jersey economy that supports good-paying, family-supporting jobs of the future,” said Governor Phil Murphy. “The Authority’s role has continued to grow and evolve over the years as new challenges arise, and through it all, NJEDA has remained nimble, listening and responding to the needs of businesses and communities – large and small. As a result, we have unleashed extraordinary economic growth in recent years, transforming New Jersey into one of the best states in the nation to start or grow a business.”

Historically, the NJEDA’s core focus was traditional financing options such as loans, bonds, and tax incentives.  Under this administration, the NJEDA has expanded to include a vast array of innovative resources that can be adapted to the needs of New Jersey entrepreneurs, small businesses, municipalities, industries, and developers.  These offerings range from cannabis grants, to historic preservation tax credits, and offshore wind workforce development, to income replacement for entrepreneurs, new ways to help Main Street businesses grow, and the attraction of high-profile film projects.

“Time and again, Governor Murphy and the legislature have entrusted the NJEDA with developing and executing on resources that address the needs of New Jersey businesses, and proactively foster the growth of industries and development projects that can deliver on the promise of Governor Murphy’s Economic Development Strategic Plan,” said NJEDA CEO Tim Sullivan. “As we work to create opportunities for New Jerseyans from all backgrounds and foster the growth of New Jersey’s economy during 2024, we will continue to build on the momentum of 50 years of creating new jobs, driving economic activity, and revitalizing communities.”

Throughout its history, the NJEDA has stepped in to support New Jersey’s businesses during state and national crises. In the aftermath of Superstorm Sandy, the NJEDA delivered federal Community Development Block Grant – Disaster Recovery Program funds to small businesses and communities in the form of grants and loans. During the COVID-19 pandemic, the NJEDA created programs leveraging federal Coronavirus Aid, Relief, and Economic Security (CARES) Act money to help small businesses keep their doors open and staff on payroll. Since the pandemic, programs created under the Economic Recovery Act of 2020 have continued to help small businesses expand their operations and strengthen communities across the state.

The NJEDA continues to build on the foundation it has created over the last 50 years, with the understanding it has gained that economic development is not a one-size-fits-all proposition. The Authority’s commitment to creating equitable and inclusive opportunities will endure and evolve to ensure a thriving economy for New Jersey families and communities.

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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