Interview: Joe Jingoli, CEO, JINGOLI

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From its airport to the cannabis industry and the new winds blowing in the energy sector, opportunities are emerging in Atlantic City

What opportunities do you foresee going forward? I am hopeful the Atlantic City International Airport, a South Jersey jewel, will evolve into a major hub of activity. Where other airports have space constraints and may have to sacrifice certain services to handle increased passenger numbers going forward, that is not the case for this airport. We’re hoping that as a major New Jerseybased construction company, we can be part of the plans to expand Atlantic City Airport. In the long and short term, development of that airport would create a source of new jobs.

There is also opportunity within the state’s cannabis sector. Take Atlantic City as an example. I think the cannabis sector could be a part of the Atlantic City experience but how the opportunity is presented and introduced is critically important. Access to cannabis, when done right, can be a redevelopment tool and a way to entice more visitors to Atlantic City. In addition, the expansion of eds and meds in Atlantic City is also presenting great opportunities for growth and jobs. Also, we can’t underestimate the importance of the e-gaming sector. The New Jersey Division of Gaming Enforcement’s e-gaming lab, one of the best in the country and the world, is located in Atlantic City, highlighting the state’s commitment to providing key resources needed to fuel the growth of that industry.

The offshore wind industry is also coming to New Jersey, right off the southern coastline. There is a lot of capacity in our construction industry to support the onshore segments of offshore wind, which are significant.

How are you developing and training your workforce? The JINGOLI companies stand firm and focused on developing and maintaining a workforce by applying the doctrines set forth by our Competitive Edge programs. On any given day, we have hundreds of young people from urban areas working for us. They start as summer workers, and when I say summer jobs, I mean jobs that pay $15 an hour and that’s just the first step. Then comes job training that includes specific training for specific jobs within a variety of our business sectors. We are fortunate that we have a high degree of success in recruiting young people to work for us because we also provide the necessary support for them to have long-term careers with us.

What is your outlook for the South Jersey economy? We’re going to have a lot of infrastructure work with the onshore offerings related to offshore wind energy. Our medical sector is going to continue to grow and expand and that is positive. The gaming industry is going to have some challenges but there is pent-up demand, so I think it’s going to be great for the next 18 months.

Joe Jingoli

CEO – JINGOLI

( ) growing industry, including taking advantage of a 2% tax the city can collect on sales of cannabis products, according to the Press of Atlantic City. In June, Curaleaf opened its second state facility in Winslow Township in Camden County. The company’s Edgewater Park facility is a 7,640-square-foot dispensary and its 107th in the nation. “We are thrilled to grow alongside New Jersey’s flourishing medical community and expand access to best-in-class cannabis products to patients in Edgewater Park,” Curaleaf CEO Joe Bayern said in a statement.

The offshore wind industry also bodes well for South Jersey’s real estate and construction sectors. With multiple developments underway in the region, one the most significant projects is happening in Salem County. Announced in 2020, $200 million from the state budget was allocated this year to establish the New Jersey Wind Port, a key victory for the state’s infrastructure and sustainability efforts. Dubbed as revolutionary by Gov. Phil Murphy, this project marks the first purposebuilt offshore wind port in the nation. “The New Jersey Wind Port will create thousands of high-quality jobs, bring millions of investment dollars to our state, and establish New Jersey as the national capital of offshore wind. This is a vital step forward in achieving our goal of reaching 7,500 megawatts of offshore wind power by 2035 and 100 percent clean energy by 2050,” the governor said in a statement.

Such new industries are garnering excitement in the construction industry driving optimism for the long-term success of the local economy. “We are going to continue seeing an increase in demand across all segments of the industry, BWM Construction LLC Principal Louis Mueller told Invest:. “The growth of new industries in South Jersey is going to help raise all boats in the construction sector. Wind production is going to generate many jobs, with the industry here in South Jersey focused on offshore wind energy. The impact of that will only increase over the next 10 years.”

Looking ahead The industrial sector and budding new industries are set to drive activity in South Jersey’s commercial real estate segment. Industrial real estate has been a particularly hot commodity, as more e-commerce operations set up warehouses and distribution centers in South Jersey to take advantage of the region’s strategic location. The ripples of COVID will continue to influence the office sector as companies and the workforce find a middle ground between in-person and remote work. Thankfully with the widespread availability of the vaccines, many companies are eyeing a fall and winter as the potential return to the office.

The hot residential market is also expected to continue to simmer as the year carries on and into 2022. South Jersey’s affordability and overall access to Philadelphia are expected to continue to draw in renters, buyers, and investors seeking to place roots in the Delaware Valley.

Finally, as the COVID-19 pandemic continues to improve, budding new industries, such as cannabis and offshore wind farming, are slated to help diversify the local economy as the recovery continues. These innovative industries are expected to draw in healthy investment activity as South Jersey continues to grow and develop as one of the most dynamic economies in the Northeast.

Camden County:

As a staple market along the Delaware Valley, Camden County has the foundation for not only a strong pandemic recovery but for a robust era of growth in the new economy. At the center of key infrastructure developments, as well as a solidified but still growing eds and meds sector, the county’s best days are ahead.