Camden County 2020 Camden County is providing the perfect example of a successful turnaround. The county has bolstered its finances, attracted a variety of industries to diversify its economy and has vastly improved the quality of life of its residents. Credit ratings agencies have noticed, and so have businesses.
Invest: Camden County Improved credit ratings and business attraction showcase Camden County’s rise to South Jersey gem Camden County has always been resourceful and innovative. A push to improve its finances and attract a wider variety of industries has paid handsome dividends. Today, it boasts a diversifying economy, a solid credit rating and is a live, work, play leader. The beginnings of Camden County’s resurgence can be traced to the end of the recession sparked by the 2007-08 financial crisis that struck the national and global economies. It took a while to shake the impact of that recession, which ended in 2010. In fact, by 2012, unemployment in Camden County was still high, at 10.6% compared to the U.S. national rate of around 8%. Smart financing and cost-cutting helped the county get back on its feet, to the point that in November 2013, Standard & Poor’s awarded Camden County its third-highest possible rating, upgrading its credit grade to AA from AA-. At the time, Freeholder Director Louis Cappelli Jr. called the result “remarkable and extraordinary” and said it was because of the county’s “businesslike approach in cutting the cost of government.” In its report, Standard & Poor’s cited a key element of the county’s attractiveness: access to major employment centers outside New Jersey. Its enviable 2 | Invest: South Jersey 2020 | CAMDEN COUNTY
location continues to be a key factor for Camden County’s success. The county is a two-and-a-half-hour drive from Washington, D.C., one and a half hours from New York City and a stone’s throw from Philadelphia. A solid transportation infrastructure network of road, rail, air and sea only adds to the county’s allure. Blessed with an abundance of nature, including access to the Delaware River, Cooper River and the Great Egg Harbor River, that provides outdoor recreational opportunities, and a lower cost of living than other comparable areas, the region is also attractive to those who want a better quality of life and the ability to work and play where they live. With a population that now numbers over 515,000 across 37 municipalities, the county is on the rise and attracting positive attention. Here’s why. History Although the first Europeans to set foot in the region were Dutch families sent by the Dutch West India Company to establish a trading post, the area really started to take off with the arrival of Quaker settlements. One of the earliest accounts of European settlers in the United States was a group that set sail ( )
CAMDEN COUNTY INTERVIEW
Winning recipe Campbell Soup Company delivers a new recipe that focuses on its roots.
Mark Clouse President & CEO – Campbell Soup Company How was your first year as the head of Campbell Soup Company?. 2019 was an action-packed year relating to how the business evolved and how we consequently repositioned and reframed the company. In the past, we had a lot of endeavors: international businesses, a fresh business, venture capital businesses, to name a few. All had good intent centered on trying to evolve Campbell to meet the changing consumer landscape pertaining to food. What we learned through those endeavors is that although they might have been strategically sound, the core competencies to run those kinds of businesses are quite different from the company’s core businesses, which include soups, sauces, beverages and snacks. A big part of 2019’s agenda was focusing the portfolio. It involved six transactions bringing in about US$3 billion in proceeds, which were directed toward reducing debt, strengthening our balance sheet and improving our business focus. We re-centered our strategic framework toward one geography, North America, with two divisions – Meals & Beverages and Snacks. Our performance on our core business in 2019 responded very well and started to build credibility back in the company, across all of our stakeholders, but especially with the investment community. What are the main objectives of this change of focus? We have four primary objectives within our strategy. First, create a sustainable, profitable growth engine. It is really about a growth-oriented business model, the key contributor and the ability to efficiently create economic space for investment as its stepping stones. Second, identify cost savings and margin-improvement that can fuel that growth. Third, build a team capable of doing the first two while creating a winning, diverse and inclusive culture. Fourth, delivering on the promise of our purpose, Real food that matters for life’s moments.
How are you guiding the company amid COVID-19? We are living in unprecedented times as the nation and the world battles the COVID-19 pandemic. Lately, I’ve been drawing from many lessons I learned in the military years ago about leading in a crisis, making progress while surrounded by uncertainty and anxiety. Those lessons include simplifying the mission: set clear priorities and focus on what matters most; control the controllables - understand there are many questions and unknowns so it’s important to focus on the things we can control; ; and finally, keep looking forward - recognize that this is not business as usual and we must be proactive in our thinking around the scenarios we may face, and then act decisively. www.capitalanalyticsassociates.com
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CAMDEN COUNTY OVERVIEW
( ) from Dublin in 1681 and put down roots in what is today West Collingswood. Camden was officially established as a county in 1844. By that time, the area’s population and businesses were growing as the arrival in the 1830s of the Camden and Amboy Railroad and a new canal that cut across the Delaware River made it an attractive place to settle, according to Gail Greenberg’s “A History of Camden County.” As rail access expanded, Camden County entered the 20th century perfectly placed to exploit the burgeoning industrial revolution. Among the first major companies to emerge was Victor Talking Machine Company, the predecessor to RCA Records, that laid its roots in Camden City. The county quickly became an industrial and commercial hub, producing everything from cigars, patent drugs and leather goods to ships, carriage bodies and terra cotta products. Today, the county continues to diversify its economy beyond manufacturing. It is now home to numerous corporations across a variety of industries, attracted to Camden County’s leading quality of life and strategic location. Campbell Soup Company has called the region home since 1869 and other major names include carmaker Subaru, Lockheed Martin and TD Bank. In the burgeoning healthcare sector, Cooper Health System, Virtua Health System and Jefferson Health serve the local community, and Camden County College, Rutgers University and Rowan University are among the top higher educational institutes feeding the talent pipeline. Economy Before COVID-19, Camden County was the picture of health on many fronts, and there is good reason to expect a return to economic normality after the pandemic passes. In 2019, unemployment in the county fell from a high of 4.8% in January to 4.2% in December, hitting a year’s best 3.2% in April. By March 2020, in the midst of the pandemic, the jobless rate sat at 4.2%, slightly better than the U.S. average 4.4.%. Another testament to the region’s business diversity are the sectors that now lead the economy. The largest employment segment in 2018, the latest available data, was in healthcare and social assistance, which employed 44,300 people or 18% of the working population. This was followed by retail trade at 30,976 people and educational services at 22,695 people. Although median household income in Camden County is below that of New Jersey and the greater Philadelphia-Camden-Wilmington area, it is above the U.S. average at $67,523 (2018), a 16% increase since 2013.
Camden County is home to a number of corporate headquarters, including Subaru.
The scope of the industries in the county is a clear reflection of the effort the county has undertaken to diversify activities and create a resilient economy. According to credit reference agency Moody’s, which awarded Camden County’s Series 2020 $8.6 million County College Refunding Bonds a Aa2 rating earlier this year, the rating could be bumped up with improved resident wealth and income, maintenance of consistently higher Current Fund balance levels and sustained growth in the county’s tax base. Moody’s maintained its Aa2 rating on the county’s general debt, with a stable outlook. As the largest city by population in Camden County, Camden City attracts a great deal of attention. Much of that attention in the past has been for its high crime rate and poor financial performance. But the city is now somewhat of a reflection of the broader county. In 2014, S&P upgraded Camden City to BBB+ on the strength of its investment grade bonds. In its report, S&P referenced the sound budgeting practices undertaken by the local authorities and a declining unemployment rate. While Camden City has received attention for its battle back from the brink, other cities are also coming on strong. With its strong retail and office segment, Cherry Hill, the second-largest city by population, www.capitalanalyticsassociates.com
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CAMDEN COUNTY OVERVIEW
One of the first locations settlers from Europe landed, Camden County towns have a colonial touch.
is among the key areas attracting investment while Bellmawr and Pennsauken are among those that are seeing funds flow into their industrial parks. Company attraction There are many reasons companies are turning to Camden County to locate their operations. Aside from economic incentives, housing is readily available, and at an affordable price. The median home value in the county is $168,000, with a median list price of $100 per square foot, lower than the average $135 in the Philadelphia Metro area. Surrounding major cities like Camden are a plethora of small walkable towns, including Merchantville, Audubon, Collingswood, Haddon Township and Haddonfield, that offer an attractive quality of life for residents. These communities are cities unto themselves, offering local theater, arts and crafts festivals and craft breweries, among their many charms. When companies think about relocating, staying or expanding, they inevitably think about the employees who will work and live in the area. Camden County has proven a popular choice. On the economic side of the equation, New Jersey’s 2013 Economic Opportunity Act overhauled the tax incentive system to create two new programs: the Economic Redevelopment and Growth Program (New ERG) and the Grow NJ Assistance Program (Grow NJ). Through a tax credit system, these programs are essentially a first version of the qualified Opportunity 6 | Invest: South Jersey 2020 | CAMDEN COUNTY
Zones program that was launched before the federal initiative. As a result of the federal legislation, Camden County now has four Opportunity Zones: Camden City, Pennsauken Township, Lindenwold Borough and Pine Hill Borough. All this has not been lost on the private sector, and the list of companies calling the county home is a who’s who of leading corporations, some newly arrived, some having been in the county for decades. Among the latter is Japanese carmaker Subaru, which located its national headquarters in Pennsauken before moving to Cherry Hill 20 years ago. Having outgrown its Cherry Hill location, the carmaker chose to stay in Camden County and relocated to a new headquarters in Camden City in 2018. Manufacturing giant Holtec set up the Krishna P. Singh Technology Campus on 50 acres on the left bank of the Delaware River, which opened in 2016 and included a $300-million investment. The NBA’s Philadelphia 76ers chose Camden City as the location for their new 125,000-square-foot athletic facility and office building. The $82-million development opened in 2016. Since 2014, the county has received more than $3 billion in private and public investment from the construction of the American Water Works corporate campus along the Delaware River to the construction of the new RutgersCamden Nursing School. The overall investment has maintained and attracted more than 10,000 jobs throughout the county leading to a revitalization of older industrial hubs and outer ring suburbs. ( )
CAMDEN COUNTY INTERVIEW
Opportunity Proximity to Philadelphia and a thriving educational environment are among the factors attracting businesses
Louis Cappelli Freeholder Director – Camden County
How is Camden County dealing with unemployment and poverty rates? We are assisting new companies relocating into Camden City with their job-training efforts. We are trying to match up residents with potential jobs in the city through workforce development programs, with the added assistance of Camden County College. We view ourselves as partners with the city government. There is not another city and county in the state of New Jersey that work closer together than we do here in Camden County with Camden City. We support the mayor and the government body in any way we can. We make all of our job training available to the Camden Works program. Every resource we can allocate through our workforce development, we do. What unique business opportunities does the county offer? No. 1 is our proximity to Philadelphia. No. 2 is our tremendous educational system. We have a thriving public education system with unique options for education in Camden City itself, which is helping to drive better education. No. 3 is an astounding park system that provides unique levels of quality of life. Added to that, our proximity to the Jersey Shore, New York and Washington, D.C., makes us a special county. In terms of the businesses we’d like to attract, we have been targeting manufacturing, technology and life sciences. The Joint Health Board is providing educational opportunities in research that will boost technology development in Camden County. One such example is Holtec, an international company that has patented a storage technology for spent nuclear waste. It chose Camden to house its headquarters. It combines state-of-the-art technology and manufacturing.
What steps are needed to make Camden City a more attractive destination? We need to develop market-rate residential housing in the city. We want to attract middle-to upper-middle class residents to strengthen its attractiveness. There was a time when the population of Camden City was close to 125,000 people and we are down to 75,000. We are going to bridge that gap with these housing opportunities. What is being done to tackle the opioid crisis? The opioid epidemic has had a horrific impact on Camden County. We expanded our drug court system into all municipal courts in Camden County. The goal is to match those in need of treatment, or suffering from a dependency disorder, with providers. It has been in place for less than a year but the response has been great. www.capitalanalyticsassociates.com
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CAMDEN COUNTY OVERVIEW
Jeffrey Wheeler COO – Camden International Commodities Terminal
The United States is the second-largest importer of raw cocoa beans. That being said, we are close but not yet at the point to have the proper cost model to invest into automated handling equipment used in other countries. As Camden develops new opportunities for the younger generation, we believe there is a workforce that still counts on the jobs we offer today. What is unique about our commodity is that the way it is handled and stored demands a big real estate footprint: 150 burlap bags on large pallets consumes on average one square foot of space for every bag. South Jersey has 3 million square feet for cocoa bean space. We operate a million of that space. From a business owner’s perspective, you find yourself as interested in the real estate market as you are the commodity market.
( ) Healthcare One of the biggest contributors to Camden County’s diverse growth is the healthcare sector, and life sciences and pharma companies have been flocking to the county in droves. Major employers include Virtua Health, Cooper University Health Care, Jefferson Health of New Jersey, Coriell Institute, Rowan University Medical School and MD Anderson at Cooper University Hospital. As healthcare as a business goes from strength to strength, so too does the county’s health provision for its residents. As of 2017, 93.5% of Camden County residents had health coverage, with 53.7% provided healthcare coverage through work, 17% covered by Medicaid and 11.9% on Medicare. Overall, physician accessibility is good in New Jersey, with only 12.8% reporting they were unable to see a doctor in the last 12
93.5% of Camden County residents had health coverage as of 2017 8 | Invest: South Jersey 2020 | CAMDEN COUNTY
The Cooper River is host to many national and collegiate regattas each year.
CAMDEN COUNTY OVERVIEW
months due to prohibitive costs and only 6.2% of the population uninsured. The state itself is a life sciences powerhouse, home to 13 of the Top 20 biopharmaceutical companies in the world. From 2011 to 2016, the drug and pharmaceutical component of the state’s economy grew 10.5%. Infrastructure Camden County’s slogan is “Making It Better, Together” and the Freeholder Board oversees a variety of activities related to employment, public works, parks and senior and disabled services to ensure the county’s growth remains resilient and sustainable. One of the initiatives set up by the board is the Camden County Improvement Authority (CCIA), which is a public agency providing low-cost financing, economic development and project development services for local units, community organizations, and not-for-profit entities. The agency assists clients
$2.8 billion investment will bolster mass transit across Camden County such as municipalities, schools and fire departments to access funding and financing options. Last year, it bought a 102,000-square-foot property on Haddon Avenue for $13.9 million that will be transformed into a mixed-use development. As part of the redevelopment of Haddon Avenue, Camden County plans to update the roadways and surrounding infrastructure. But until that plan is finalized, the Haddon Township Department of Public Works is investigating which sewer lines need updating and the township itself is planning some pedestrian-friendly updates. The state is also leading a $2.8 billion investment to bolster mass transit across Camden County and South Jersey. The plan calls for a new transit hub and a 33-mile Cross Camden County trail from the Delaware River to the Atlantic County line. The investment is intended to further improve multimodal transportation in Camden County. The state government also awarded Camden County over $9 million in FY2020 County Aid grants for local infrastructure improvements. Transportation Among Camden County’s most attractive features is its location. The county is in close proximity to Philadelphia, New York City and Washington, D.C. Two major highways, I-676, and U.S. Route 30, and two major interstates, I-95 and I-76, are within a few miles of Cherry Hill and Camden City. Philadelphia International Airport is just a 25-minute commute during peak hours. With a growing emphasis on reducing carbon emissions, more people would like to leave their cars at home, making mass transit a necessity to attract businesses and visitors alike. Camden County is equally served by a multimodal transport system that gives residents a plethora of options for getting around including buses and trains.
CAMDEN COUNTY OVERVIEW
The main intercity train service is the River Line, a light rail service that covers South Jersey. An intermodal station at Pennsauken connects the service to New Jersey Transit’s Atlantic City Line. The Amtrak national passenger train also runs through the county, including a stop at Cherry Hill. Camden County is also serviced by the Philadelphia/New Jersey Hi Speed Rail PATCO (Port Authority Transit Corporation) system. There are still plans for a new 18-mile GlassboroCamden light rail that will connect with the River Line at its northern end in Camden but the project remains stalled and its fate is up in the air. On the road, the county is served by a 23-mile bus rapid transit system through South Jersey. The system includes three major park-and-ride lots with about 1,600 parking spaces. Of course, people also like to use their feet and the county offers over 300 miles of bicycle and pedestrian trails that extend across greater Camden County, Philadelphia and South Jersey. The network is part of the Circuit, a planned 750-mile network to connect nine counties in Pennsylvania and New Jersey. Education Camden County College is one of the largest community colleges in New Jersey and ranks among the top nationwide in terms of associate degree graduates. Thanks to its technology-rich physical resources – located in Gloucester Township, Camden and Cherry Hill – and its highly-qualified, dedicated employees, the college has created a tradition of quality education and a reputation for agile, responsive service. Camden County College sustains a vibrant academic community characterized by imaginative teaching, caring student services, energetic management and collegial discussion of diverse ideas and opinions. Camden County has a strong relationship with Rutgers University, with a Camden Campus that offers a law school, a graduate school and a business school within throwing distance of the U.S. District Court for New Jersey. To satisfy the growing healthcare demand in a health hub such as South Jersey, Rutgers’ Camden Campus also includes a School of Nursing. A School of Arts and Science rounds out the college facilities. But just across Cooper Street is the Camden County campus of Rowan University. The main campus is located in Glassboro, Gloucester County, in the heart of the 26-acre Rowan Boulevard project. The university has a strong relationship with many private companies, notably Lockheed Martin, which hired more than 100 Rowan engineers in 2018. Not only this, but the university has several new projects in 10 | Invest: South Jersey 2020 | CAMDEN COUNTY
Philadelphia is 15 miles from Camden County, with a variety of public transportation options for those working in the city.
the design or construction stage, including a new academic building along Route 232 and a sophomore village consisting of 750 student rooms and a 555-room freshman village. Employment in Camden County is projected to increase by 12,686 jobs from 2017 to 2022, which represents a 7.25% increase. As companies struggle to find the right talent, it is more important than ever for the community to bridge the gap between academia and careers, which is where the Camden County Workforce Development Board comes in. Working across five key sectors — advanced manufacturing; financial services; healthcare; retail, hospitality and tourism; and logistics and distribution — the board addresses training and feeding the job pipeline. But that pipeline begins in an earlier stage of life, at primary and high school, and some of the states leading public schools are located in Camden County, where approximately 76,000 students attend one of the 150 schools, including 13 charter/renaissance schools, in 36 school districts. STEM is a priority across the county’s schools that abound with options. One example is Haddonfield Public Schools, which ranked No. 9 on ranking site niche.com’s list of top public school systems in New Jersey, and was No 1. In Camden County. The district, with about 2,700 students in PK and K-12, won an A+ score, with the same grade in the areas of academics, teachers, clubs
CAMDEN CONSTRUCTION COUNTY OVERVIEW
Dana Redd CEO Rowan University/ Rutgers-Camden Board of Governors
and activities, college prep and health and safety. Another school district in the county, Cherry Hill ranked in the top 55. New Jersey itself is ranked the second-best state in the United States for education. Arts and culture Camden County has had an affection for arts and culture for many years, and that is reflected in the county’s rich offering. Waterfront destinations and attractions like the Camden Adventure Aquarium provide a vibrant family-friendly oasis every day of the week. Concerts, festivals, and a varied restaurant scene only heighten the energy. Founded in 1972, the Camden County Cultural & Heritage Commission is the designated agency in Camden County in charge of the New Jersey State Council on the Arts Local Arts Program and the New Jersey Historical Commission County History Partnership Program. The institution organizes events such as the Camden County Teen Arts Festival and the Senior Citizens Art Show to strengthen the cultural and historic framework of the county. The Rutgers-Camden Center for the Arts is an initiative by Rutgers University that hosts exhibitions, performances, education programs and community projects in pre-K-12 education. It provides art education, community arts programs, exhibitions at the Stedman
What is the expected impact from the new Joint Health Sciences Center in Camden’s “eds and meds” corridor? The Joint Health Sciences Center in Camden’s “eds and meds” corridor represents Phase I and II of a comprehensive health sciences campus development located in Downtown Camden. The facility houses two world-class public research institutions, a medical school and community college. We are home to Rowan University, Rutgers University-Camden, the Cooper Medical School of Rowan University (CMSRU), and Camden County College (CCC), along with the administrative offices of the Rowan University/RutgersCamden Board of Governors. The expected impact of the $72 million project will be not only in terms of how we leverage the existing medical, research and education assets of the institutions located in Camden, but also, how we attract businesses and startup companies to the innovation hub that is developing in Camden’s Downtown. What are some major challenges facing the “eds and meds” sector? Some major challenges facing Camden’s higher education and the “eds and meds” sector really affect higher education institutions statewide, and those are issues of affordability, retention and workforce development. In South Jersey, innovative partnerships and enrollment programs are emerging which are beginning to address the rising costs of student debt and tuition making college more affordable, while earning a 2- or 4-year degree. At Rowan College of South Jersey and Rowan College of Burlington County in collaboration with Rowan University, we see the emergence of the 3+1 program. Camden County College (CCC) and Rutgers University-Camden recently announced their premier partnership that allows residents of Camden County and South Jersey to earn both an associate degree and a baccalaureate degree, through a dual admission and seamless transfer of credits. www.capitalanalyticsassociates.com
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CAMDEN COUNTY OVERVIEW
coastal states, has to take extra precautions to protect itself from adverse weather effects and mitigate the impacts of global climate change. New Jersey Gov. Phil Murphy is pushing hard for New Jersey to rejoin the Regional Greenhouse Gas Initiative (RGGI), a cap-andtrade emissions platform. In 2012, then-Gov. Chris Christie pulled the state out of the system, reportedly costing the state $300 million in clean energy funding. Last year, New Jersey finalized regulations for rejoining the trading system. Clean Energy-funded improvements in New Jersey have generated efficiencies equivalent to removing the carbon output of 75,000 cars, or from the positive impact of planting about 6 million trees. This includes the state Clean Energy program, funded by a portion of taxpayer utility bills, which pays out $13 million in monthly incentives. Sustainable Jersey promotes gold star standards in water and energy, which includes participation from 80% of New Jersey municipalities and half of all school districts. Wiggins Park is home to a variety of summer concerts each year.
Gallery and carries out special projects under the Eric Porter Fund. Discover Jersey Arts, meanwhile, provides a directory of upcoming performances and exhibitions, with discounts for members. Entertainment, arts and amazing food can be found across the county. Cherry Hill, for example, offers topflight shopping and dining at the Cherry Hill Mall, while parents can entertain their kids at their Historic Croft Farms, or the Garden State Discovery Museum. Throughout the county, the Board of Freeholders also sponsors concerts in the park, which are free to attend and include the Sunset Jazz Series at Wiggins Waterfront Park, the Twilight Concert Series at Cooper River Park, and the Sundown Music Series at Haddon Lake Park. In fact, the parks system is among the leading features of Camden County. The region is home to an impressive 21 parks, including New Brooklyn Park Disc Golf Course, the Watchable Wildlife Trail at Maria Barnaby Greenwald Memorial Park, and the Timber Creek Dog Park, and conservation areas with over 2,000 acres of natural settings that are perfect for picnics and family gatherings. Waterways also offer opportunities for fishing or to simply take out a boat and relax. Among the county’s gems is Challenge Grove Park. The 18-acre park has won the Innovative Accessible Facilities Award and the Kinsey Facility Design Award. Environment New Jersey is located on the coast, and like many 12 | Invest: South Jersey 2020 | CAMDEN COUNTY
Looking ahead Camden County has several more initiatives in the pipeline to address its issues. Since September, Camden County has received almost $800,000 in grants for a Medication Assisted Treatment (MAT) program that minimizes the impacts of opioid abuse with medication, support and counseling. The Camden Works: Reimagining Workforce Development in Camden program went live at the end of last year. The program, which is funded by the private and nonprofit sectors, offers a process that matches Camden residents with jobs, support services and training. There is little doubt the county has come a long way from the Great Recession. It has faced its issues and fought to create an environment that is friendly to business and friendly to families. A mix of smalltown charm and big-city savvy have helped position Camden County as a work-live-play destination, one with a bright and prosperous future.
Capital Analytics would like to thank Camden County for its contributions in compiling this chapter. To learn more, visit their website at: www.camdencounty.com