New Jersey Economic Development Guide 2011 by Journal Communications

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Prescription Strength Pharmaceutical sector thrives

High in Fiber

State boasts extensive broadband infrastructure

The Science of New Jersey

Educated workforce breeds innovation Sponsored by the New Jersey Partnership for Action | 2011

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PERTH AMBOY Six Reasons to Grow With Us Our economic development team is fully committed to innovative economic development strategies that create a welcoming atmosphere for your businesses.

✓ Business-Friendly Environment ❒ ✓ Premier Location ❒ ✓ Unrivaled Market Access ❒ ✓ Valuable Financial Incentives ❒ ✓ Superior Transportation Network ❒ ✓ Shovel-Ready Sites ❒ And more … we have strong growth with thousands of new jobs created, over $1 billion in private capital investment and room to grow!

Call us for a personal tour and a breath of salt air. Helga van Eckert

Executive Director of the Office of Economic and Community Development, Redevelopment, UEZ and BID (732) 826-0290 or hvaneckert@perthamboynj.org

Visit our website for more details: www.PerthAmboyBusiness.com

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Manufacturing sector builds on success in New Jersey

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Favorable cost structure adds up to growth in financial services

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orthobond’s laboratory is in the New Jersey economic development authority’s commercialization center for innovative Technologies incubator in North brunswick

Pharmaceutical sector thrives

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State boasts extensive broadband infrastructure

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Visit New Jersey Economic Development Guide online at newjerseyeconomicdevelopmentguide.com ©Copyright 2011 Journal Communications Inc., 725 Cool Springs Blvd., Suite 400, Franklin, TN 37067, (615) 771-0080. All rights reserved. No portion of this magazine may be reproduced in whole or in part without written consent. Member Member

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Overview

A Message From Gov. Chris Christie and Lt. Gov. Kim Guadagno in the United States for quality of life. From day one of our Administration, we embarked on an ambitious course to leverage these vital resources and remove the roadblocks that have historically stifled job creation, private investment and innovation in New Jersey. We established a permanent Red Tape Review Commission to reduce the bureaucracy that strangles economic growth and imposes costs on business and residents; we made

From metropolitan locations with port access to pastoral sites with vast open space, the Garden State offers an abundance of opportunity for residents, visitors and businesses. Our workforce is among the best educated and our diverse range of industries makes New Jersey a destination for all business sectors. With a variety of recreational activities, miles of sandy beaches and an array of cultural experiences, it is no surprise that Forbes ranked New Jersey fifth best

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significant strides to transform our notoriously poor tax climate; and we created the New Jersey Partnership for Action to attract new business and help existing business thrive by zeroing in on relationship building and person-to-person outreach, promoting state incentives and resources, developing pro-growth policies, and assisting businesses in navigating state government and programs. With a focus on cultivating a more business-friendly environment and redefining New Jersey in the marketplace, the results of our efforts thus far are unmistakable. Businesses like Intrasphere Technologies and Catapult Learning are relocating to our State. Global companies like MX Solar are deciding to set up shop in New Jersey to expand their reach in the U.S. market. Other businesses, like Watson Pharmaceuticals, are expanding, and Fortune 500 companies – from Coca Cola Enterprises to Honeywell International – are also planning to remain and grow in New Jersey. These companies are witnessing a new reality in the Garden State, one that is supported by New Jersey’s unique advantages and bolstered by our continuous, concerted efforts to make New Jersey a home for growth. When choosing where to grow your business, we hope you will agree that New Jersey is the ideal location to live, work and play.

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Almanac This Way to Liberty Liberty State Park is an 1,122-acre oasis in the middle of Jersey City. Once the site of a major water and rail shipping hub, the property had become desolate and abandoned before a major reclamation project transformed the area into a park that opened on Flag Day in 1976. The park includes ferry service to the Statue of Liberty (which is in New Jersey waters) and Ellis Island (just 2,000 feet away) as well as a marina, boat launch and picnic areas. The Liberty Science Center offers hundreds of exhibitions in eight galleries and films in the nation's largest IMAX Dome Theater. For more, go to www.libertystatepark.org.

An Incentive Program Gets on Track New Jersey offers a major tax incentive program to encourage private investment, development and employment in nine designated urban communities. Each is located within a half mile of a New Jersey Transit, PATH, PATCO or light-rail station. The Urban Transit Hub Tax Credit Program offers tax credits for eligible projects up to 100 percent of the capital investment in designated hub zones in Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton. The credits are available to developers, owners or tenants. Developers must make a minimum $50 million capital investment in a single facility that has at least 250 full-time employees working there. Tenants must occupy space in a qualified business facility that represents at least $17.5 million of the capital investment in the facility and employ at least 250 fulltime workers. For real estate development projects with a financing gap or below-market development margin or rate of return, the Economic Redevelopment and Growth (ERG) program offers a grant of up to 75 percent of the annual incremental state or local tax revenue for developers, businesses and owners preparing to build in an economic redevelopment growth incentive area. The grant may extend for up to 20 years if the project meets the requirement that reimbursements stay below 20 percent of the total project cost and the developer makes an equity participation of at least 20 percent of the project’s total cost. For more on these programs and other New Jersey incentives, go to www.newjerseybusiness.gov and click on the Financing & Incentives tab.

The Big Game on a Big Stage Home to two storied National Football League franchises – the Giants and the Jets – the New Meadowlands Stadium in East Rutherford will be playing on sports' biggest stage in 2014 when it hosts Super Bowl XLVII. The $1.6 billion, 82,500-seat stadium is just minutes from midtown Manhattan. The stadium, which debuted in the 2010 NFL season, includes four 30-by-118-foot HD video display boards in each corner. Five premium lounges span 130,000 square feet and include such amenities as on-field patios, a martini lounge and fireplaces. The Meadowlands Sports Complex will also include American Dream Meadowlands, a 4.5 million-square-foot entertainment and sports complex that will open in phases beginning in 2013. The development will include such attractions as a 250,000-square-foot indoor ski slope, a skydiving simulator, an indoor amusement park, 3,000-seat theater and 286-foot-high Ferris wheel. n e w j e r s e y e c o n o m i c d e v e l o p m e nt g u i d e . c o m

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this is a patently interesting attraction West Orange is home of Thomas Alva Edison’s renowned laboratory, where the inventor worked on more than half of his patented inventions, including the motion picture. The Edison National Historic Site includes access to the family’s estate, Glenmont, and grounds and laboratory.

Hitting the Jackpot in Fun New Jersey is home to one of the most popular visitor destinations in the United States.

Nearby is the 2,000-acre South Mountain Reservation, a popular spot for hikers and anglers, and the 400-acre Eagle Rock Reservation, with its spectacular views of New York’s skyline, the Old Casino now converted into a popular restaurant, and the Sept. 11, 2001 Memorial – a sculpture and plaza that commemorates the 9/11 tragedy in New York. Go to www.nps.gov/edis/index.htm for more information. photo courtesy of U.S. Department of the Interior, National Park Service, Thomas Edison National Historical Park

Solar-Powered Shopping

Atlantic City's seaside resort and gaming attractions draw 33 million visitors a year. More than $1.7 billion has recently been invested into the city, benefiting casinos, non-gaming resorts and other hotels, major restaurants, top-flight golf, and unique attractions and retail experiences.

Elizabeth is New Jersey's fourth-largest city. It is also one of the state’s most diverse communities, with 35 languages spoken within its borders.

The fabled Atlantic City Boardwalk is alive with shops, restaurants and attractions. While the casinos are a huge draw, Atlantic City also offers signature non-gaming resort hotels, including the 43-story Water Club that features 800 guest rooms and suites and a two-story spa.

The city was named by Popular Science as one of America's greenest cities in 2008 for efforts that included the planting of more than 1,000 trees, implementing large-scale recycling programs and renovating all parks and green spaces.

Destination shopping attractions include The Pier Shops at Caesars, which feature retailers such as Tiffany & Co., Burberry and Hugo Boss. The 15-block Atlantic City Outlets – The Walk includes shopping from famous names such as J. Crew, Liz Claiborne and Eddie Bauer. For more, go to visitnj.org/atlantic-city.

Elizabeth is also a major retail center in the state. Jersey Gardens is the state's largest outlet mall, with more than 200 stores under one roof. In early 2011, the mall's owners announced plans to build the largest single-rooftop solar system in North America on the roof of the 1.3 million-square-foot shopping center. The 4.8 megawatt solar array will generate enough power to offset 11 percent of the electrical consumption of the mall.

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Old Blue Eyes Slept Here Hoboken is the birthplace of Frank Sinatra and the site of the very first organized baseball game, in 1846 at Elysian Fields. Though only one square mile, Hoboken is packed with trendy shops and restaurants and offers spectacular views of Manhattan’s skyline. Water access includes a number of parks that front the Hudson River and attractions such as the Hoboken Cove Boathouse, which offers free kayaking and non-motorized boating.

Mmmm, Mmmm, Good in Camden Its iconic red-and-white soup label has been immortalized by artist Andy Warhol and its brands are known across the globe.

Hoboken Historical Museum, housed in 2,000 square feet on the city’s waterfront, collects and displays artifacts in themed exhibitions on Hoboken history and offers educational programs, lectures, tours, and hosts films and plays. Past exhibits have included a focus on Hoboken’s relationship with the Hudson River and its history as a shipping destination. P h o t o C o u r t es y o f H o b o k e n C o v e C o m m u n i t y B o at h o u se

Campbell Soup Company, which dates back to 1869, started in Camden and, today, its world headquarters is located there. The company, whose soups, sauces and beverage lines are sold in 120 countries and include such wellknown brands as Prego sauces and V8 vegetable juice, employs more than 7,000 people. Its Pepperidge Farm division produces and markets bakery products, cookies, crackers, and frozen foods in more than 60 countries and employs 5,000 people. For more on the company, go to www.campbellsoupcompany.com.

A Cultured Pearl Newark is a center of culture, not only for New Jersey, but also for all of North America.

Photo Courtesy of chris lee

One of its cultural showpieces is the New Jersey Performing Arts Center, home to the New Jersey Symphony Orchestra, New Jersey State Opera, and a roster of other state dance and theater companies, national and international performers, and touring companies.

The center, located on a 12-acre site in the heart of downtown Newark, includes a 3,000-seat opera house, 2,500-seat concert hall, 1,800-seat music theater and 600-seat dance and drama theater. Go to www.njpac.org for more.

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Trenton is New Jersey's capital, and the complex that surrounds the gold-domed capital building includes the War Memorial, the New Jersey State Museum and Planetarium. The planetarium features the state-of-the-art Full Dome Video, which lets visitors in the 150-seat theater experience the sensation of zooming through the solar system with digital images covering the entire 360 degree inner dome.

P h o t o C o u r t e s y o f R u tg e r s , T h e S tat e Un i v e r s i t y o f N e w J e r s e y

Trenton also is home to the Old Barracks Museum, the only original French and Indian War Barracks still standing in the United States. It was base to Hessian soldiers at the first battle of Trenton during the American Revolutionary War.

Home of the Scarlet Knights New Brunswick is home to the flagship campus of Rutgers, the State University of New Jersey and a historic district where many of the buildings date to the early 1700s. A 15-block downtown includes more than 50 restaurants. New Brunswick is also home to three distinct theaters â&#x20AC;&#x201C; Crossroads Theatre, George Street Playhouse and the State Theatre, home of the American Repertory Ballet. In addition, the New Jersey Museum of Agriculture highlights the Garden State's agriculture heritage.

P h o t o C o u r t e s y o f B a r b a r a S m a l l- S o o , Pat e r s o n F r i e n d s o f t h e G r e at Fa l l s , Inc .

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Capital Ideas

Built for Manufacturing The rise of manufacturing in the United States can be seen in historical detail in Paterson, where the 118-acre Great Falls/Society for Establishing Useful Manufactures National Historic Landmark district is home to an extensive collection of early manufacturing mills. Alexander Hamilton and a group of investors created the Society for Establishing Useful Manufactures (S.U.M.) in Paterson in 1791 to harness the power of the Passaic Great Falls. The district, listed as a National Historic Place since 1970, contains 18th-, 19thand 20th-century waterpower remnants, such as a three-tiered water raceway system. The 77-foot-high Great Falls is the second-largest waterfall by volume east of the Mississippi, and was a major power source for early industry. The waterpower system generated many technological advances including the first cotton duck cloth for sails, first continuous sheet paper, first revolver by Samuel Colt and the first practical submarine by John Holland. Go to www.patersongreatfalls.org for more. n e w j e r s e y e c o n o m i c d e v e l o p m e nt g u i d e . c o m

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Business Climate

Home for Growth The Partnership for Action produces new investment and jobs in New Jersey Story by Betsy Williams

ompanies are taking notice of New Jersey. From the beginning of 2010 through the first months of 2011, nearly 50 companies chose to relocate or expand in the Garden State, creating or retaining nearly 10,000 jobs. Many of these companies have relocated from other states, drawn by New Jersey’s commitment to lower the cost of doing business, a favorable regulatory environment and a range of state-backed financial resources. Under the administration of Governor Chris Christie, New Jersey has moved aggressively to improve its business environment, reducing state spending, transforming its tax climate and implementing programs that make it easier and more cost effective to do

business in the state. One example is the Red Tape Review Commission, instituted by the governor as a permanent panel to cut bureaucracy that drives up business costs. Education services provider Catapult Learning relocated from Pennsylvania to New Jersey in 2010, aided in part by state incentives. The company, formerly known as Sylvan Education Solutions, created 80 jobs in Camden. Intrasphere Technologies, a life sciences consulting firm, moved its headquarters from New York to Jersey City in 2010, creating 180 jobs to augment its staff of 120. In addition to the 20 Fortune 500 companies with headquarters in New Jersey, more than 1,100 multinational companies representing 40 nations do

business in the state, taking advantage of strategic access to local and global financial markets, a highly trained workforce, a distribution network of world-class seaports and airports, state-of-the-art energy and communications infrastructure, and elite research universities. The Christie Administration’s aggressive economic agenda includes a three-pronged, public-private initiative called the Partnership for Action. Led by Lt. Governor Kim Guadagno, this interconnected and highly focused effort includes: Choose New Jersey, led by Tracye McDaniel, President and Chief Executive Officer

in good company new jersey places high on the list in several national rankings Among the top 10 states for the attainment of bachelor’s degrees in the population ages 25-44. In the top five states that could move the United States to an economy centered on globalization and innovation, according to the Kauffman Foundation’s 2010 State New Economy Index. Seventh in the nation in the number of Ph.D. scientists and engineers per 1,000 workers.

Third in bioscience venture capital investments. Northern New Jersey ranks third in the United States for best waterborne commerce and southern New Jersey ranks fourth, according to Expansion Management magazine. Second in the nation in Education Week’s Chance for Success Index, which measures a state’s ability to give its children the greatest chance for success.

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The New Jersey Business Action Center, led by Linda Kellner, Acting Executive Director

Fortune 500 Companies Based in New Jersey

The New Jersey Economic Development Authority, led by Caren Franzini, Chief Executive Officer

Chubb

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A One-Stop Shop for business At the heart of the state’s efforts is the New Jersey Business Action Center (BAC), which serves as a “one-stop” shop for companies of all sizes, advances the global competitiveness of New Jersey companies and promotes the state as a business investment location and vacation destination nationally and internationally. The BAC serves as a primary point of contact, walking companies through everything from state regulatory and permitting processes to financing and incentive programs to global business and trade services, engaging state agencies and departments as necessary. The BAC also offers site selection and location data and is the focal point for coordinating and advancing the state’s planning strategies. The efforts are paying off in new jobs and investment. Case in point: In fall 2010, Pinnacle Foods Group announced its decision to expand in Cherry Hill. The company is a leading producer, marketer and distributor of high-quality branded food products, including Birds Eye frozen vegetables, Mrs. Paul’s frozen seafood, Duncan Hines baking mixes and frostings and other brands found in more than 85 percent of U.S. homes. “This expansion represents a significant milestone for Pinnacle Foods Group, and we are pleased to be able to celebrate our commitment to growing and prospering in New Jersey,” says Bob Gamgort, Pinnacle CEO. “With the support of the state, New Jersey’s highly skilled workforce and our excellent location, we are in a great position to better serve our customers and consumers.” In February 2011, clothing designer

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alice + olivia by Stacey Bendet selected Secaucus for a 75,000-squarefoot facility to house its administrative offices and warehouse operations, a move that creates 70 jobs. The company offers a full line of clothing products for women, men and children and is sold in more than 700 retail locations and five freestanding boutiques across the country. The company had considered a site in Pennsylvania but chose New Jersey. “The Christie Administration has made economic development and job creation a top priority, and alice + olivia by Stacey Bendet’s decision to set up shop in Secaucus is another indication that New Jersey is being redefined in the marketplace,” says Kellner. “As we continue to make our state a home for growth, our message is loud and clear – New Jersey means business.”

New Jersey’s Bank for Business The New Jersey Economic Development Authority (EDA) serves as the state’s “bank for business,” providing capital and financing, administering tax incentives to retain and grow jobs, revitalizing communities through redevelopment initiatives, and supporting entrepreneurial development by providing access to training and mentoring programs. Financial assistance is available in the form of: • Loans, loan guarantees and loan participations • Line of credit guarantees • Bond financing • Tax incentives In 2010, the EDA provided businesses with $567.3 million

in financial assistance, business incentives and tax credits and served as a catalyst for more than $1.4 billion in new public/private investment. That assistance is expected to create 5,200 new jobs and retain 12,200 jobs in New Jersey. Since its inception in 1974, the EDA has provided $20.8 billion in assistance, with $44.4 billion leveraged in public/private investment and 309,857 new jobs. “That record of achievement is the result of a business philosophy that facilitates adaptability to marketplace changes, and productive partnerships with banks as well as public, private and community organizations across the state,” said Caren Franzini, CEO of the EDA.

Getting the Job Done Choose New Jersey delivers for garden state Choose New Jersey (CNJ) is a public/private partnership created to encourage and nurture economic growth throughout New Jersey, including a focus on making the state’s most distressed cities engines for growth and opportunity. Executives of 16 of the state’s top firms have signed on as CNJ’s Founding Board to oversee the program. These business leaders – from a broad range of New Jersey organizations – have pledged nearly $7 million over three years to promote the Garden State as an excellent place to do business. “Our goal is simple – to strategically position the state so business will … choose New Jersey,”

says Tracye McDaniel, president and CEO of CNJ. “I look forward to working with our key partners – the Business Action Center and the Economic Development Authority – to spur economic growth throughout our entire state.” Choose New Jersey will attract and retain business and jobs by positioning the state as a world-class leader in the competitive global market, championing the state’s economic development initiatives, and creating a surge of national and international awareness that New Jersey is a state that “means business.” “We believe there is a role for business to play and a significant opportunity to have a positive impact

on the state’s economy, as well as the overall quality of life in New Jersey. We are proud to do our part to support these critical efforts,” says Dennis Bone, president of Verizon New Jersey and Choose New Jersey chairman. Other firms participating in the initiative include NJ American Water Co., Wakefern Food Co., Bank of America, New Jersey Resources, NJM Insurance Group, South Jersey Gas, Bethany Baptist Church, Celgene Corp., United Water, PSEG, Atlantic City Electric, Horizon Blue Cross/ Shield of NJ, Laborers International Union of North America, Novartis Pharmaceutical Corp., and Prudential Financial Inc. – Betsy Williams

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Rx for Growth New Jersey has growth formula for pharmaceuticals and biotechnology

Story by Melanie Hill

P h o t o C o u r t e s y o f B ay e r H e a lt h C a r e A G

or 15 of the world’s leading pharmaceutical companies, New Jersey is the perfect prescription for growth. Often referred to as the “Medicine Chest of the World,” New Jersey is a hub of pharmaceutical and medical technology enterprise, creating a $29.3 billion economic impact and employing more than 131,000 people. Household names with major operations in the state include Johnson & Johnson, Novartis, Merck and Bayer HealthCare. “New Jersey has a decades-long heritage as a center of excellence for pharmaceutical companies,” says Charlie Mayr, spokesman for Parsippany-based Watson Pharmaceuticals Inc. “We’re in a climate that has access to highlyskilled, global pharmaceutical experts, a supportive state government and the financial center of the world in New

York City. And because a global business has to be run in real time, it’s great to be located in the Eastern Time Zone.” With $3.5 billion in global revenues, Watson Pharmaceuticals is the fifthlargest generics producer in the world, and also operates successful brand pharmaceutical and biologics businesses. In 2011, Watson Pharmaceuticals relocated its administrative headquarters to a 150,000-square-foot office in Parsippany, creating room for its current staff of 250 to double in size over the next few years. The move was supported by New Jersey’s Business Employment Incentive Program (BEIP) and Business Retention and Relocation Assistance (BRRAG) grant. “We did look at other options in a number of states, but Governor Chris Christie has been extraordinarily

Bayer HealthCare is one of the many leading pharmaceutical companies in New Jersey. n e w j e r s e y e c o n o m i c d e v e l o p m e nt g u i d e . c o m

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New Jersey’s pharmaceutical and biotechnology industries employ 150,000 people.

A Nucleus of Innovation New Jersey boasts the nation’s highest concentration of scientific professionals: 184,000 scientists work statewide, as well as 410,000 others, including engineers and other specialists. The state is No. 1 for the number of chemists, No. 2 for biochemists and biophysicists, and No. 3 for microbiologists. Source: BioNJ

supportive of businesses, addressing local issues, encouraging expansion and turning around the business climate here in New Jersey,” Mayr says. Another recent success for the state’s pharmaceutical sector came when Otsuka America Pharmaceutical Inc. relocated its U.S. corporate headquarters from Maryland to New Jersey, creating 50 new jobs in the state. The company develops, markets and sells pharmaceutical, diagnostic and medical device products in coordination with its Japanese-based parent company, Otsuka Pharmaceutical Co. Ltd. Otsuka invested $2.5 million in its expansion, which involved moving to a new 67,000-square-foot facility in West Windsor. Overall, major pharmaceutical-related businesses are expected to make $2.6 billion in capital investments in the state over the next two years. In April 2011, New Jersey’s status as the hub of the global pharmaceutical industry was reinforced when Bayer HealthCare announced that it would consolidate its entire East Coast

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business in New Jersey. That move will add 500 jobs to the company’s 1,000 employee workforce in the state. The company, which has facilities in Wayne and Montville, said several sites near the company’s current locations are under consideration for the consolidated headquarters. About 300 of the additional 500 jobs will be from relocations, with the remaining 200 expected to be new positions. resources for the industry Helping to promote bioscience development in the state is the HealthCare Institute of New Jersey, a trade association for the state’s research-based pharmaceutical and medical technology industry. Founded in 1997, the institute serves as a unified voice for the industry and seeks to build awareness of its impact on New Jersey’s quality of life and economic well-being. Regional clustering doesn’t just happen, says Donald H. Sebastian, Ph.D., New Jersey Institute of Technology’s senior vice president for research and development. “New Jersey’s

Johnson & Johnson’s corporate headquarters in New Brunswick photo by Brian McCord

facts & figures

15 Number of the world’s top 25 pharmaceutical and medical technology companies that have major facilities in New Jersey

150,000 Employment in the state’s pharmaceutical and biotechnology industries

400 New medicines and vaccines developed in New Jersey currently in clinical trials or awaiting FDA approval for heart disease, cancer and stroke

$29.3 billion Economic impact of the state’s biopharmaceutical and medical technology industries Sources: BioNJ and the HealthCare Institute of New Jersey

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A Leader in Science Also working to enhance biotechnology in the state is BioNJ. This 265-member organization is an advocate for biotechnology companies through government collaborations, industry programs, events and purchasing programs. BioNJ also partners with service providers specializing in biotechnology and works closely with New Jersey’s pharmaceutical industry. “The industries work closely together but are in different places in their respective life cycles,” says BioNJ President Debbie Hart. “Because biotech is a younger, leaner industry, it’s financed much differently than the pharmaceutical community.” Biotech companies advance research using bio-organisms instead of chemicals, setting themselves apart in the life sciences continuum. More than 300 such organizations are located in New Jersey, which boasts 184,000 scientific professionals, the highest concentration of any state in the nation. The state also is home to some of the world’s largest clinical research organizations, including Covance, Pharmanet Development Group and Quintiles. “The industry was born here as a result of a tremendous talent pool, opportunities to collaborate with big pharmaceutical companies and opportunities for investment,” Hart says. “It’s just a great place to be.”

Bayer HealthCare plans to consolidate its entire East Coast business in New Jersey.

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life science industry is the perfect anchor for a cluster, but it takes a progressive attitude toward publicprivate partnering to foster innovation across a supply chain.” New Jersey is also home to major health-care foundations that support breakthrough research across the spectrum of the industry, including: the Robert Wood Johnson Foundation, Christopher & Dana Reeve Foundation, Henry H. Kessler Foundation and the Healthcare Foundation of New Jersey.

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Orthobondâ&#x20AC;&#x2122;s laboratory is in the New Jersey Economic Development Authorityâ&#x20AC;&#x2122;s Commercialization Center for Innovative Technologies incubator in North Brunswick

The Science of New Jersey Highly educated workforce breeds new opportunity and innovation 32

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Story by Melanie Hill • Photography by Brian McCord

ew Jersey has leveraged its long tradition of innovation into a high-wattage haven for life sciences and technology companies. Some 184,000 scientists and 400,000 engineers and other technical specialists call the state home, as do more than 300 biotechnology, medical technology and pharmaceutical companies with average revenues of $43.8 million a year, according to advocacy groups BioNJ and the HealthCare Institute of New Jersey. Each year, more than 22,000 students graduate with degrees in life sciences from New Jersey’s state universities. Nourishing the growth of breakthrough companies in the state is a deep reservoir of resources, from incentive programs to cutting-edge university research assets to incubators to world-class technology centers. “New Jersey has a very large life sciences industry, and we wanted to be closer to our customers, from the world’s largest companies to the smaller, emerging ones,” says Samuel Goldman, co-founder and chief operating officer of Intrasphere Technologies. With grant assistance and other support from New Jersey state government, the company relocated its 150 employees from New York City to Jersey City in 2010, bringing its specialized, business-focused consulting services closer to the clients it serves. An additional 180 jobs are expected to be created within the next two years. Goldman says the Clockwise from top left: Amicus Therapeutics was the first graduate of New Jersey Economic Development Authority’s Commercialization Center for Innovative Technologies Incubator; Intrasphere Technologies expects to create an additional 180 jobs within the next two years.

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1,700

$90,000

Number of life sciencesrelated enterprises in New Jersey

Ranking of New Jersey among states in the number of Ph.D. scientists and engineers per 1,000 workers

Percentage of life science workers in New Jersey with at least a bachelorâ&#x20AC;&#x2122;s degree

Average salary in the life sciences industry

Source: New Jersey Department of Labor and Workforce Development, October 2010

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Intrasphere Technologies relocated its 150 employees from New York City to a Jersey City office in 2010.

location has helped Intrasphere Technologies attract some of the industry’s best talent. “We are a people-intensive organization, and we wanted a strong workforce,” Goldman says.

for all the world to see In 2006, Pulitzer Prize-winning writer Geeta Anand penned a book about John Crowley, chairman and CEO of Amicus Therapeutics, entitled The Cure: How a Father Raised $100 Million – and Bucked the Medical Establishment – in a Quest to Save His Children. The Crowleys' journey to save their son and daughter born with the rare neuromuscular disorder, Pompe Disease, was inspiration for the 2010 major motion picture Extraordinary Measures, starring Harrison Ford and Brendan Fraser.

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New Jersey Invests in Innovation In support of the move, New Jersey awarded Intrasphere a Business Employment Incentive Program (BEIP) grant worth an estimated $12.4 million over 10 years. The grant was a key factor in the decision to move corporate headquarters to New Jersey and invest $965,000 in the relocation project. Goldman says the grant will allow the company to provide ongoing specialized training to staff. “The amount we invest in training our people is an important part of what differentiates us,” Goldman says. “We bring a tremendous expertise to the areas we cover, such as drug safety and clinical disclosure, and it takes a lot of knowledge and investment in our people to make the right decisions. The more we have to invest in our employees, the better we become. It’s a wonderful cycle.” In Cranbury, biopharmaceutical company Amicus Therapeutics is developing a new class of small molecule, orally administered drugs known as pharmacological chaperones for a range of human genetic diseases. Founded in 2002 with a startup staff of seven, Amicus Therapeutics was the first graduate of the New Jersey Economic Development Authority’s Commercialization Center for Innovative Technologies (CCIT) Incubator. The 46,000-square-foot CCIT facility, located at the Technology Centre of New Jersey science park in North Brunswick, offers the largest number of wet labs in the state for incubation. Customizable office, production and “plug-in ready” wet and dry laboratory space is available to qualified tenants at below-market rent. Amicus Therapeutics also utilized the state’s Technology Business Tax Certificate Transfer Program. The program enables technology and biotechnology companies that have promise, but are not currently realizing a profit, to turn net operating losses and R&D tax credits into capital. Amicus, which now employs a staff of more than 100, also received funding from the Garden State Life Sciences Venture Fund, created by the New Jersey Economic Development Authority (NJEDA) and Quaker BioVentures to invest in emerging life sciences companies in the state. The fund has provided more than $90 million in co-investments in New Jersey companies. “The shared space model is particularly attractive when you don’t want to worry about infrastructure – concerns like hiring an office manager or a security team,” says Nicole Schaeffer, senior vice president of human resources and leadership development at Amicus. “You need employees to be focused on science, raising money and developing partnerships.”

Room to Grow New Jersey Business Incubation Network nurtures emerging companies Global giants aren’t the only companies finding a home in New Jersey. Thanks to the New Jersey Business Incubation Network, fledgling businesses have access to a statewide community of business experts and facilities dedicated to the success of early- and expansion-stage entrepreneurial companies. Newcomers affiliated with incubators receive critical support services, including coaching, access to capital, technical and business resources, and networking opportunities. “Incubators are imperative to create jobs, build a world-class workforce, promote entrepreneurship, and attract businesses and investors from around the world,” says Jerry Creighton Sr., president of the New Jersey Business Incubation Network (NJBIN). NJBIN and member companies represent a crosssection of industries, including high-tech, life science/ bioscience, clean energy and business services. The incubators offer flexible office and laboratory space in a professional business environment. In 2009, NJBIN’s 12 incubator members included 520 entrepreneurial client companies that created or retained

more than 1500 jobs, collectively generating revenues of $320 million. The organization graduated 35 selfsustaining companies and brought $93 million in third-party funding to New Jersey. Located on the Newark campus of the New Jersey Institute of Technology, The Enterprise Development Center (EDC) is the state’s largest and oldest high-tech and life sciences incubator and is home to nearly 90 companies. In 2010, the EDC received the National Business Incubation Association’s Soft Landings International Incubator designation, which recognized it as a preferred facility for foreign-owned firms entering the domestic market. In 2009, NBIA awarded the Soft Landings designation to an NJBIN member in North Brunswick, the first renewal of the designation it earned in 2007. “NJBIN is on a course of action to promote New Jersey as the place for business creation, by providing a solution needed to stimulate economic growth and job creation,” Creighton says. – Melanie Hill

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A Durable Industry Manufacturing sector builds on success in New Jersey 38

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Story by Betsy Williams

ith its highly skilled workforce, access to major ports and a fully integrated transportation system, sophisticated logistics assets and specially designed incentive programs, New Jersey has built a manufacturing powerhouse. The state is home to more than 20,000 industrial companies across a range of specialties, from chemicals to glass production, from value-added foods to pharmaceuticals. Manufacturing employs more than 338,000 people directly, supports another 137,000 supplier jobs and produces goods valued at nearly $44 billion. Chemical production alone is valued at nearly $19 billion. New Jersey Assets Attract Investment “New Jersey is a perfect location to support our national distribution and growth,” says Donna George, president and chief operating officer of Schär USA, which invested more than $15 million in its new 50,000-square-foot facility in Logan Township. Schär USA is a division of Italybased Dr. Schär Srl, Europe’s leading producer of gluten-free products. After graduating from the Rutgers Food Innovation Center incubator in Bridgeton, where the company set up its first test production in the United States, Schär looked at various locations throughout the Northeast. Schär’s decision to stay and expand in New Jersey is linked to the state’s transportation assets – its excellent freight lane and easy access to both the Port of Newark and the Port of Philadelphia – and its commitment to create a robust business climate. Schär USA joins a growing list of innovative and global companies such as Unilever, Kraft Foods, Mars Snackfood, Lockheed Martin and Honeywell that have operations in the Diversified Industries is a global provider of foam-fabricated products, with clients that include Ford, Mercedes and Toyota.

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Schär USA invested more than $15 million in its new 50,000-square-foot facility in Logan Township.

state. New Jersey’s high concentration of people, business and wealth make it a highly desirable market for products produced in the state, and its prime location puts it within 24 hours of another 100 million consumers. Retaining Companies Growing Jobs Expanding manufacturers are also a sign of New Jersey’s favorable business climate. When Diversified Industries outgrew its Pennsauken location, the company considered moving to a location in Pennsylvania, says Craig Kean, chief operating officer. Thanks to the job-friendly efforts of the county and state,

Diversified Industries chose to make a $5 million capital investment to remain in New Jersey. Diversified Industries is a global provider of foam-fabricated products, with clients that include Ford, Mercedes, Toyota, Xerox and Electrolux. Gloucester County provided site assistance to relocate Diversified Industries to the new facility in Woolwich. And the state provided assistance through the Business Employment Incentive Program program and a Business Retention and Relocation Assistance Grant (BRRAG). The project will create 30 new jobs over 10 years and retain nearly 70 others in New Jersey.

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New Jersey Stars with Broadway A third-generation family business relocating to a new 75,000-squarefoot facility in Monroe Township, Broadway Industries is more than doubling the size of its current headquarters. The company relocated to New Jersey from New York in 2004, and has taken advantage of state incentive programs and training grants to help fuel its expansion in the Garden State. The company holds a number of patents for its paper and plastic packaging products – including its kleerguard line – that are used in several industries, including moving

Financial Incentives for Manufacturers

and storage, housewares, crafts and decor, and pharmaceutical industries. A BEIP grant helped support the additional manufacturing jobs created in New Jersey by the company. “I’d encourage any business owner to investigate the various incentive programs that the State of New Jersey makes available to help fuel growth,” says Steve Kohn, Broadway Industries’ president. “In addition to the BEIP grant, we successfully executed a customized training grant in conjunction with Middlesex County College. Both of these programs helped us to fund the hiring and training of new employees, allowing us to bring new jobs to New Jersey.”

operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $2,250 per year for six years, per job retained, payable as a tax credit against a company’s corporate tax liability. Targeted assistance for manufacturing firms also includes rebates and low-cost financing for renewable energy systems, equipment and technologies that result in energy savings, and sales and use tax exemptions for purchase of

Broadway Industries relocated to New Jersey in 2004.

fixtures, furniture, building materials and equipment needed for business relocation. Loans, grants and bond financing are also available for manufacturing firms to purchase a new location, expand an existing facility or construct a new facility; cover operating expenses; buy or renovate machinery and equipment; grow a business located in an urban municipality; and relocate and grow a business in the state. Source: New Jersey Economic Development Authority

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New Jersey’s Business Employment Incentive Program (BEIP) is available to businesses expanding in or relocating workforce to the state. Grants may be awarded for up to 10 years, and can range between 10 percent and 80 percent of the total amount of annual state income taxes withheld by the company from the salaries of the new employees hired. The Business Retention and Relocation Assistance Grant (BRRAG) program helps companies preserve jobs, expand

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Dollars and Sense Favorable cost structure adds up to growth in financial services sector 42

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Newark-based Prudential Financialâ&#x20AC;&#x2122;s roots in New Jersey date to 1875.

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New Jersey communities such as Jersey City have become destinations of choice for financial services companies.

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Story by Katie Kuehner-Hebert • Photography by Brian McCord

hen the conversation turns to a prime location for global financial services companies, with increasing frequency the accent is on New Jersey. Trading on its proximity to Wall Street, availability of a skilled workforce, lower business costs and superior communications infrastructure, New Jersey has become a destination of choice for financial services headquarters, major operation centers and data facilities. More than 246,000 people work in the state’s financial services sector, where long-time corporate citizens such as Prudential Financial Inc. have been joined by heavyweights such as Goldman Sachs & Co., whose 42-story Goldman Sachs Tower in Jersey City is the state’s tallest building. Prudential Financial is a global provider of a variety of financial services, including the Prudential Insurance Company of America, one of the largest life insurance companies in the United States. Prudential has called Newark home since it was founded there in 1875. About 8,000 people either work in Prudential’s main office in Newark or at one of its campuses in Roseland, Woodbridge, Millville and Parsippany. “We’ve always been committed to New Jersey – it’s part of our DNA,” says Prudential spokeswoman Gabrielle Shanin. Prudential has plenty of company in New Jersey. The gleaming office complexes found in locales such as Jersey City and Hoboken offer easy access to Manhattan, but at lower real estate costs and an easier commute for workers. One such company that has made the move to Jersey City is SCS Commodities Corp. Founded in 1991, SCS is now the largest independent floor and over-the-counter energy brokerage service across multiple markets including NYMEX, CME Globex, ICE and the DME. The firm moved its operations from New York in spring 2011. SCS took advantage of a $2.7 million grant from the state’s Business Employment Incentive Program (BEIP) to help fund construction of new headquarters for its brokerage and trading floor. Evan Marya Soufarapis, SCS office manager, says the company chose to relocate to be closer to many of the financial firms that have operations in New Jersey – and the move also made good business sense. “More than 50 percent of our employees live in New Jersey, which makes commuting much easier,” Soufarapis says. “Everyone here is committed to supporting the New Jersey economy.”

Standard Chartered Bank: ‘Cost and Quality’ In 2008, London-based Standard Chartered Bank moved its back-office operations team from its Americas headquarters in Manhattan to Newark. “The main deciding factor was the commercial real estate cost and quality – the real estate cost is less than half of Manhattan,” says Matthew Millett, managing director and chief operating officer for the firm’s Americas operations. “It is also much cheaper for everything else and easier to get things done.” A $4.2 million New Jersey Business Employment

Incentive Program (BEIP) grant helped encourage Standard Chartered to make the move, as did support from the city of Newark, Millett says. Attracting Big-Name Players The state is also making a name with financial services firms such as Citigroup Inc., UBS and Societe Generale. Depository Trust & Clearing Corp. (DTCC) has committed to bring 1,600 workers to 450,000 square feet in Jersey City’s Newport Office Center, which is in close proximity to its customers in the New York metro area, by 2013. DTCC, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. The company cited a number of advantages that New Jersey offered, including competitive costs for a long-term lease and access to highly-skilled financial and information technology workers. Data centers that serve the financial services industry have found New Jersey to be an advantageous locale, and not just because of availability of state-of-the art fiber optic networks and lower real estate and construction costs compared with other locations in the region. The centers’ proximity to Manhattan-based clients helps reduce so-called latency delays, minute fractions of seconds that it takes computers to communicate across vast distances. The state has seen a surge of data center locations, including a center in Mahwah that processes all the North American trades handled by the New York Stock Exchange’s parent company. In Secaucus, a 338,000-square-foot Equinix Inc. facility houses the primary computer “matching engines” that pair buyers and sellers for Jersey City-based stock exchange Direct Edge. Equinix, a global provider of data center services, has three other New Jersey operations. And beyond cost considerations and technology advantages, New Jersey offers other benefits for financial services companies. Shanin of Prudential notes that Newark is a transportation hub, with both a major airport and public transportation, making it easy for employees to travel for business and to commute from all areas of the larger metropolitan region. The state also boasts world-class universities from which to draw recruits, including Princeton and Rutgers, the State University of New Jersey. “Moreover, Prudential’s employees can choose from a broad range of affordable housing, in a variety of settings – urban, suburban or even rural farmland is just a short commute away,” Shanin says. The area has abundant culture, and major sports teams play in New Jersey, including the Giants and Jets NFL football teams, the Nets NBA basketball team and the Devils NHL hockey team. “In our business, our main asset really is our employees. And so in order for us to attract and retain the kind of top talent we need, quality of life is very important,” she says. “New Jersey really is a Garden State.” n e w j e r s e y e c o n o m i c d e v e l o p m e nt g u i d e . c o m

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A Sector High in Fiber Communications technology supercluster blooms in the Garden State Story by Anita Wadhwani

or information and communications technology companies searching for the best locations to relocate or expand, New Jersey offers a wealth of opportunity. Verizon, which employs some 17,000 people in New Jersey, invested more than $1.5 billion in the state on advanced communications networks to carry high-speed voice and data. More than 31,000 information and communications technology (ICT) establishments are located in New Jersey, the second-highest concentration of ICT workers in the nation. This includes almost 5,300 companies employing 10 or more, according to figures compiled by the New Jersey Department of Labor and Workforce Development. And more than 55 percent of workers in this segment have at least a bachelor’s degree, and 20 percent have a master’s degree or higher. More than 1,000 New Jersey

companies provide data processing, hosting and other gateway services, and a host of major communications providers are in the state, including Verizon and IDT. Northern New Jersey, with its proximity to the financial markets of New York, has become a prime location for massive data centers that serve financial services and other industries. Beyond the proximity to New York, the data centers can take advantage of New Jersey’s lower real estate and construction costs, state-ofthe art fiber optic networks and trained workforce. An Innovative Edge The skilled, well-educated pool of workers is a key reason the ICT supercluster has blossomed. Rutgers, the State University of New Jersey, supplies a steady stream of workers to the industry through its 39-credit Information Technology and Informatics undergraduate program at the School

by the numbers

31,000 Communications and IT companies in New Jersey

5,300 Companies in the sector employing 10 or more workers

1,000 Data processing, hosting and other gateway service providers in New Jersey

20 Percentage of workers in the sector in New Jersey with master’s degree or higher

Rutgers University offers a degree program in Information Technology and Informatics. photo by brian mccord

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p h o t o c o u r t e s y o f R u tg e r s , T h e S tat e Un i v e r s i t y o f N e w J e r s e y

Clockwise from above: Rutgers University helps keep the state’s communications sector supplied with quality workers.; Stew Mohr, director of the Information Technology and Informatics program at Rutgers; Verizon has invested more than $1.5 billion in the Garden State on advanced communications networks to carry high-speed voice and data. Verizon’s New Jersey corporate offices are housed in a historic Art Deco building in downtown Newark. More than 250 students are enrolled in the Information Technology and Informatics undergraduate program at the School of Communication and Information at Rutgers.

of Communication and Information. “The program, which has more than 250 people enrolled at a time, trains students to evaluate, implement, use and manage information technologies for a range of organizations and corporations and unites the humanities and social sciences with practical, computerbased competencies,” says Stew Mohr, director of the undergraduate Information Technology and Informatics Program at Rutgers. Mohr notes that the university constantly reevaluates the course of study to ensure that the academic

offerings remain relevant to the business demands of employers and that students are positioned to serve as industry leaders and innovators into the future. Ripe for Growth The growing clout of New Jersey’s ICT supercluster was the key reason Indiana-based IT consulting firm Telamon Corp. chose to pack up operations at its regional hub in Levittown, Pennsylvania, and move its employees across the river to South Brunswick, N.J. The company needed the right

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location to handle its rapidly growing East Coast client base. Easy access to new customers along the New Jersey Turnpike, along with New Jersey’s generous state tax incentives and pool of highly-educated tech workers, made the decision an easy one for company executives. “We are thrilled to have an opportunity for expansion here and feel this is going to add to Telamon’s growth potential in coming years, as well as support the local economy,” says Stephanie Furhmann, president of the Telamon Technology Integration Group.

p h o t o c o u r t e s y o f Wa l ly G o b e t z

brian mccord

p h o t o c o u r t e s y o f R u tg e r s , T h e S tat e Un i v e r s i t y o f N e w J e r s e y

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Energy/Technology

Clean and Green New Jersey powers up an active renewable energy industry Story by Anita Wadhwani

rom utilities pioneering sustainable efficiencies to startups and tech and investment firms focusing on solar and wind power, New Jersey is leading the way for innovations in clean and renewable energy. New Jersey now ranks seventh in the nation for attracting venture capital investment in clean-energy projects. Solar and wind developments are also increasingly gaining traction in the state. In 2010, New Jersey Governor Chris Christie signed into law a wind energy bill that provides $100 million in tax credits for companies manufacturing components for wind turbines and a market-based incentive program for developers of wind farms off the coast. The state has also invested $322 million in nearly 6,000 solar power installations. spurring Green investment To reduce New Jersey’s carbon footprint, the New Jersey Economic Development Authority created Clean Energy Solutions, a constantly evolving financing suite launched for new and existing businesses interested in joining an emerging green economy.

In September 2010, the program offered millions in financing funded by federal stimulus dollars to companies pursuing cogeneration projects. Longtime fossil fuel company NRG Energy, a Princeton-based independent power producer that has led dozens of cogeneration projects, is investing an estimated $13.8 million in a cogeneration facility that will combine heat and energy at the University Medical Center in Plainsboro. “While the vast majority of our plants run on fossil fuels, we recognize the country’s need to move to a cleaner-energy economy, and we’re doing things in a lot of corners to make that happen,” says David Gaier, NRG Energy communications manager. The new, state-of-the art hospital in Plainsboro will harness technology and design to create life-saving efficiencies, including high-tech robot spaces and smart operating rooms that respond to a surgeon’s voice commands to adjust temperature and lighting, and produce patient data.This high-tech, high-efficiency approach is also being

The Jersey-Atlantic Wind Farm in Atlantic County Photo courtesy of Mortenson

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Perth Amboy, N.J. A Center for Renewable Energy N

ew Jersey has become a national leader in solar energy – second only to California in solar capacity and first when calculated on a per-capita basis – thanks to generous state financial incentives. Now the state is looking to do the same with other renewable energy sources. Perth Amboy is positioned to become a center within the state for wind, solar and other renewable energy technologies. The city has multiple redevelopment opportunities, including a designated 100-acre redevelopment site featuring over 1,700 feet of shoreline and a deep-water port, as the future site of ePort (“e” for energy). Businesses that locate to the city will receive available state and federal economic development incentives. Perth Amboy’s leadership believes that they are ideally suited to be one of the nation’s premier renewable energy research, development and manufacturing hubs. Chief among the city’s advantages is its prime waterfront location at the heart of the New York metropolitan area – one of the nation’s largest consumer markets. It is centrally located within the 10 eastern states, ranging from Maine to North Carolina, that have formed an Offshore Wind Energy Consortium to promote the development of offshore wind energy generation.

The city also boasts an outstanding transportation network, with easy access to major highways such as the New Jersey Turnpike, the Garden State Parkway, and Interstates 80, 95, 280 and 287; to rail and bus lines; and to nearby Newark Liberty International Airport. The ePort site is located on a major shipping route within the Port of New York and New Jersey – the largest port on the East Coast. It is accessible to the entire Atlantic seaboard and can easily accommodate the large barges and vessels required for the distribution and transportation of manufactured materials. If your company is looking for a site to locate a research facility, office or manufacturing plant, we invite you to visit Perth Amboy. Our economic development team is fully committed to an innovative economic development strategy that creates a welcoming environment for your business. For more information, please contact Helga van Eckert, Director of the Office of Economic and Community Development, Redevelopment, UEZ and BID at (732) 826-0290 or e-mail hvaneckert@perthamboynj.org.

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applied to the building’s energy source, an on-site Energy Center comprised of a central utility plant, a Combined Heat & Power (CHP) facility and a thermal energy storage system that will produce electricity, steam and chilled water. tapping natural resources New Jersey’s growing solar sector caught the attention of Italybased MX Solar, which is investing in its first U.S. operations in Somerset. MX Solar USA has opened its new, 138,000-square-foot production facility to design and distribute photovoltaic modules to the U.S. market. For large investors interested in experimenting with wind power, the New Jersey coast has proved particularly attractive. Internet giant Google and a group of technology and investment firms have set aside $1.8 billion to investigate building a network of deep-water transmission lines for future wind farms off the coast of northern New Jersey that will extend south to Virginia. The 7.5-megawatt Jersey-Atlantic Wind Farm was the first wind farm to be built in New Jersey and the first coastal wind farm in the United States. Located in Atlantic County, the project produces approximately 19 million kilowatt-hours of emission-free electricity per year, which is enough to power more than 2,000 homes.

New Jersey Wind Power a number of offshore wind projects are under way New Jersey has awarded millions of dollars toward development of advanced offshore wind projects off the Atlantic Coast, and the state has a total of 17.5 gigawatts of commercially-viable offshore wind potential – enough to power 4.8 million households. Projects under consideration or proposed include: • A $1.5 billion joint venture by Deepwater Wind and PSEG Renewable Generation to build 96 turbines 20 miles off the New Jersey Atlantic Coast.

• A 20-megawatt project by Fisherman Energy 3 miles offshore and a 330-megawatt wind farm 7 miles offshore. • NRG Bluewater Wind’s 350-megawatt project more than 13 miles from the coast. • A 700-megawatt offshore project by OffshoreMW Source: Offshore Wind in the Atlantic, a report by the National Wildlife Federation

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Port Elizabeth p h o t o c o u r t es y o f f l i c k r u se r v i t e l o n e

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Transportation

Where Business is on the Move World-class roads, ports, air and rail make New Jersey a transportation hub Story by Kevin Litwin

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ew Jersey’s economic might is in no small part connected to its vast transportation infrastructure that includes 38,000 miles of interstates and highways, port facilities at both ends of the state, and major rail and air service. “There are almost 9 million people in our state and more than 8 million people in New York City, so to have a business in New Jersey puts you right at the doorstep to the largest economic market in America,” says James Simpson, commissioner of the New Jersey Department of Transportation. “Numerous railheads, a well-thoughtout highway system and large airports help make the Garden State one of the critical commerce corridors in the country. Plus, the state is home to two of the biggest seaports in the world.” Simpson says the state’s transportation assets are a major reason companies select New Jersey for business investment. “The market is right here and is easily accessible, and transportation truly is a key reason for success,”

Newark Liberty International Airport is the 12th busiest airport in the United States. n e w j e r s e y e c o n o m i c d e v e l o p m e nt g u i d e . c o m

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Top export destinations for Port of New York and New Jersey (percentage of 2010 export volume)

China 27.2% India 8.4% Germany 3.4% United Kingdom 3.3% Brazil 3.3% South Korea 3.0% Belgium 2.6% Hong Kong 2.5% Netherlands 2.4% Italy 2.4% Source: Port Authority of New York & New Jersey

Simpson says. “New Jersey is the place to do any kind of business, and particularly if you want to do business internationally.” From New Jersey to Anywhere New Jersey boasts a robust transportation network that offers businesses quick and convenient connections to national and international markets. The Garden State has the highest density of railroads in the nation. Newark Liberty International is the 12th busiest airport in the United States and 29th busiest in the world, while Atlantic City International Airport handled 1.4 million passengers in 2010, setting a new volume record. With its 24,000 aviation industry jobs, Newark Liberty is one of the largest employment centers in the state. In South Jersey, the terminal at Atlantic City International is being expanded, and the state is upgrading the airport’s connection with the Atlantic City Expressway, which provides direct access to Atlantic City and Philadelphia. The state’s port facilities give companies doing business in New Jersey prime access to international

markets. New Jersey is home to the third-largest container port complex in the United States, and the Port of New York and New Jersey, with much of the activity centered in Newark, Elizabeth and Jersey City, is a $30 billion powerhouse for the state. In 2010, the Port of New York and New Jersey handled 5.3 million loaded and unloaded 20-foot equivalent unit containers, or TEUs. Overseen by the Port Authority of New York & New Jersey, the port complex supports more than 230,000 jobs directly and indirectly and generates $12 billion in annual wages. The South Jersey Port Corp. oversees the Port of Camden on the Delaware River, a major gateway of commerce and trade that offers access to the Atlantic Ocean. The port complex, which includes four terminals, has 35 tenants and specializes in handling break-bulk and container cargo. The port is the nation’s leader in handling import wood products, and in January 2011, it unloaded the single largest cocoa bean shipment from West Africa, more than 18,600 metric tons. The port also handles high volumes of perishables, such as

bananas and pineapple. Del Monte’s facility at the Port of Camden is the company’s largest fruit port and distribution center. Road ready New Jersey’s strategic location within a day’s truck drive of 100 million consumers gives the Garden State an enormous distribution advantage. “The New Jersey Turnpike is one of the best-known and most-utilized in the country, carrying interstate traffic between New York and Delaware,” Simpson says. The Garden State Parkway connects the New York metropolitan area to Atlantic City. Other key thoroughfares in New Jersey are the Atlantic City Expressway, Palisades Interstate Parkway and Interstates 76, 78, 80, 95, 195, 278, 280, 287, 295 and 676. The famed George Washington Bridge that connects New Jersey to New York City carries 300,000 vehicles a day, the heaviest load of vehicle traffic of any bridge in the world. “Transportation is certainly vital to New Jersey’s economy,” Simpson says, “Our state is lucky to have so many hauling and travel options.”

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Special Delivery New Jersey logistics advantages attract big-name companies A Who’s Who of prestigious names and profitable brands have major warehousing and distribution facilities in New Jersey, including Barnes & Noble, Toys R Us and Home Depot. Coca-Cola Enterprises is developing a state-of-the-art, environmentally sustainable distribution facility in South Brunswick and is expanding its existing operations in Carlstadt, which will keep the company and its 1,000 employees in the state. The soft drink company’s 240,000-square-foot South

Brunswick facility, scheduled to open in mid-2011, will employ 650 workers. The LEED-certified facility will consume 20 percent less energy than traditional buildings, decrease water consumption by 35 percent and utilize delivery trucks that require 30 percent less fuel. In Newark, Pitney Bowes expanded its mail services operations and opened the new International Mail Distribution Center in March 2010, bringing 180 jobs to the city and plans to create an additional 25 jobs. Pitney Bowes Mail Services is the nation’s largest provider of presort

services, aggregating outbound mail from organizations and enabling more mailers to gain postage discounts. The 76,000-square-foot facility, located in Newark’s Enterprise Zone, will process 50 million pieces of international mail per year. In February 2011, clothing design company alice + olivia by Stacey Bendet brought distribution and administrative operations to Secaucus, where a 75,000-squarefoot facility will create 70 jobs and help serve the 700 stores that sell the company’s products.

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Princeton University is the fourth-oldest college in the United States. photo by brian mccord

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Education

Well Schooled New Jersey places major emphasis on quality education

Story by Kevin Litwin

he strength of the Garden State’s economy is rooted in its highly educated and work-ready employee base, the product of heavy investment in its schools and a superior network of colleges and universities. New Jersey is home to 31 public and 33 private colleges and universities that combined have more than 440,000 enrolled students.

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Rutgers: A Research Powerhouse The public university system is anchored by Rutgers, the State University of New Jersey, a research powerhouse that in addition to its flagship location in New Brunswick includes campuses in Camden and Newark.

With undergraduate and graduate enrollment of more than 56,000, Rutgers draws students from all 50 states and more than 125 countries. U.S News & World Report ranked Rutgers in its top 25 for all public colleges and universities in the nation. More impressive, more than 200,000 of its 390,000 alumni live in New Jersey, where they help to supply the state with a highly knowledgeable workforce. The university offers more than 100 bachelor’s, 100 master’s and 80 doctoral and professional degree programs across 175 academic departments, and it consistently awards among the highest number of doctorates annually among U.S. universities.

Rutgers, the State University of New Jersey, has an enrollment of more than 56,000 undergraduate and graduate students.

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Clockwise from left: Montclair State University offers nearly 300 majors, minors, concentrations and certificate programs; Montclair State University is one of 31 public colleges and universities in the state; A student attends class at the College of Science and Mathematics at Montclair State University; Below right: Princeton University topped Forbes magazine’s America’s Best Colleges list in 2010.

Rutgers research is leading to innovation in everything from cancer research to clean energy to airport security to supply chain management. The university drew nearly $434 million in public and private sponsored research in fiscal 2010 and is just one of 63 research institutions selected to be in the prestigious Association of American Universities. The New Brunswick campus alone is home to 175 specialized centers that focus expertise on everything from AIDS research to fiber optics to nannostructured materials to water resource management. The New Brunswick campus includes 29 faculty members who are members of the National Academy of Sciences, the National Academy of Engineering, and the Institute of Medicine. Princeton Breeds Leaders The state is also home to one of the world’s most well-known centers of learning, Princeton University. The fourth-oldest chartered higher education institution in the country, Princeton has alums who can be found in leadership roles at the highest levels of business, academics and government – including two U.S. presidents and a Supreme Court Justice. The university, with enrollment of about 5,000 undergraduate and 2,500 graduate students, topped Forbes’ list of America’s Best Colleges in 2009. Princeton has major concentrations of research in engineering and applied sciences, natural sciences, social sciences and humanities. The university’s 1,355 research projects in its 2009-10 academic year drew more than $257 million in funding. The university is home to the U.S. Department

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Brian McCord

P h o t o s C o u r t e s y o f M i k e P e t e r s - M o ntc l a i r S tat e Un i v e r s i t y

of Energy’s Princeton Plasma Physics Laboratory, a 433-employee national center for research that will spearhead breakthroughs that make fusion a safe, economical and environmentally attractive energy source. Building a Better Workforce New Jersey’s higher education institutions, large or small, public or private, all place a premium on turning out students that are workforce ready. The state’s 19 community colleges provide degree and certificate programs designed to give graduates skills that will transfer into in-demand jobs or allow workers already on the job opportunities to brush up on skills or acquire new ones. At Essex County College in downtown Newark, students can select from 60 different majors in high-demand fields such as business, allied health, engineering technologies, green energy and computer science. “We offer an exciting journey that will transform your life and build a most promising future,” says Edythe Abdullah, Essex County College president.

New Jersey’s 31 public and 33 private colleges and universities provide the state’s employers with a highly skilled workforce.

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May the Workforce be With Us

Bio New Jersey www.bionj.org Brick City Development Corporation www.bcdcnewark.org

Agency touts employment and training The New Jersey State Employment and Training Commission (SETC) is a major component to ensuring that New Jersey’s workers, students and those seeking employment meet the knowledge and skill needs both today and in the future. The commission’s ultimate goal is to have the workforce throughout the state trained to 21st-century global business standards, thereby further strengthening the economy of New Jersey. “The SETC serves as a think tank for developing new and innovative workforce policies,” says Dennis Bone, New Jersey State Employment and Training Commission chairman and the president of Verizon New Jersey. The commission often brings together leaders from government, business, labor and the public to brainstorm new policy initiatives for workforce readiness. From there, the SETC relays the top suggestions to New Jersey’s governor and state professionals in the fields of employment, training and education.

Burlington County Chamber of Commerce www.bccoc.com

They Have the Answers The commission oversees workforce training in a variety of hot careers, including green jobs, health care, finance, IT, manufacturing, tourism, transportation and emerging technologies. The SETC also helps workforce trainees get answers to a variety of questions, such as: • How can I find out what careers might be right for me? • What are the high-demand jobs? • How can I get financial aid for college? • I was working and lost my job. Now what? “The commission seeks to provide each citizen of New Jersey equal access to the learning opportunities needed to attain and maintain high levels of productivity and earning power,” Bone says. Visit the New Jersey State Economic and Training Commission website at www.njsetc.net for more. – Kevin Litwin

Camden County Improvement Authority www.camdencounty.com Choose New Jersey www.choosenj.com City of Asbury Park www.inapnj.com City of Hoboken www.hobokennj.org City of Millville www.millvillenj.gov City of Perth Amboy www.perthamboybusiness.com City of Vineland www.vinelandcity.org Elizabeth City www.edcnj.org Jersey City www.jcedc.org Mercer County Office of Economic Development www.mercercounty.org Mercer Regional Chamber of Commerce www.mercerchamber.org Monmouth County Economic and Workforce Development www.visitmonmouth.com New Brunswick Development Corporation www.devco.org New Jersey Business Incubation Network www.njbin.org New Jersey Chamber of Commerce www.njchamber.com NJM Insurance Company – New Jersey Business & Industry Association www.njm.com Ocean County www.planning.co.ocean.nj.us Perth Amboy Redevelopment Agency PNC Bank www.pnc.com

Ant o n y B o s h i e r

Princeton Regional Chamber www.princetonchamber.org

The Port Authority of New York & New Jersey www.panynj.gov Trenton Urban Enterprise Zone www.trentonuez.org

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Livability

From the Coastline to the Cities New Jersey: A state of culture, recreation and natural splendor

Story by Kevin Litwin

nderpinning New Jersey’s attraction as a place to invest and grow a business is the unparalleled diversity the state offers as a place to live. The state boasts world-class arts and culture, big-city entertainment, professional and collegiate sports, natural beauty, boundless outdoor opportunities and some of the nation’s best beaches. New Jersey ranked fifth among states for quality of life on Forbes magazine’s Best States for Business 2010 report, and four New Jersey communities – Franklin, Middleton, Piscataway and Wayne – were on cnnMoney.com’s Best Places to Live list in 2010. With all its advantages, attractions and lifestyle options, it’s no surprise that a 2010 poll by Rutgers University found that a majority of residents rated New Jersey as an excellent place

to live. The major attributes listed included beaches, overall natural environment, and a diversity of attractions. The Arts and Culture Scene In a state that has a highly diverse population, it’s no surprise that New Jersey offers a highly diverse cultural menu that includes world-class art galleries, museums and performance centers. The New Jersey Performing Arts Center (NJPAC) in Newark is a showcase for performers, symphonies, dance troupes and theater acts of national and international stature, and is home to the New Jersey State Opera and New Jersey Symphony Orchestra. Downtown Newark has undergone a renaissance, keyed by the 80 galleries of the Newark Museum, which include permanent collections of African, American, Asian and Classical works; an 1885 Victorian-era home that is on

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the National Register of Historic Places; natural science exhibits and a planetarium. The museum also anchors a vibrant downtown arts district featuring galleries, performance venues and live theater, such as the African Globe Theatre Works, an independent company that stages productions by and about people of African descent. New Jersey’s universities offer more than high-quality education – they’re also major centers of art and culture. At Rutgers, the State University of New Jersey, the Zimmerli Art Museum holds 60,000 works and is the thirdlargest university art collection in the world. Princeton University includes an art museum and a performance hall that hosts some 200 events a year, including the renowned Westminster Choir. Each summer, the Metropolitan Opera stages a series of free outdoor

Barnegat Light on the northern tip of Long Beach Island photo courtesy of flickr user thisisbossi

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Newark Museum in downtown Newark

park performances in Montclair and Pennsauken. If musical theater suits you, you’ll enjoy the Papermill Playhouse in Millburn. If you prefer a play, the Shakespeare Theatre of New Jersey draws audiences of more than 100,000 adults and children annually for productions of the Bard’s classic masterworks on its main stage in Madison and its outdoor stage in Convent Station. In its 200,000-square-foot home in Camden, the Adventure Aquarium allows visitors to “explore” a West African river that features hippopotamuses, crocodiles, porcupines; to see more than 20 species of African birds in a free-flight aviary; and to be surrounded by sharks in a suspended 40-foot walkthrough tunnel. The sporting life is in high form in New Jersey, home to the Giants and Jets of the National Football League, who play their home games in the

$1.6 billion New Meadowlands Stadium in East Rutherford. The Nets of the National Basketball Association and the National Hockey League’s New Jersey Devils also call New Jersey home. Major college sports include the Scarlet Knights of Rutgers, who play football in the Big East Conference. As would be expected from a state that attracts people from all over the world, New Jersey is a smorgasbord of cultural cuisine, from Italian to Portuguese, Mexican to South American, Caribbean to African, and often in the same neighborhood. The state has more than 23,000 restaurants, including 500 diners, making it the diner capital of America. The Shore and the Outdoors New Jersey is known for a number of things, but perhaps most famously for its beaches – 130 miles of coastline and fabled beach communities such as Ocean Grove, Point Pleasant Beach

and Wildwood, and such gems as Cape May – recently ranked as one of the top ten beaches in the world by Trip Advisor. The entire city is a National Historic District with neighborhoods lined with restored federal townhouses and Victorian homes. At the other end of the state, the Sandy Hook Unit of Gateway National Recreation Area draws more than 2 million visitors annually to enjoy its historic landmarks, natural areas and ocean and bay beaches for swimming, fishing, scuba diving, surfing, wind surfing and bicycling. Asbury Park, the beach community where Bruce Springsteen, Southside Johnny and other rock luminaries first gained fame, has undergone a major transformation – from the Boardwalk to the center city – that includes more than $170 million in new development, new restaurants and shops, public attractions and development of upscale condominiums.

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From top: Atlantic City Boardwalk; Emlen Physick Estate in Cape May, the oldest resort community in the country

Peace and Quiet Away from the urban areas, New Jersey’s smaller communities offer an unparalleled quality of life set among some beautiful natural landscapes. Lambertville in central New Jersey traces its roots to 1705 and its neighborhoods are lined with gorgeous old homes, as well as antique shops, art galleries and locally-owned eateries. Montclair in northern New Jersey is home to the 246-acre campus of Montclair State University, along with 175 acres of park and 20 arts organizations that include the Montclair Art Museum. Away from major cities and the surf, New Jersey offers an abundance of opportunities to experience nature and the outdoors. The 70,000-acre Delaware Water Gap National Recreation Area offers 100 miles of scenic hiking trails, including more than 27 miles of the Appalachian Trail and a range of activities from kayaking and swimming to fishing and nature watching. Though it is a bustling state of more than 8.7 million people, New Jersey also offers plenty of elbow room. More than a third of the state is rural and sparsely populated and known for its scenic splendor. The Pine Barrens, for example, is a heavily forested area stretching across southern New Jersey that encompasses 1.1 million acres – an amazing 22 percent of New Jersey’s land area. New Jersey’s nickname, the Garden State, is believed to have been coined in the 1870s to refer to its vast agriculture resources. Given all it has to offer, it’s no stretch to say the Garden State blossoms with opportunities to enjoy life to the fullest.

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The storied Stone Pony and Wonder Bar entertainment spots now book more than 400 shows a year. And the historic Paramount Theater has undergone an extensive renovation and hosts numerous musical and entertainment acts. Asbury Park even has its own smartphone app, giving users a 365-day calendar for local events and listings.

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P h o t o b y D av i d S t e e l e c o u r t e s y o f R at ’ s R e sta u r a nt

Rat’s Restaurant in Hamilton

State of Treasures New Jersey is overflowing with cultural, recreational and entertainment attractions from one end of the state to the other. Here are just a few examples of the many well-known gems and hidden treasures the Garden State offers:

Life Is a Beach Ocean City is used to accolades. The South Shore destination is one of the state’s best family vacation spots and was voted New Jersey’s No. 1 beach in 2009 and 2010. It was also voted the No. 1 beach for ecotourism, and Surfer Magazine has tagged Ocean City one of America’s Top 10 Surf Towns.

Liberty for All The Statue of Liberty is actually located in the Garden State inside Liberty State Park-Ellis Island. Liberty State Park formally opened on Flag Day, June 14, 1976, as New Jersey’s bicentennial gift to the nation. Most of the 1,122-acre park is open

space, with 300 acres developed for public recreation.

famous for its bear and lion cub breeding programs.

Eat at Rat’s

Beautiful Sunset

One of the most romantic restaurants in New Jersey has an unusual name. Rat’s Restaurant in Hamilton is an upscale eatery that features contemporary French cuisine. In addition to excellent food, the restaurant features rustic fireplaces, handcrafted cocktails, and eclectic beer and wine. Rat’s has even been named Most Romantic Restaurant by Philadelphia Magazine.

The best known destination along the Jersey shore for unobstructed sunsets is Sunset Beach near Cape May Point along the Delaware Bay. It is noted for quiet settings and is ideal for families. Sunset is not a swimming beach, but is famous for millions of clear quartz crystals that can be found (and collected) along the beach’s length.

Weird, Wild Stuff The largest collection of North American wildlife in the world is in northern New Jersey at Space Farms Zoo & Museum. The 100-acre attraction in Sussex features more than 500 animals in their natural surroundings. Space Farms Zoo also has many exotic species from around the world, and is internationally

Please Do Touch One of the best hands-on, fun destinations for kids is the New Jersey Children’s Museum in Paramus. The attraction has more than 30 interactive exhibits that include a real fire truck, a real helicopter, play ballet studio, dinosaur cave and medieval castle. The museum is also available for special party activities and birthdays. – Kevin Litwin

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Gallery

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Surfing in Seaside Heights Photo by Brian McCord

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Statue of Liberty on Liberty State Park-Ellis Island Photo by Brian McCord

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Gallery

Trump Taj Mahal and Showboat Casino Resort in Atlantic City Photo by Brian McCord

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economic profile Business snapshot

Population 2010: 8,791,894 2000: 8,414,350 Change: 4.5% Housing Units: 3,526,453 Change From 2000: 6%

New Jersey has a diverse and innovative economy that includes major pharmaceuticals, life sciences, financial services, advanced manufacturing, renewable energy, and transportation and logistics sectors. Twenty Fortune 500 companies are headquartered in the state, which also has operations for more than 1,100 multinational companies representing 40 nations. The state ranks sixth for foreign direct investment. With a Gross Domestic Product of $482 billion in 2009, if it were a standalone country, New Jersey would rank as the 19th-largest economy in the world.

Persons Under 5 Years Old (2009): 6.4%

Edison: 99,967

Persons Under 18 Years Old (2009): 23.5%

Lakewood: 92,843

Persons 65 Years Old and Over (2009): 13.5%

Hamilton: 88,468

White Persons (2009): 75.8%

Clifton: 84,136

Persons of Hispanic or Latino Origin (2009): 16.7% Black Persons (2009): 14.5% Asian Persons (2009): 7.8%

Labor Force

4,468,700 Civilian Labor Force

3,828,900 Nonagricultural Employment

$46,957 Per Capita Personal Income (2009)

$70,347 Median Household Income (2009)

Major Population Centers (2010)

Woodbridge: 99,585

Commercial Service Airports: Atlantic City Airport www.acairport.com

Toms River: 91,239

Newark Liberty Airport www.panynj.gov/airports/ newark-liberty.html

Trenton: 84,913 Camden: 77,344

Highways More than 38,000 miles of interstates and highways, including Interstates 76, 78, 80, 95 and the Garden State Parkway

Major industry sectors (2011) Trade, Transportation & Utilities: 22%

Railroad

Government: 16.3% Education & Health Services: 15.9% Professional & Business Services: 15.2% Leisure & Hospitality: 8.7% Financial Activities: 6.7% Manufacturing: 6.6% Other Services: 4.1% Construction: 3.3% Information: 2%

Housing Market Median Value for Home or Condo (2009) Newark: $288,500

The state includes 1,000 miles of rail freight lines served by short line, regional and national railroads.

Water Port Authority of New York/ New Jersey www.panynj.gov/ South Jersey Port Corp. www.southjerseyport.com Mean Travel Time to Work: 30 minutes

educational attainment (2008)

Newark: 277,140

Patterson: $316,000

87.4%

Jersey City: 247,597

Elizabeth: $329,300

High School Graduate or Higher

Paterson: 146,199

Edison: $366,300

Elizabeth: 124,969

New Jersey: $348,300

Jersey City: $361,000

What’s Online For more in-depth demographic, statistical and community information about New Jersey, go to newjerseyeconomicdevelopmentguide.com and click on Demographics.

Transportation

34.4% Bachelor’s Degree or Higher

Sources: www.city-data.com quickfacts.census.gov www.bea.gov

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Through the Lens

Get the Story Behind the Photo Now that you’ve experienced New Jersey through our photos, see it through the eyes of our photographers. Visit newjerseyeconomicdevelopmentguide.com to view our exclusive photographers’ blog documenting what all went in to capturing those perfect moments.

From Our Photo Blog: New Jersey Last week I shot the Statue of Liberty and Ellis Island for the New Jersey Economic Development Guide. It was amazing to see this colossal sculpture that once greeted millions of immigrants to the United States. Ferries are available to take passengers from New York and New Jersey to the Statue of Liberty National Monument and Ellis Island. Visitors can go 89 feet high to the top of her pedestal, standing by her feet to view the Manhattan skyline, or hike another 354 steps inside the statue to see the view from inside the crown. The inside of the Statue of Liberty is shown here. Posted by Brian mccord

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