Announces New Initiatives and Recaps Year’s Accomplishments
GLASSBORO – Governor Phil Murphy today touted his Administration’s economic successes over the past year as he marked the one-year anniversary of the release of his sweeping economic vision with a one-on-one discussion with New Jersey Chamber of Commerce Board of Directors Chairwoman Linda Bowden at Rowan University.
“In the year since I announced my economic vision for New Jersey, we have made substantial progress in making our state both stronger and fairer for everyone,” Governor Murphy said. “Although we have made progress, we still have more work to do. We are hard at work attracting businesses to our state, beyond a narrow focus on excessive corporate tax incentives. We must continue to find ways to realize New Jersey’s potential as a hub for business activity, as well as a fantastic place to raise a family.”
During the one-hour armchair discussion, Governor Murphy announced the following recent updates and enhancements to his economic program:
- The creation of the Business First Stop web portal – This portal allows anyone interested in starting or expanding their business in New Jersey to get the answers they need. First Stop was created based on direct feedback from the business community. The beta site can be viewed at Business.NJ.gov, and the Administration is taking real-time user data and feedback to improve the site on a rolling basis. The Administration will also launch a Spanish language version in the next few months to reach the broadest group of entrepreneurs possible.
- Awarding a $3 million contract for a new business marketing campaign –This campaign will create extraordinary opportunities to pitch New Jersey as a location ripe for families to set down roots, visit, and start a business.
- Expansion of the Film Tax Credit – Based on interest since the Film and Digital Media Tax Credit was enacted last year, the Administration will seek to expand not just the amount of money available, but also extend the life of the program.
- Exploring new funding mechanisms and property redevelopment to catalyze transit-oriented development – An Administration-wide effort to explore developing under-utilized properties can bolster transit-oriented development and optimize the value of assets across the state. The Administration is exploring ways to work with municipalities and business leaders to finance the redevelopment of mass transit stations and their surrounding areas in order to add substantial revenue to local coffers for critical capital improvements to transit stations, as well as pedestrian accessibility in and around these hubs of economic activity.
In his update on the state of New Jersey’s economy, the Governor touted multiple achievements over the past year, including:
- Introduced tuition-free community college through the Community College Opportunity Grant program.
- Created the New Jersey Apprenticeship Network, which has provided more than $7 million in grants that will fund training for over 1,200 apprentices and pre-apprentices.
- Built a nationally-recognized ecosystem for Opportunity Zones by creating an Opportunity Zone One-Stop Shop, Marketplace, and Challenge program.
- Created the NJ Ignite program, which acts as a public-private partnership to provide initial rent payments for technology or life sciences companies, supporting both local communities and entrepreneurs starting out in New Jersey.
- Developed a suite of new NJEDA tools to support women, minority, veteran, and LGBTQ+ owned small businesses and increase their access to capital.
- Enacted Public-Private Partnership (P3) Legislation to create new opportunities for state and local governments.
- Invigorated the offshore wind industry through an historic 1,100 MW solicitation.
- Enhanced the Angel Investor Tax Credit program and created bonuses for minority and women-owned businesses and those in under-resourced communities.
- Strengthened NJ Transit through its largest-ever General Fund subsidy, without raising fares.
“One year ago, Gov. Murphy outlined a bold and comprehensive vision for New Jersey's economic future, one which prioritizes investments in people, communities and innovation," said EDA CEO Tim Sullivan. "We are proud of the progress we have made in building a stronger and fairer New Jersey economy, but mindful that much work remains to ensure that all New Jersey residents have access to a good-paying job in a vibrant community.”
A full list of the Governor’s economic accomplishments since 2018 can be read here.