Economic catalyst: Job creation

Economic catalyst:

Job creation, connectivity and business attraction are among the key goals for ongoing investment

Prior to COVID, South Jersey had made large strides with its infrastructure development. In the wake of the pandemic, development and critical investment in this segment, including utilities and transportation, will act as a catalyst to help the region to a faster recovery – and the path forward is already laid out.

The main goals for infrastructure development are job creation, increasing connectivity and providing a competitive environment to attract new businesses. Alongside proposed capital plans for both the New Jersey Turnpike Authority (NJTA) and South Jersey Transportation Authority (SJTA), private firms such as Ørsted have contributed significant investments in offshore energy infrastructure that positions the region for further growth.

One of the ways the government is supporting development of infrastructure is through publicprivate partnerships (PPPs). In 2018, Gov. Phil Murphy signed legislation that would allow government bodies to enter into agreements with private sector partners on new developments and maintenance of existing projects. After the last year, Murphy threw even more support behind infrastructure development with his 2022 budget, focusing on inclusive neighborhoods with affordable housing options, investments in transit without fare hikes, and critical upgrades to water and broadband infrastructure.

Landscape The American Society of Civil Engineers gave the country an overall infrastructure grade of D+ in 2013 and little changed in the intervening years as the country was awarded C- in 2021. Data from the Congressional Budget Office (CBO) show states and localities provide the lion’s share of infrastructure funding in the United States, providing $320 billion as compared to $96 billion from the federal government. According to the Infrastructure Report Card, driving on roads that need repair costs New Jersey drivers $713 per year. Almost 8% of bridges are rated structurally deficit and 229 dams are considered high-hazard potential. The CAPEX gap in New Jersey’s schools is estimated at $1.58 billion and drinking water needs are projected at $8.6 billion.

Infrastructure is vital to any economy because it ensures businesses can run smoothly, connectivity is maintained with business hubs and that economic diversification takes place to disrupt the cycle of seasonal employment. When seeking a new business ( )