New Jersey Economic Development Guide 2013 by Journal Communications

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Highly Educated, Perfectly Located State creates ideal business climate

Industrial Strength

New initiatives spur resurgence in manufacturing

Getting the Job Done Strong programs yield workforce advantage

Sponsored by the New Jersey Partnership for Action | 2013

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economic development guide

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Workstyle Highly Educated, Perfectly Located

New Jersey creates the ideal climate for business growth

The Right Formula

New Jersey shapes winning environment for life sciences, biopharmaceuticals

Industrial Strength

New programs spur manufacturing resurgence

Wealth of Talent

Garden State cultivates strong financial services sector

Green Means Grow

A clean-energy economy takes root in New Jersey

Getting the Job Done

Strong programs deliver a workforce advantage Table of Contents Continued on Page 7

On the Cover The Katyn Memorial in downtown Jersey City Photo by jeff adkins

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ergen

County

Where you can have it all!

Please contact: Bergen County Economic Development Corporation (BCEDC) Maggie Peters, Director 201.336.7500 or mpeters@co.bergen.nj.us Visit us at www.co.bergen.nj.us/bcedc

Insight

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Overview

Business Almanac

Transportation & Logistics

Technology

Education & Workforce

Livability

Gallery

Economic Profile

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economic development guide

Digital Edition Green Means Grow Garden State cultivates clean-energy economy

Story by Kathryn Royster Photography by Jeff Adkins

ew Jersey has a growing and diverse green-collar economy that employs more than 200,000 workers in areas ranging from renewable energy production to green building construction to green design to environmental remediation. The state has established itself as a national leader, thanks in part to an economic climate that supports clean-energy companies at every of the energy pipeline. FROM INCUBATION ... New Jersey’s support for clean energy starts with initiatives like the New Jersey Clean Energy Resource Network (NJ CERN), led by the Rutgers EcoComplex, and the New Jersey Meadowlands Commission Business Accelerator. NJ CERN offers the Clean Energy Innovation Work Group, whose panel of experts evaluates the performance and market viability of new cleanenergy technologies. “It gives startup companies a way to show that their technology has been verified, so they’ll have a

NEW JERSEY ECONOMIC DEVELOPMENT GUIDE

Fluitec International helps cleanenergy companies be more efficient.

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economic development guide 201 3 Edition , volum e 2 Director of content Bill McMeekin Proofreading Manager Raven Petty Content Coordinator Jessica Walker Staff Writer Kevin Litwin Contributing writers John Fuller, M.V. Greene, Melanie Hill, John McBryde, Kathryn Royster, Stephanie Vozza, Gary Wollenhaupt

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Integrated Media Manager Bryant Grantham, Matt McWhorter Ad Production Manager Katie Middendorf Ad Traffic Assistants Krystin Lemmon, Patricia Moisan

Highly Educated, Perfectly Located State creates ideal business climate

Chairman Greg Thurman President/Publisher Bob Schwartzman

Industrial Strength

New initiatives spur resurgence in manufacturing

Executive Vice President Ray Langen Senior V.P./Sales Todd Potter Senior V.P./Operations Casey Hester Senior V.P./Client Development Jeff Heefner Senior V.P./business Development Scott Templeton Senior V.P./Agribusiness Publishing kim holmberg

Getting the Job Done

Lifestyle

Strong programs yield workforce advantage

Find out what it’s like to live in New Jersey and what makes the state such a special place to be

V.P./business Development Clay Perry V.P./external communications Teree Caruthers V.P./Visual Content Mark Forester V.P./Content Operations Natasha Lorens V.P./travel publishing susan chappell

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Read the magazine on your computer, zoom in on articles and link to advertiser websites

V.P./Sales Rhonda Graham, Herb Harper, Jarek Swekosky Controller Chris Dudley

site guide >>

Senior Accountant Lisa Owens Accounts Payable Coordinator Maria McFarland

A link to available commercial

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and industrial properties with

Sales Support project manager sara quint system administrator Daniel cantrell

a searchable database

Web Creative Director Allison Davis Web Content Manager John Hood Web project manager noy fongnaly

success breeds success >>

Web Designer II richard stevens Web Development Lead Yamel Hall Web Developer I Nels noseworthy Photography Director Jeffrey S. Otto

Workstyle

Creative Services Director Christina Carden

A spotlight on the state’s innovative companies

Creative Technology Analyst Becca ary

Meet the people who set the pace for business innovation

Audience Development Director Deanna Nelson New Media Assistant Alyssa DiCicco

Dig Deeper >>

Distribution Director Gary Smith Executive Secretary Kristy Duncan

Plug into New Jersey with

Human Resources Manager Peggy Blake

links to local websites and

Receptionist Linda Bishop

resources to give you a big picture of the state New Jersey Economic Development Guide is published annually by Journal Communications Inc. and is distributed through the New Jersey Partnership for Action. For advertising information or to direct questions or comments about the magazine, contact Journal Communications Inc. at (615) 771-0080 or by email at info@jnlcom.com.

Demographics >> A wealth of demographic and statistical information

For more information, contact: New Jersey Business Action Center 225 W. State St. • Trenton, NJ 8625 Phone: (866) 534-7789 www.nj.gov/njbusiness

Visit New Jersey Economic Development Guide online at businessclimate.com/new-jersey ©Copyright 2012 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

New Jersey Makes it Easier for Business to Do Business 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 significant strides to transform our notoriously poor tax climate; and we created the New Jersey Partnership

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 in the United States for quality of life.

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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 progrowth 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 Fluitec International 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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Chris Christie, Governor

C A P E M AY Cape May Court House

Kim Guadagno, Lt. Governor

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Almanac Betting Big Following a successful soft launch in April 2012, Revel in Atlantic City formally opened in May, a $2.4 billion investment that includes a hotel, casino and theater as well as 10 swimming pools, 14 restaurants, three clubs, 46 shops and a 28,000-square-foot spa. At 47 stories, the 1,300-room Revel is the tallest structure in Atlantic City and the second-tallest in New Jersey. The casino features more than 2,500 slot machines and 120 table games. Revel’s 5,050-seat theater gives patrons exciting live entertainment from performers such as Maroon Five, Seal and Kid Rock, to name a few. Learn more at www.revelresorts.com.

Swimming in Sea Life A centerpiece of waterfront development efforts in Camden is the Adventure Aquarium, the fifth-largest aquarium in the nation. The 200,000-square-foot attraction includes 8,500 creatures housed in 2 million gallons of water. It is the only aquarium in the world to exhibit hippopotamuses, and one of only two aquariums in the country exhibiting the Hammerhead shark. Adventure Aquarium is just one of a handful of venues that offers opportunities to touch aquatic creatures including stingrays and sharks. These hands-on exhibits give Adventure its reputation as “America’s Most Touchable Aquarium.” Visit www.adventureaquarium.com for more information.

Combat Boots to Business Suits When the Army announced in 2005 that it would close Fort Monmouth, following the federal Base Realignment and Closure Commission’s recommendation, it opened the door for a tremendous opportunity for the region. When the installation officially closed in September 2011, it opened more than 1,100 acres in Oceanport, Eatontown and Tinton Falls for other uses. Led by the Fort Monmouth Economic Revitalization Authority, redevelopment efforts are focused on attracting investors, developers and employers to the property to spur private investment and create a diverse range of jobs. CommVault, a data and information management software firm, plans to build its world headquarters on a 55-acre site at Fort Monmouth. For more information, visit www.fortmonmouthredevelopment.com.

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Real Estate Promises Real Revenue New Brunswick is the site of two major developments that together represent an investment of more than $250 million. The Gateway will be a mixed-use property standing 295 feet above New Brunswick’s train station, and will become the city’s tallest building. Once completed, it will include a structured parking facility, 50,000 square feet of office space, 65,000 square feet of retail space and a 16-story residential tower with 150 apartments and 42 condominiums. The Wellness Plaza will be a hub of fitness-oriented retailers and activities near The Gateway, and will include a 1,200-car parking garage, supermarket, and fitness and aquatic center operated by Robert Wood Johnson University Hospital.

The Champion’s New Home Opened in April 2010, the New Meadowlands Stadium replaced the former Giants’ Stadium, which had been home to football’s New York Giants since 1976. It became known officially as MetLife Stadium after the insurance company acquired naming rights in 2011. MetLife Stadium is home to both the New York Jets and Super Bowl champion Giants, making it the only National Football League stadium shared by two teams. Its construction cost of $1.6 billion made it the most expensive NFL stadium ever built.

The Sky’s the Limit Jersey City is home to several skyscrapers that impress and inspire. Goldman Sachs Tower was built in 2004 and, at 781 feet, is the tallest building in New Jersey and the 54th-tallest in the United States. Constructed in 2008, Trump Plaza Residences is 532 feet tall and contains 445 residential units on 55 floors, yielding more than 1.74 million square feet of living space. Trump Plaza Residences is the tallest residential building in New Jersey. Adding to the Jersey City skyline are Monaco North and Monaco South, two residential buildings totaling nearly 525 units. The 50-story towers offer such amenities as a health and fitness center, a heated outdoor swimming pool, comprehensive business center and 24-hour valet and concierge services. Find more information at www.monacojc.com.

This unique facility will host Super Bowl XLVIII in 2014 as well as WrestleMania XXIX in April, 2013. These premier events as well as NFL games will draw hundreds of thousands of patrons to the numerous area retailers that surround and support the stadium. For additional information, go to www.metlifestadium.com.

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THE BUSINESS CLIMATE IS HEATING UP IN THE GARDEN STATE BusinessClimate.com brings you New Jersey in a whole new way FACTS & STATS

LIVABILITY

COOL COMPANIES

TOP INDUSTRIES

TOP EMPLOYERS

TWITTER

Dive into the details, demographics and information

Learn how leading-edge businesses are breaking new ground

Find out who the major players are

What makes the state a great place to live, raise a family and have fun

Key industry segments that drive the economy

Stay connected with the latest developments

TRENDS

Pinpointing the deals and developments that shape the economy

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A History of Service In addition to being the Garden State’s capital, Trenton is home to an American landmark that predates the creation of the nation. The Old Barracks is historically significant as the only standing barracks in the United States that once housed soldiers in the French and Indian War, fought between 1754 and 1763. During the Revolutionary War, the Barracks served George Washington and his forces in the Colonists’ victory over Hessian mercenaries fighting for Britain. Today, the Barracks regularly invites 20,000 school children to step back in time and learn about the conditions and importance of the Colonists’ way of life, making the Barracks one of the most visited sites in New Jersey. See more at www.barracks.org.

Slightly Ahead of Its Time A famed electronics company is making a major commitment to New Jersey. Panasonic Corporation of North America will open its new North American headquarters in Newark by 2013. The move to a new state-of-the-art, 12-story building under construction in downtown Newark will keep 800 jobs in New Jersey and create 200 new ones.

they did it first It is a state with its eyes set square on the future, but New Jersey’s past provides a number of major innovations and “firsts” in the nation.

Panasonic is offering employees trips to Newark to help them become familiar with its attractions, including restaurants, parks and the New Jersey Performing Arts Center, to name a few. Visit www.panasonic.com for more information.

You might know that the world’s first boardwalk was built in 1870 at Atlantic City and the first movie, phonograph and incandescent light were developed by Thomas A. Edison in New Jersey. But Edison was not alone in pioneering products in the state. The first solid body electric guitar was invented by Les Paul of Mahwah in 1940. According to the About NJ page on the state’s nj.gov website, New Jersey enjoys a whole range of firsts - from the first drive-in theater (built in Camden in 1933) to the first submarine (built in 1878 in Passaic County) to the first first live radio broadcast of a World Series (on WIZ in Newark in 1921.)

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Business Climate

Highly Educated, Perfectly Located New Jersey creates a winning formula for growth

Story by John McBryde Photography by Jeff Adkins

hough its nickname as the Garden State refers to its roots in agriculture and food production, New Jersey blossoms with innovation, opportunity and promise. The stateâ&#x20AC;&#x2122;s recipe for growth blends a set of powerful ingredients, including a highly educated workforce, major transportation and logistics advantages, a diverse and innovative industry mix, and a government that is committed to making it easier for companies to do business in the state. Those efforts are bearing fruit. The Garden Stateâ&#x20AC;&#x2122;s $487 billion highly diverse economy is anchored by major concentrations in financial services, advanced manufacturing, and logistics and breakthrough industries, including biopharmaceuticals, life

The sun sets over the downtown Newark skyline. Many companies have regional headquarters in Newark.

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sciences, information technology and renewable energy, where the state has earned a global reputation. New Jersey is a highly desirable corporate address, home base for 21 companies on the 2012 Fortune 500 and major operations from a roster of globally known companies such as Bank of America, Verizon, L’Oreal USA and Stryker Orthopaedics. The Right Connections The state’s sophisticated and fully integrated transportation infrastructure makes it a logistical leader and focal point for international commerce. More than 130 million consumers live within a day’s drive of New Jersey, and its port assets include the busiest maritime cargo center on the East Coast. A survey by Area Development magazine of site location consultants put the state third for highway and rail accessibility on the 2012 Top States for Doing Business rankings. New Jersey’s logistics advantages and world-class shipping facilities have cemented the state’s reputation as an export leader. More than $38.1 billion in goods were shipped from the state in 2011, up more than 18.5 percent from the previous year. The state is a major exporter of chemicals, petroleum products, computers and electronics, and transportation equipment, among others. According to the Organization for International Investment, New Jersey ranks

seventh among states in the number of jobs at U.S. subsidiaries of global companies – more than 223,000 jobs in total or nearly 7 percent of the state’s private-sector workforce. Powered by Knowledge One of the state’s key strengths is in the skill and education of its workforce, owing in no small part to the high quality of its 63 public and private colleges and universities. New Jersey ranks fifth among states in educational attainment, with more than 34 percent of adults over age 25 holding a bachelor’s degree or higher. CNBC ranked the state No. 4 for quality of education on its 2012 America’s Top States for Business rankings. New Jersey claims 184,000 workers in science-related professions and the highest concentration of scientists and engineers in the world. It ranks first among states in the employment of chemists, second for biochemists and third for microbiologists. The life sciences and biopharmaceutical sector alone employs more than 125,000 people in the state and numbers 17 of the world’s 20 largest biopharmaceutical companies including Merck, Johnson & Johnson and Bristol-Myers Squibb. Business-Friendly Climate The positive economic momentum has not been by accident.

Under the leadership of Governor Chris Christie, the state has created a coordinated and highly focused effort to promote investment and jobs. Since the governor took office in 2010, New Jersey has added nearly 85,000 new private-sector jobs. In 2011, the state posted its best private sector job growth year in more than a decade, according to Rutgers University research. The New Jersey Partnership for Action, led by Lt. Governor Kim Guadagno, consists of three highly focused organizational elements – the New Jersey Business Action Center, the New Jersey Economic Development Authority and Choose New Jersey – that attract new business investment and link companies to incentive programs. Among its efforts to stimulate business expansion, the Christie Administration has awarded $1.7 billion in tax incentives for companies across a variety of industries to create and retain jobs in the state, and raised its research and development tax credit program from 50 percent to 100 percent. It is that type of commitment that was recognized in 2012 by national site selection trade publication Business Facilities, which awarded its inaugural Achievement in Reorganization of Economic Development Award to the Partnership for Action in recognition of the scope of its

New Jersey Fortune 500 Companies (overall ranking) Medco Health Solutions, Franklin Lakes (33) Johnson & Johnson, New Brunswick (42) Prudential Financial, Newark (55) Merck, Whitehouse Station (57) Honeywell International, Morris Township (77) Toys “R” Us, Wayne (194) Chubb, Warren (202) Public Service Enterprise Group, Newark (24) Automatic Data Processing, Roseland (269) NRG Energy, Princeton (284) Bed Bath & Beyond, Union (294)

Hertz Global Holdings, Park Ridge (309) Great Atlantic & Pacific Tea, Montvale (317) Becton Dickinson, Franklin Lakes (333) Campbell Soup, Camden (334) Quest Diagnostics, Madison (341) Cognizant Technology Solutions, Teaneck (398) Avis Budget Group, Parsippany (418) Sealed Air, Elmwood Park (433) Avaya, Basking Ridge (442) Celgene, Summit (492)

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P h o t o C o u r t e s y o f M i k e P e t e rs

economic development reorganization initiative. “Business Facilities continues to be impressed with this reorganization’s focus on a steady improvement of the state’s business climate. We believe the Partnership for Action now has the plan and structure in place to move New Jersey into the top rank of national economic development leaders,” says Jack Rogers, Business Facilities editorin-chief. “The change has been dramatic and effective.” Business Facilities also noted the state’s strengths in such areas as biotechnology in its 2012 Best States rankings, placing it at the top in such categories as biotechnology strength and workforce health and safety. “This ranking confirms that the Christie Administration’s pro-business policies, along with New Jersey’s highly educated workforce, are successfully working to restore the Garden State’s reputation as a prime location for companies to invest and grow,” Lt. Gov. Guadagno says. “Businesses around the state and the nation are taking note that the New Jersey Comeback is indeed underway.”

The New Jersey Advantage • Highest concentration of professionals in sciencerelated fields, according to BioNJ Talent Resource Handbook 2011

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• No. 1 state for biotechnology strength, specialization leaders, Business Facilities magazine, July/August 2012

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• No. 1 state for broadband telecommunications and No. 2 state for information technology jobs, Kauffman Foundation & Information Technology and Innovation

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Foundation, 2010 State New Economy Index No. 1 state in workforce health and safety, Business Facilities magazine, July/August 2011 No. 2 state for installed solar power capacity, Business Facilities magazine, July/August 2012 No. 4 state for entrepreneurship, University of Nebraska-Lincoln Bureau of Business Research, July 2011 No. 4 state for education, CNBC’s 2012 Best States for Business

High Praise new jersey organizations acknowledged for top-notch economic development efforts Business Facilities magazine awarded the New Jersey Partnership for Action its Achievement in Reorganization of Economic Development Award in 2012. The awards program honors agencies and organizations that have established and executed the best practices in economic development. The Partnership for Action includes three entities – the New Jersey Business Action Center, the New Jersey Economic Development

Authority and Choose New Jersey – that focus on economic development services, linking companies to incentive programs and attracting international investment. The magazine cited Gov. Chris Christie’s comprehensive reorganizations of statewide economic development and the Partnership for Action’s “focus on a steady improvement of the state’s business climate.” The magazine also awarded the New Jersey

Economic Development Authority its Achievement in Targeted Incentives Award, citing the Urban Transit Hub Tax Credit program as a growth driver for the state’s urban centers. Newark’s Brick City Development Corporation won the Achievement in Downtown Revitalization Award. “Newark, NJ is undergoing a renaissance that is transforming its downtown into a model of 21st century urban development,” Business Facilities noted. b u si n ess c li m a t e . c o m / n e w - je r se y

The Right Formula New Jersey creates winning environment for life sciences and biopharma

ew Jersey is a life sciences powerhouse. A global destination for all things medical, the Garden State boasts more than 3,100 pharmaceutical, medical technology and life science companies including 17 of the world’s 20 largest pharmaceutical leaders. The $24 billion industry is the state’s largest, with exports totaling more than $4.8 billion annually.

years ago, Johnson & Johnson laid the foundation for an unparalleled life sciences cluster, quickly built on by George Merck, E.J. Squibb and other industry pioneers. “Innovation is the lifeblood of New Jersey,” Paranicas says. “The state has a rich mix of large and small companies across biotech, pharmaceutical and research bases that produce the vibrant cluster we have today.”

Powerful Formula The draw? Access, innovation and jobs, according to Dean Paranicas, president and chief executive officer of the HealthCare Institute of New Jersey (HINJ). More than 125

talent, Support, Networks New Jersey’s more than 125,000 biopharmaceutical and life science professionals, who earn an average annual salary of $111,000 and fuel the world’s most sophisticated industry. Companies also are

A researcher at work in a laboratory at Watson Pharmaceuticals.

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Photo Courtesy of Bill Gallery

Story by Melanie Hill

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New Jersey: The World’s Premier Life Sciences Community … • A Network of Global Industry Leadership • A Talented Life Sciences Industry Workforce • A Comprehensive and Specialized Supply Chain • Collaboration with Leading Industry and Academic Researchers

120 Albany St. | Tower One, Ste. 505 | New Brunswick, NJ 08901 Phone: 732-729-9619 | Fax: 732-729-9625 | www.hinj.org

www.njlifesciencevendoralliance.com | www.innovationnj.org

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growing in New Jersey Summit, N.J., serves as the U.S. corporate headquarters for global biopharmaceutical company Celgene Corp., while Botox maker Allergan has recently opened a new $12 million research and development facility in Bridgewater. In 2011, Bayer HealthCare announced consolidation of its East Coast operations at the former Alcatel-Lucent campus in Whippany, which will bring with it some 2,500 workers. The first moves are expected to begin in late 2013. Likewise, Novartis is consolidating four facilities into a new 310,000-square-foot complex in East Hanover. Generics and brand anufacturer Watson Pharmaceuticals began relocation from the West Coast to Parsippany in 2011. In 2012 the company announced plans for a global research and development facility in North Brunswick. Located in the New Jersey Economic Development Authority’s Technology Centre of New Jersey, the 32,000-square-foot facility represents an initial investment of approximately $4.5 million. It will focus on generic products that are difficult to develop and manufacture. In April 2012, the company also announced acquisition of Swiss

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drawn to the state’s specialized life sciences vendor network, which generates approximately $8.8 billion in supplier spending each year. Another lure is the cultural diversity of the state and support of organizations such as BioNJ and HINJ, which provide industry support and advocacy statewide. “We are the voice of researchbased pharmaceutical and medical technology companies in New Jersey,” Paranicas says. “We represent companies, advocate and inform policy makers about the kind of environment New Jersey needs to flourish.” And flourishing it is. New and relocating companies have grown the state’s life science sector by 16 percent since 2004.

From top: Dean Paranicas, president and CEO of the HealthCare Institute of New Jersey; New Jersey is home to 17 of the world’s largest pharmaceutical leaders. b u si n ess c li m a t e . c o m / n e w - je r se y

P h o t o c o u r t e s y o f N o var t i s P h arma c e u t i c a l s

Above: Novartis Pharmaceuticals Corp. in East Hanover Right: Watson Pharmaceuticals is headquartered in Parsippany.

generics manufacturer Actavis Group. The buyout will make Watson the third-largest generics producer in the world. Spokesperson Charlie Mayr says state support has been instrumental in Watson’s relocation and expansion. “We’ve been working with the New Jersey Partnership for Action for almost two years, and have been very pleased with the probusiness climate here,” Mayr says. “The state has been extraordinarily helpful in identifying partnerships

and helping to find sites that allow us to build today with expansion possibilities for the future. They recognize the needs of businesses and what New Jersey has to offer.” At the Technology Centre, Watson is joined by such companies as Merial Ltd., a joint venture of Merck & Co. and Aventis S.A. that develops and manufactures innovative pharmaceuticals and vaccines used in animal health. Paranicas says state support makes New Jersey a leading

contender for many companies looking to relocate. Changes to corporate business income tax structure in New Jersey mean companies aren’t penalized for growth, while significant progress has been made in streamlining regulatory structure. Work on a research and development tax credit also is underway. “A lot of important work has been started, and we look forward to working with the governor and legislature to continue advancement,” Paranicas says.

Jump-starting Financing New Jersey’s innovative Technology Business Tax Certificate Transfer Program supports growing tech and biotech companies. Gov. Chris Christie’s fiscal year 2012 budget increased funds by $30 million over the 2011 allocation. The program enables companies to sell New Jersey tax losses and/or R&D tax credits to raise cash

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to finance their growth and operations. Since the program was established in 1999, more than 1,530 applicants have been approved for $630 million. The 75 applicants approved in 2011 were estimated to receive, on average, approximately $800,000, more than double the 2010 average.

Life sciences by the numbers

3,100 Life sciences and biopharma establishments in New Jersey

126,000 Workers in the life sciences and biopharma cluster

$14B Photo Courtesy of Bill Gallery

Total wages of sector in the state

$111,406 Average annual salary of employees in the sector Source: NJ Department of Labor and Workforce Development

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Industrial Strength Location advantages, state programs fuel a resurgence in manufacturing

Story by John Fuller

ith the help of aggressive retention programs and training assistance, New Jersey’s manufacturing sector is bulking up. The Garden State was home to more than 20,000 manufacturers and 247,000 manufacturing jobs at the end of 2011. Manufacturing contributed more than $38 billion to the state’s $426.7 billion Gross Domestic Product in 2011. The state’s advanced manufacturing cluster, which includes chemical, pharmaceutical manufacturing, computers and electronics, machinery, and transportation equipment industries, employs more than 127,000 workers. In addition to its well-known roster of pharmaceutical companies, the state is home to major operations of such manufacturers as Lockheed Martin, BASF, Honeywell and Unilever.

And with well-known names like Campbell Soup, Pinnacle Foods, Kraft, Mars and Ferraro Foods, New Jersey is also a major food production and processing center. Location, skills advantage Several competitive advantages make manufacturing attractive in New Jersey. The state’s location on the Eastern Seaboard provides access to more than 100 million consumers within a 24-hour drive, and its world-class distribution network of highways, seaports and airports moves goods to markets around the continent and the world. In 2011, exports from New Jersey totaled $38.1 billion, up more than 18 percent from 2010, ranging from chemicals to aircraft parts to pharmaceutical products.

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Total manufacturing employment at the end of 2011

Manufacturing operations in New Jersey

Total New Jersey export values in 2011 (18% increase from 2010)

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Employees manufacture hats for the U.S. Coast Guard at Unionwearâ&#x20AC;&#x2122;s Newark facility.

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Above: PNY Technologies’ headquarters in Parsippany Top right: Kraft Foods New Jersey operations include locations in Fair Lawn, Parsippany and other cities. Bottom right: Lockheed Martin is one New Jersey’s largest manufacturing employers.

A key advantage for New Jersey is its highly skilled workforce, says Robert Loderstedt, president and CEO of the New Jersey Manufacturing Extension Program (NJMEP), a not-for-profit organization that helps small and medium-size manufacturers become more efficient and profitable. “The level of education among our manufacturing workforce is a great advantage,” Loderstedt says. “We are making great strides in showing young people that there are real careers with good-paying jobs in manufacturing in New Jersey.” Creating success stories Through a number of incentive packages, New Jersey has also been able to attract new companies and assist existing businesses with expansions. Recent successes include: Puratos Corp., which makes ingredients for

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bakeries, patisseries and chocolate makers, is building a $42 million manufacturing facility in Pennsauken. The new 171,000-square-foot, energy-efficient facility will employ about 190 workers and permit the company to better serve its customers across the country. A joint state, county and township effort was largely responsible for keeping Puratos in New Jersey, according to company officials. Church & Dwight, a maker of household products, including the iconic Arm & Hammer baking soda, has chosen a site in Ewing Township for a new headquarters. The state assisted with a $13.5 million business retention grant that helped keep the company in New Jersey. With the incentive, the company will invest more than $27 million in its expanded operations and add 130 new employees. PNY Technologies, a worldwide maker of memory upgrade modules and flash memory cards,

J e ffr e y S . OTTO S taff P h o t o

relocated its headquarters to a 550,000-square-foot facility in Parsippany and added 100 jobs to its 325-person workforce. Revolution Foods, which delivers healthy meals and nutrition education to schools across the country, wanted to expand into the Northeast and was considering New Jersey and two other states to establish its regional operations. Working with the state and officials in Elizabeth, Revolution selected a 25,000-square-foot facility with all the amenities it sought. Lisa K. Miller, regional vice president for Revolution Foods, says the move was a positive experience for the company, which serves nearly 9,000 meals to 16 schools in New Jersey and four in New York. “This is an ideal location, close to the highways, so we can reach the schools we serve,” Miller says. Miller noted the cooperation from state and

the city agencies and the assistance it received from nearby Union County College in helping to identify qualified workers through its Retail Skills Center. The company plans to expand to serve schools in Philadelphia and Albany, N.Y., in the near future. It employs 39 workers, and expects to have 85 to 90 employees in 2013. Boosting Profits The state’s manufacturers can take advantage of other programs to help them become more efficient and profitable. The New Jersey Manufacturing Extension Program works with manufacturing companies on cost-saving strategies and growth initiatives, such as LEAN manufacturing and other business processes. “Small manufacturers are really the backbone b u si n ess c li m a t e . c o m / n e w - je r se y

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Mitch Cahn is president of Unionwear, a Newark-based apparel manufacturer.

of the manufacturing supply chain,” Loderstedt says. In New Jersey, 83 percent of manufacturers employ 50 or fewer workers, making services such as the NJMEP a vital component in their success. Unionwear in Newark took advantage of an NJMEP evaluation of its operations, which led to the company’s participation

in a LEAN manufacturing program that helped increase revenue by $750,000, cut $1.2 million in costs and created 25 jobs. The company makes unionlabel apparel including hats, shirts and other embroidered apparel and accessories promoted to unions, political campaigns, government agencies and socially responsible organizations.

Working with the NJMEP helped Unionwear be more efficient and reduce its manufacturing interval time. “NJMEP has been excellent to work with,” says Mitch Cahn, president of Unionwear. “This training program has significantly transformed our business into a more profitable and competitive business.”

Rutgers Food Innovation Center Food processing and production is a major manufacturing sector in New Jersey. Assisting the industry is the Rutgers Food Innovation Center, based in Bridgeton. The center features a unique business incubation and economic development accelerator program that provides business and technology expertise to startup and established food companies in the mid-Atlantic region. The center, which combines its resources with Rutgers University and other strategic partners throughout

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the nation, provides assistance in such areas as business development, market research, product and process development, and workforce development. Recognized internationally for its work, the center’s clients include farmers and cooperatives working to create new businesses, startup food companies, existing small and mid-size food companies seeking to access new technologies, and retail and food service establishments seeking to improve their operations and purchase locally grown New Jersey products.

New Jersey Clean Energy Resource Network

New Jersey: A Leader in Clean Energy Innovation and Business Opportunities The New Jersey Clean Energy Resource Network (NJCERN) Database is an easy-to-navigate Web-based guide that provides users more than 300 links to state, federal and private resources including clean energy/energy efficiency incentives, financing opportunities, incubator programs and business development assistance, regulations, training, and permitting information. It’s a “one-stop-shop” for your clean energy business needs. The New Jersey Clean Energy Resource Network is an initiative of the Rutgers EcoComplex and the New Jersey Meadowlands Commission, in collaboration with New Jersey’s network of business incubators, state agencies and other organizations. Funded by the New Jersey Board of Public Utilities and the Rutgers New Jersey Agricultural Experiment Station.

njcern.rutgers.edu

Fidelity Investments picked Jersey City for a major expansion of its operations.

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Wealth of Talent A sophisticated workforce helps financial services bloom in Garden State Story by Stephanie Vozza • Photography by Jeff Adkins

oney definitely grows in the Garden State. New Jersey’s proximity to the financial markets of New York City, highly competitive corporate real estate rates and a deep pool of financial services and information technology talent have made the state attractive for both headquarters and support operations for the financial services industry. Leaders in Financial Services Globally known industry leaders in the banking and financial services sector, including Prudential Financial, Dun & Bradstreet and Chubb Group of Insurance Cos., are among more than 12,300 financial services operations in New Jersey. Additionally, a variety of financial services powerhouses such as Merrill Lynch, Goldman Sachs and Bank of America have a major presence in the state, many of them in the financial services hub of Jersey City, known as “Wall Street West.”

Supporting the financial services sector is an extensive and highly advanced high-speed fiber-optic network that is helping to draw back-office operations and data centers that serve the industry. ‘exceptional talent’ Another of the state’s most valuable resources is its people. New Jersey offers a deep talent pool from which companies eagerly draw. More than 257,000 people are employed in financial activities in the state, making up 6.6 percent of New Jersey’s total workforce in 2011. Chubb Group opened a New Jersey branch in Short Hills in 1968, and moved its world headquarters to Warren, N.J., in 1982. The company is the 11th-largest property and casualty insurance provider in the country, with a reported $50.9 billion in assets and $13.6 billion in annual revenues. “Exceptional talent is key to Chubb,” says Bev Luehs, senior

On the Money: NJ’s financial services depth

12,300 Financial services operations in the state

257,000 Finance-related employment in New Jersey in 2011

$97,000 Average annual financial services industry wage in New Jersey (2009)

15 Percentage of financial services workers in the state in Jersey City, often called Wall Street West Source: NJ Department of Labor and Workforce Development

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Wall Street West Located in downtown Jersey City, Exchange Place is often referred to as â&#x20AC;&#x153;Wall Street West.â&#x20AC;? The neighborhood earned the nickname in the early 2000s, thanks to the many financial services companies that set up shop in the area. This major business district is home to Goldman Sachs and Merrill Lynch, as well as the Harborside Financial Center, which includes Fidelity Investments, Morgan Stanley and E*Trade Financial Corp.

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vice president and global administrative services manager. “We hire well-educated people with financial savvy and a broad array of skills. New Jersey is in close proximity to some of our nation’s top schools, and we have been able to recruit some of the best people here. Bringing in the best people means we can provide the best service to customers, solid returns to shareholders and a terrific place to work to employees.” Luehs says New Jersey has much to offer from a recruitment perspective. “There is a lot here to whet the appetite,” she says. “Many of our employees live here, making for an easy commute. It’s a nice place to live, work and raise a family.” Quality of Life Matters The livability factor drew Fidelity Investments. The company, which came to the region in the early 1980s and expanded in Jersey City in 2002, opened a 185,000-square-foot regional facility in Jersey City’s Newport Centre development in June 2012. The $30 million project will house 600 Fidelity workers. Maggie Serravalli, Fidelity executive vice president, says a number of factors prompted the opening of the location. “[We look at] how the firm’s real estate portfolio can support our business strategy in order to best serve clients while providing a positive working environment for our associates,” she says. “In addition to being a financial services hub with access to worldclass talent, the Newport Centre site provides access to amenities such as public transportation, shopping, dining and hotels, as

well as access to health, wellness and recreational facilities. The local business climate and Jersey City’s focus on economic revitalization also made it an attractive choice, and we’re appreciative of the support we’ve received from state and local officials.” Local Investment, Benefits In addition to providing services to consumer and corporate customers, members of the financial industry invest in the community. “Our employees are involved in a variety of causes here,” Luehs says. “Through business units and employee resource groups, they organize and help out at local events. And several of our senior executives sit on the boards of charitable organizations, such as Freedom House and Junior Achievement of New Jersey.” In addition to being where the money is, New Jersey offers a prime location. In proximity to New York City’s financial markets, the state’s highly competitive corporate real estate rates and easy access to transportation infrastructure make it a lower-cost alternative for both headquarters and backoffice operations. “Being located between New York and Philadelphia is a perk,” says John McWeeney, president of the New Jersey Bankers Association. “The transportation system is great, and there are major airports and shipping ports. New Jersey is a hub of commercial and industrial activity, and that draws banks [and financial institutions] that can provide services.”

Clockwise from top left: The Katyń Memorial at Jersey City’s Exchange Place; Jersey City has become a hub for financial services operations; New Jersey’s thriving business climate and quality of life make it an appealing location for financial services companies.

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Green Means Grow Garden State cultivates clean-energy economy

Story by Kathryn Royster Photography by Jeff Adkins

ew Jersey has a growing and diverse green-collar economy that employs more than 200,000 workers in areas ranging from renewable energy production to green building construction to green design to environmental remediation. The state has established itself as a national leader, thanks in part to an economic climate that supports clean-energy companies at every of the energy pipeline. From Incubation ... New Jersey’s support for clean energy starts with initiatives like the New Jersey Clean Energy Resource Network (NJ CERN), led by the Rutgers EcoComplex, and the New Jersey Meadowlands Commission Business Accelerator. NJ CERN offers the Clean Energy Innovation Work Group, whose panel of experts evaluates the performance and market viability of new cleanenergy technologies. “It gives startup companies a way to show that their technology has been verified, so they’ll have a

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Fluitec International helps cleanenergy companies be more efficient.

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A Princeton Power Systems employee tests a new containerized Energy Storage System (ESS) at the company’s headquarters in Lawrenceville. The Army is utilizing the 20-foot ESS to provide backup power and energy resources at Fort Bliss in Texas.

higher likelihood of getting funding,” says Margaret Brennan-Tonetta, Rutgers’ associate vice president for economic development. Entrepreneurs may find such funding through NJ CERN’s online database, a comprehensive listing of the state’s clean-energy startup resources (a grant from the New Jersey Board of Public Utilities funds regular updates.) ... to Production ... At the production stage, New Jersey boasts innovative clean-energy firms such as Princeton Power Systems (PPS), which manufactures inverters and installs them in comprehensive, PPS-designed solar or diesel power systems. Current PPS systems are used primarily in commercial applications such as public utilities and small industry. The company is ready to branch into

the residential market, however, with a new solar array that includes battery storage and an electricvehicle charging station. Darren Hammell, the company’s executive vice president and chief operating officer, sees New Jersey as the ideal location for PPS for several reasons. “There are a lot of smart professionals here, and there’s a good market for our residential product,” he says. “Combine that with strong government support for solar energy, and there’s a lot to keep us here.” Fluitec International also has many reasons to do business in New Jersey. With customers in 40 countries, the company chose Jersey City for the area’s multilingual workforce and its easy access to international travel. The Garden State has been an innovator in renewables including wind power. Jersey-Atlantic Wind Farm, which began operating in 2005 in b u si n ess c li m a t e . c o m / n e w - je r se y

What’s Online Learn more about New Jersey’s clean-energy industry and the companies it comprises at businessclimate. com/new-jersey.

Atlantic City, was the first coastal wind farm in the United States. The federal government has included a 550-mile area off the New Jersey coast as one of four areas available for lease to wind energy developers by the end of 2012. Fluitec specializes in helping clean-energy facilities operate more efficiently and reduce waste. To that end, the company provides consulting services and data analysis as well as testing and filtration for industrial fluids. Additionally, Fluitec is growing by approximately 70 percent annually, thanks in part to a grant from the state’s Clean Energy Manufacturing Fund (CEMF). “With the state making such a sizable investment in clean energy, it means there’s a very bright future here for companies like ours,” says Frank Magnotti, Fluitec’s president and CEO. ... to End-Use Another CEMF grant recipient is Noveda Technologies, which makes full-building monitoring systems that provide real-time, 24-hour energy and water data. The Noveda system is installed at more than 150 commercial locations, where it’s used primarily to increase operating efficiency and help cut energy costs. The system also has educational applications: Students at Baylor University in Texas are using it to study energy and water usage in campus dorms. All this would not be possible, says Noveda president and CEO Govi Rao, without New Jersey’s unique green-collar climate. “It’s thanks to what I like to call the New Jersey business ecosystem,” he says. “You can access markets, access talent and access capital to build a viable and successful business in clean tech. That’s the magic of New Jersey.”

Clockwise from top left: Demand Response Inverter at Princeton Power Systems in Lawrenceville; An employee demonstrates how to use a fluid monitor test kit at Fluitec International in Jersey City; The Rutgers EcoComplex in Bordentown assists innovative cleanenergy and environmental companies.

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Transportation & Logistics

Newark Liberty International Airport was the 22nd-busiest airport in the world in 2011.

Access to the World Transportation and logistics systems give New Jersey a global reach Story by Gary Wollenhaupt • Photography by Jeff Adkins

hen Wakefern Food Corp. searched for a site for a new food distribution warehouse, company officials looked no farther than Newark, where the retail and wholesale grocery cooperative is building a $65 million food warehouse in a redevelopment project on the site of the Newark Farmers Market. The 180,000-square-foot, temperature-controlled distribution facility will serve ShopRite and PriceRite stores

in the Northeast. The new distribution center is managed by Forem Facility Management for Wakefern Food Corp. “The facility is going to be a refrigerated warehouse, incorporating many green capabilities, including solar panels on the roof and machinery operated by hydrogen fuel cells,” says David Forem, project coordinator for Newark Farmers Market. “In the first year alone, we are going to create 140 jobs

and the next years to come we are going to create an additional 250-plus jobs.” Global Connections Wakefern’s new distribution facility will be one of thousands already in New Jersey that take advantage of a logistics infrastructure that literally connects the state to the world. The state is home to 585 million square feet of warehouse space connected to 38,000 miles of b u si n ess c li m a t e . c o m / n e w - je r se y

New Jersey Transportation facts

38,000 Interstate and highway miles

812,000 Tons of cargo handled at Newark Liberty International Airport in 2011

3 Rank of Port of New York/New Jersey for container volume among North American ports in 2011.

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interstates and highways, over which more than 500,000 trucks move each day. These routes connect to three major port facilities that rank at the top in moving motor vehicle and containerized shipments. Goods moving by sea can travel on Class I rail connections and trucks via a network of major interstates. Several large corporations have major distribution operations in the state including hhgregg, Toys “R” Us, Home Depot and Coca Cola Enterprises. The Port Authority of New York and New Jersey is spending $10 billion on infrastructure improvements that will benefit cargo movement in the region. “For businesses looking for transportation for cargo and passengers and access to extraordinarily educated people, the Port Authority is the leading transportation and economic engine of the region,” says Bill Baroni, deputy executive director. Bulk and break bulk cargo moves through the ports operated by the South Jersey Port Corp. in Camden including wood, steel and a recent record-setting shipment of cocoa beans. The port uses rail and highway connections to move goods throughout the country, and is investing in new and upgraded infrastructure. The new Paulsboro Marine Terminal is scheduled to open in 2013. “We try to give private industry and ourselves in the public sector a platform to create jobs and business opportunities that are related to international trade and waterborne commerce,” says Kevin Castagnola, executive director and CEO. On the Move The state also boasts major airport facilities, including Newark Liberty International, the 14th-busiest in the U.S. and 22nd-busiest airport in the world in 2011. Newark Liberty offers a full range of domestic and South Jersey Port Corp. facilities handle a variety of bulk and break bulk cargo.

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Clockwise from above: Pipes are stacked after being offloaded from a ship at the South Jersey Port Corp. facilities in Camden; Workers unload materials from ships at South Jersey Port Corp. facilities in Camden; An assortment of steel coils are stacked in a transit shed after being unloaded at the South Jersey Port Corp.

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international flights, and Federal Express operates a freight terminal at the airport. Atlantic City International Airport, operated by the South Jersey Transportation Authority, handled more than 1.4 million passengers in 2011. The airport offers direct service to Atlanta, Boston, Chicago, Detroit, Myrtle Beach and several South Florida cities. More than 40 percent of the U.S. population and $2 trillion in consumer purchasing power lies within one dayâ&#x20AC;&#x2122;s drive of the Garden State. With a full range of transportation assets and connections to the world market, itâ&#x20AC;&#x2122;s no surprise that Area Development magazine named New Jersey among the top 10 in the nation for port facilities and logistics locations.

logistics assets ports Facilities include the Port Authority of New York/New Jersey, the third-busiest port in North America air Newark Liberty International and Atlantic City International handle millions of passengers each year Major Railroads 1,000 miles of rail freight lines with CSX Transportation, Norfolk Southern, Canadian Pacific warehousing & Distribution 585 million square feet of warehouse and distribution space across the state Location 40% of the U.S. population is within an eight-hour drive Major Interstate Highways I-76, I-78, I-80, I-95

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Technology

Linked In Educated workforce, broadband network give New Jersey IT strength Story by M.V. Greene • Photography by Jeff Adkins

t should be no surprise, in a state that launched the career of Thomas Edison, to find a deep and thriving information and telecommunications industry in New Jersey. From the legacy established by the legendary Wizard of Menlo Park, New Jersey boasts one of the nation’s highest concentrations of tech workers and more than 31,000 information and communications technology companies, including more than 1,000 firms that offer data processing, hosting and other gateway services. Boon to Employment Total technology employment in the state totaled more than 313,000 workers in 2010 including 63 percent with a bachelor’s degree or higher. New Jersey employers’ technology-related disciplines paid more than $31 billion in wages in 2010 – about 18 percent of the wages paid in all industries. Such focus on information and communications technology is transformational throughout the state.

At 48.6 percent of households, New Jersey leads all states in the level of broadband penetration. Broadband access is viewed widely as a bellwether economic asset for growth in commerce and business. The telecommunications industry has been a significant part of the state’s economy for decades and private-sector investment in broadband has been one of its drivers of economic growth and innovation. Infrastructure Investments Within the industry, Verizon New Jersey – with about 15,000 workers, one of the state’s largest employers – is part of ongoing, major investments in the communications infrastructure. The company has invested approximately $4 billion in its telecommunications wireline infrastructure alone over the last five years in addition to key spending in wireless access and fiber optics for broadband and video access. Supporting the state’s innovation posture are educational assets such

as Rutgers University’s School of Communication and Information (SC&I) and the New Jersey Institute of Technology (NJIT). The SC&I includes some 60 full-time and 100 part-time faculty and 1,800 undergraduate and more than 650 graduate and doctoral students. At the LAIR Laboratory at Rutgers, researchers work on advances related to digitally storing, organizing and retrieving information. The NJIT, too, is a noted national research center that has produced more than 130 patents. Long History of Innovation Donald H. Sebastian, Ph.D., NJIT senior vice president for research and economic development, calls the New Jersey technology sector a “pillar” of the state’s economy. “New Jersey is synonymous with telecommunications as the home to iconic firms like AT&T and RCA that created landline, cellular, optical and broadcast

Left: Dr. Ke Su tests a continuous-wave photomixing system for high-speed terahertz data transmission in the Terahertz Spectroscopy and Imaging Laboratory at the New Jersey Institute of Technology in Newark.

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Verizon New Jersey’s iconic headquarters, right, in downtown Newark. The company is one of New Jersey’s largest employers.

communications technologies as well as important software systems that are now synonymous with all aspects of telecom,” Sebastian says. Sebastian notes that more than a decade ago, NJIT created a College of Computing Sciences, recognizing that computing had evolved to a point where it needed a unique pedagogy at the institution. NJIT seeks to expose its students to opportunities to extend their education into the field including a co-op and intern program that places more than 300 students a year as employees of incubator companies. “We see clear growth in the need for a new breed of IT professional who is able to understand problems of business and personal life and render useful remedies through IT,” Sebastian says.

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New Jersey institute of technology Location: Newark President: Joel Bloom Academic Degree Programs: 47 bachelor’s, 59 master’s, 19 doctoral Colleges and Schools: Six (engineering, architecture, science and liberal arts, business and management, honors, and computing sciences) Faculty: 490 full-time and adjunct faculty; 89 percent hold doctoral degrees, and 98 percent have the highest degree attainable in their field Student-to-Faculty Ratio: 15 to 1 student body: undergraduate enrollment, 6,604; graduate enrollment, 2,954

Costs: Undergraduate, $11,756 (full-time, N.J. resident), $23,116 (full-time, non-resident); graduate, $15,052 (full-time, N.J. resident), $21,388 (full-time, non-resident) Financial Aid: $15 million in NJIT grants and scholarships awarded in 2009-2010 Technology Resources: Multi-gigabit campus network connects more than 6,500 nodes in classrooms, laboratories, residence halls, faculty and staff offices, the library, student organization offices and others Endowment: $67.5 million Source: New Jersey Institute of Technology

Stay Here TechLaunch program puts startups with investors, mentors, business executives Technologist and venture capitalist Mario Casabona has a message for aspiring entrepreneurs and graduating business and technology majors: Stay in New Jersey. Casabona is the founder and CEO of TechLaunch LLC, the state’s first technology accelerator, formed in February 2012 with the New Jersey Economic Development Authority.

Seed-stage Funding TechLaunch aims to help would-be technologists and entrepreneurs launch businesses, providing seedstage technology funding, mentoring, business services and exposure to qualified investment capital, including “angel” investors, who take companies under their wings. An electrical engineer with expertise in satellite-based navigation and communications, Casabona has been an entrepreneur

himself. He holds 12 national and international patents and operates his own venture capital and management firm, Casabona Ventures, in Kinnelon.

Day,” where startups participating in a 12-week business “LaunchPad” boot camp can present their companies at a conference to win support.

Keeping Aspirants in N.J.

Innovation State

Casabona says he expects TechLaunch will create a positive atmosphere for innovation. “The real value of creating the technology accelerator in New Jersey is to keep them in New Jersey,” he says. “Why go to New York, why go to Philadelphia, why go to the West Coast if we can build something close, very similar and very competitive, with better value in New Jersey?” TechLaunch includes expertise from nearly 50 mentors, many of them also investors and entrepreneurs. A key focus of the program is an event called “Demo

Casabona says New Jersey is well positioned to leverage TechLaunch. He calls New Jersey an “innovation state” because of its concentration of techrelated industries. “We have it all in New Jersey,” Casabona says. “One of the objectives of TechLaunch is to provide a specific community and attract all of these IT, web technology, social media types who are aspiring entrepreneurs and give them an opportunity to commercialize their ideas and create jobs.” – M.V. Greene

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Education & Workforce Development

The Newark campus of Rutgers, The State University of New Jersey. Rutgers’ campuses in New Brunswick, Newark and Camden have total enrollment of 58,000 students from all 50 states and 125 foreign countries. The university is home to 180 research centers.

Getting the Job Done Strong state programs provide workforce advantage Story by Kevin Litwin • Photography by Jeff Adkins

ew Jersey’s deep reservoir of worker talent puts it at the head of the class for a work-ready labor pool and underscores its economic development mantra of “highly educated, perfectly located.” The Garden State has nearly 60 universities, colleges and technical schools. And with 1.7 million college graduates, New Jersey ranks in the top 10 in workforce education and in the top five for quality of education. The state’s higher education institutions include world-renowned centers of academics and research, Princeton and Rutgers, the latter the state’s largest public university. New Jersey also typically ranks in the top three for highest dollar investment

per student in the United States. In fact, CNBC ranked the state No. 2 in education on its Top States for Business list in 2011. Customized Training State grants, incentives and workforce training programs are readily available for new and expanding businesses. The state awarded more than $18 million in customized grants from July 2011 through June 2012 to 500 companies for employee training, says Hal Wirths, New Jersey Department of Labor and Workforce Development commissioner. Training was given to 50,000 employees including 10,000 new hires. “All that customized training gave workforces the skills to keep them employed, make them marketable and

Learn, work New Jersey offers a number of incentive and training programs including training grants, on-the-job training programs and apprenticeship programs. For details on the state’s workforce services, go to lwd.dol.state.nj.us/labor.

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Students sit in front of Old Queen’s, the original building at Queen’s College, which is now known as Rutgers University.

New Jersey Educational Attainment 82.1

Percentage of New Jersey residents with at least a high school diploma (80.4% U.S. average)

29.8

Percentage of residents with a bachelor’s degree (24.4% U.S. average)

11.0

Percentage of residents with advanced degrees (8.9% U.S. average)

help their employers maintain a competitive edge,” Wirths says. Jobs4Jersey.com Also assisting the overall workforce effort is a new Jobs4Jersey.com website, established by the state to provide job seekers and employers with a single concentrated search engine. “A total of 100,000 people f loated their resumes through the site during the summer of 2012, and employers posted a weekly average of 121,000 jobs available in New Jersey,” Wirths says. “That number increases to about 284,000 total jobs when you include available employment opportunities within a 50-mile radius of the state.” Wirths says by clicking OnRamp within the Jobs4Jersey.com site, job seekers can upload and create detailed resumes that will be posted for potential employers. OnRamp uses artificial intelligence to match job seekers with employers based on skills, not just job titles. Job seekers are alerted to opportunities via email, and can update their resumes or create several different resumes that highlight various skills for different jobs. OnRamp is being opened up to the state’s employers as well,

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allowing them to use the same dynamic search capabilities to upload their talent needs and find workers. New Jersey has been garnering national attention for the site; the Jobs4Jersey.com service is free. Talent Networks The state also implemented a Talent Networks program that identified six key industry sectors that account for more than 50 percent of all jobs in New Jersey and pay 67 percent of all wages. The six industries are advanced manufacturing, financial services, health care, life sciences, technology and entrepreneurship, and transportation, logistics and distribution. “The best way to develop our workforce, and to simultaneously boost our state economy, is to train people for the jobs in those particularly successful industry sectors,” Wirths says. “Talent Networks bring together partners from the business community, workforce development and education, and establishes networking groups. Those groups provide meaningful input to education professionals and training providers on the very courses that will specifically train individuals for these six growing fields.”

New Jerseyâ&#x20AC;&#x2122;s roster of colleges and universities keep the state stocked with a skilled and knowledgeable workforce.

Public and Private Four-Year Colleges and Universities in New Jersey: Bloomfield College Caldwell College Centenary College College of Saint Elizabeth Drew University Fairleigh Dickinson UniversityCollege at Florham Fairleigh Dickinson UniversityMetropolitan Campus Felician College Georgian Court University

Kean University Monmouth University Montclair State University New Jersey City University New Jersey Institute of Technology Princeton University Ramapo College of New Jersey Rider University Rowan University Rutgers, the State University of New Jersey

Saint Peterâ&#x20AC;&#x2122;s College Seton Hall University Stevens University of Technology The College of New Jersey The Richard Stockton College of New Jersey Thomas Edison State College University of Medicine & Dentistry of New Jersey William Paterson University of New Jersey

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On the beach in the fabled seaside resort of Cape May, which celebrated its 155th birthday in 2012

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Livability

High in Contrast New Jersey’s diversity creates rich cultural, arts, outdoor experience Story by Kevin Litwin Photography by Jeff Adkins

he Garden State is in full blossom with possibilities, from its cosmopolitan urban centers to historic towns to revitalized oceanfront communities. “We believe quality of life is a major asset to living and working in New Jersey,” says Tracye McDaniel, president and CEO of Choose New Jersey, an organization that promotes growth and investment in the state. “Living in New Jersey provides endless opportunities to take advantage of our strong and diverse cultural centers.” With a population of more than 8.8 million, New Jersey offers bustling cities and major municipalities, five with populations of more than 100,000, and primary access to the vast New York and Philadelphia metropolitan areas. It is a state of bright lights and big stars appearing at the resorts and casinos of Atlantic City, but also a state of open spaces and spectacular natural attractions, from its famous beaches to the forests and lakes in the 1.1 million acres that are the Pinelands National Reserve to canoe and kayaking meccas such as the Delaware River and Round Valley Recreation Area in northwestern New Jersey. Amazing Spaces Among the more enduring and endearing images of New Jersey are its beaches, comprising 130 miles of coastline in total and 11 historic lighthouses open

b u si n ess c li m a t e . c o m / n e w - je r se y

The historic Paramount Theatre, located in Asbury Park, has undergone an extensive renovation and can accommodate approximately 1,600 patrons. The theater hosts numerous musical and entertainment acts annually including the Asbury Park Comedy Festival.

to the public. Some of the most famous names of the oceanfront are in New Jersey, places like Ocean Grove, Point Pleasant and Seaside Heights romanticized in countless movies and songs, and revitalized and preserved with planning and care. At the northern point of the Jersey Shore, the Sandy Hook Unit of Gateway National Recreation Area draws more than 2 million visitors a year to its historic sites, natural areas and ocean and bay beaches. The seven-mile run of oceanfront and bays is one of the stateâ&#x20AC;&#x2122;s many prime bird-watching spots, with more than 300 species of migratory birds. The 70,000-acre Delaware Water Gap National Recreation Area has 100 miles of scenic hiking trails, including more than 27 miles of the Appalachian Trail, and activities that include kayaking, swimming, fishing and nature watching. The Boardwalk experience along the beaches of Wildwood includes a two-mile stretch of amusements, waterparks, arcades, games, shops

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and restaurants, as well as the largest Ferris wheel on the East Coast. More than 180 free festivals and events are staged in Wildwood each year. Asbury Park, the storied beach community that launched the career of Bruce Springsteen, has undergone a major transformation from the boardwalk to the center city that includes adding thousands of square feet of new retail and entertainment attractions to make the community a year-round destination. Cape May, billed as the oldest resort community in the country, celebrated its 155th birthday in 2012. The entire city of Cape May is a National Historic District, its neighborhoods lined with restored Federal-style townhouses and 600 preserved Victorian buildings. Besides its beaches, Cape May includes the dozens of unique shops and restaurants on the Washington Mall and Cape May State Park, home to Cape May lighthouse, which was built in 1858.

Clockwise from left: Historic homes line the streets of Cape May; The Newark Museum is home to 80 galleries and includes permanent collections of African, American, Asian and classical works; A visitor looks at paintings by Joseph Stella at the Newark Museum.

In the Swing Beyond its beaches, New Jersey offers some of the nation’s best golfing opportunities. Pine Valley Golf Club was named the No. 2 course in the nation by Golf Digest magazine. The storied Baltusrol Golf Club courses in Springfield have hosted seven U.S. Open championships. The Atlantic City Country Club is frequently named on lists of the top courses in the nation open to the public. Admirable art New Jersey showcases world-class art galleries, museums and performance centers. More than 700 different organizations in the state give full measure to every facet of the arts, from dance to music to cultural heritage. In Newark, the New Jersey Performing Arts Center is a hotbed of 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, led by renowned conductor Jacques Lacombe. A centerpiece of Newark’s cultural nexus is the Newark Museum, the largest museum in the state. Its 80 galleries include permanent collections of African, American, Asian and classical works. New Jersey’s universities offer more than highquality education – they’re also major centers of art and culture. At Rutgers, The State University of New Jersey, the Zimmerli Art Museum’s collection numbers 60,000 works and is the third-largest university art collection in the world. Princeton University maintains an art museum and a performance hall that hosts 200 events a year including the renowned Westminster Choir. World of Discovery New Jersey’s legacy as a center of innovation – it is the state where Thomas Edison launched his most b u si n ess c li m a t e . c o m / n e w - je r se y

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P h o t o C o u r t e s y o f t h e a d v e n t u r e a q u ar i u m

important discoveries – is carried on through its network of science and nature-oriented attractions such as the Liberty Science Center in Jersey City and the Adventure Aquarium in Camden. The Liberty Science Center, located in the 1,200-acre Liberty National Park, features an array of interactive exhibits such as a pitch-black maze that requires a high sense of touch to navigate, and a cityscape of towers that lets visitors discover what it takes to design and build the world’s tallest skyscrapers. The center also includes the largest Imax Dome Theater in the nation. Camden’s waterfront includes the Adventure Aquarium, which houses more than 8,500 creatures. With its arts, culture, entertainment and natural attractions, New Jersey offers a world of opportunity and possibility to its residents that is every bit as compelling as the advantages it offers as a place to work, invest and grow. The Adventure Aquarium in Camden is home to 8,500 creatures.

Garden of Delights just a sampling of all that new jersey offers to see and experience The Borgata

Minerals Resort and Spa

Borgata Hotel Casino & Spa in Atlantic City is a 2,000-room casinohotel located at Renaissance Pointe. All rooms feature Egyptian cotton sheets, bathrooms with marble walls and floors, oversize glassenclosed showers, high-speed Internet access and three phones. The casino has 3,400 slot machines and 250 table games, and Borgata has 12 restaurants. There are also 11 retail boutiques, and a spa complete with a salon, fitness center and barbershop.

This upscale getaway in Vernon, in northern New Jersey, targets outdoor adventurers and families. There are 175 overnight accommodations at Minerals Resort and Spa, which include deluxe and luxury guest rooms as well as presidential suites. Guests enjoy mountain views and a golf course, and each room has a fireplace. Also on site are fully furnished one-, two-, three- and four-bedroom condominiums.

Delaware River Tubing Delaware River Tubing is a rafting, canoeing, kayaking and tubing service in Frenchtown, in the central portion of New Jersey. The company’s fleet of 100 rafts and 2,000 tubes includes small, medium, large, single tubes, double tubes, triple tubes, and new backrest lazy-boy tubes. All tubing outings include a free barbecue meal. The company is now in its eighth season.

Woolverton Inn Woolverton Inn is a tranquil bed-and-breakfast in Stockton, in the central part of the state. The inn, located on 10 park-like acres surrounded by 300 acres of preserved farmland and forest, offers privacy and luxury. The Woolverton is perched high above the scenic Delaware River, and is close to the fine restaurants, shops and attractions of Lambertville, N.J. Each day, the Woolverton’s chef prepares an extravagant threecourse country breakfast.

Garden State Discovery Museum This attraction in Cherry Hill, in southern New Jersey, features hands-on exhibits, educational workshops and performances. Garden State Discovery Museum, founded in 1994, welcomes 150,000 visitors annually. Attractions include a Vet & Pet animal health-care pretend clinic, a rock-climbing wall, two-story playhouse, Silver Dinner pretend playhouse, Farm Stand with fake fruit and vegetables, and Backstage Theater with a dressing room, costumes and 100 seats.

Six Flags Great Adventure and Wild Safari This popular entertainment destination is in Jackson, 30 minutes east of Trenton, and is the largest Six Flags amusement park in the world. It features more than 200 rides, as well as concerts, performances and parades, an individual water park and a drive-through wild animal safari. Six Flags encompasses 2,200 acres. – Kevin Litwin b u si n ess c li m a t e . c o m / n e w - je r se y

Visitors stroll past shops and restaurants and enjoy nightlife in Cape May. Photo by Jeff Adkins

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The Manhattan skyline as seen from Jersey City Photo by Jeff Adkins

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A family visits the Ellis Island Immigration Museum, which is part of the Statue of Liberty National Monument. Photo by Brian McCord

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A man makes his way down a hall at Princeton University, which is the fourth-oldest college in the U.S. Photo by Brian McCord

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economic profile Business snapshot 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-one 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 seventh in the U.S. for foreign direct investment jobs. New Jersey had a Gross Domestic Product of $426.7 billion and exported more than $38 billion in goods in 2011.

Population 2011: 8,821,155 2000: 8,414,350 Change: 4.8% Housing Units (2010): 3,176,069

Jersey City: 247,597

Manufacturing: 6%

Paterson: 146,199

Financial Activities: 5%

Elizabeth: 124,969

Other Services: 4.1%

Edison: 99,967

Construction: 3.3%

Wodbridge: 99,585

Information: 2%

Lakewood: 92,843

Change From 2000: 6%

Toms River: 91,239

Labor Force (2011)

Hamilton: 88,468

4,497,900

Clifton: 84,136

Median Value for Home or Condo (2009)

Trenton: 84,913

Civilian Labor Force

3,874,600 Nonagricultural Employment

$50,781

Housing Market

Camden: 77,344

Newark: $288,500

Major industry sectors (2011)

Patterson: $316,000

Trade, Transportation & Utilities: 21%

New Jersey: $348,300

Government: 16%

Transportation

Jersey City: $361,000

Per Capita Personal Income

Education & Health Services: 16%

$69,811

Leisure & Hospitality: 9%

Professional & Business Services: 15%

Elizabeth: $329,300 Edison: $366,300

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

Median Household Income (2010)

Major Population Centers (2010) Newark: 278,154

What’s Online For more in-depth demographic, statistical and community information on the state of New Jersey, go to businessclimate.com/new-jersey and click on “Facts & Stats.”

This section is sponsored by

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advertisers Bergen County Economic Development Corporation www.co.bergen.nj.us/bcedc Bio New Jersey www.bionj.org Brick City Development Corporation www.bcdcnewark.org

HealthCare Institute of New Jersey www.hinj.org Lakewood Development Corporation www.lakewoodnj.gov/department/uez Mercer County Office of Economic Development www.mercercounty.org

NJM Insurance Company – New Jersey Business & Industry Association www.njm.com

The Port Authority of New York & New Jersey www.panynj.gov

PNC Bank National Association www.pnc.com

The Provident Bank www.providentnj.com

PSEG www.pseg.com

Thomas Edison State College www.tesc.edu

Rutgers Research Economic Development www.rutgers.edu/resource

Burlington County Bridge Commission www.co.burlington.nj.us

Monmouth County Economic and Workforce Development www.visitmonmouth.com

Choose New Jersey www.choosenj.com

New Jersey Chamber of Commerce www.njchamber.com

Rutgers-New Jersey Clean Energy Resource Network www.njcern.rutgers.edu

Cumberland County www.co.cumberland.nj.us

New Jersey Natural Gas www.njliving.com

South Jersey Port Corporation www.southjerseyport.com

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

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

Railroad 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

Burlington County Population: 445,774 Labor Force: 244,200 Per Capita Income: $35,000 Largest Employment Sectors: Trade, Transportation & Utilities: 23% Professional & Business Services: 15% Education & Health Services: 13% College Degree: 34%

Camden County

educational attainment (2008)

Population: 515,879 Labor Force: 270,200 Per Capita Income: $29,500

87.4%

Largest Employment Sectors: Trade, Transportation & Utilities: 20% Education & Health Services: 19%

High School Graduate or Higher

34.4%

Professional & Business Services: 15%

Bachelorâ&#x20AC;&#x2122;s Degree or Higher

College Degree: 28%

Sources:

Cape May County

www.city-data.com quickfacts.census.gov www.bea.gov choosenj.com

Atlantic County Population: 272,417 Labor Force: 139,900 Per Capita Income: $27,200 Largest Employment Sectors: Leisure & Hospitality: 37% Trade, Transportation & Utilities: 15% Education & Health Services: 12% College Degree: 24%

Bergen County Population: 900,766 Labor Force: 483,900 Per Capita Income: $42,000

Largest Employment Sectors: Trade, Transportation & Utilities: 24%; Education & Health Services: 17% Professional & Business Services: 17% College Degree: 45%

Population: 95,948 Labor Force: 59,500 Per Capita Income: $33,600 Largest Employment Sectors: Leisure & Hospitality: 24% Trade, Transportation & Utilities: 19% Education & Health Services: 11% College Degree: 27.1%

Cumberland County Population: 158,259 Labor Force: 72,700 Per Capita Income: $21,900 Largest Employment Sectors: Trade, Transportation & Utilities: 21% Education & Health Services: 15% Manufacturing 15% College Degree: 14%

Essex County Population: 769,156 Labor Force: 372,300 Per Capita Income: $31,500 Largest Employment Sectors: Trade, Transportation & Utilities: 21% Education & Health Services: 16% Professional & Business Services: 14% College Degree: 32%

Gloucester County Population: 290,728 Labor Force: 159,900 Per Capita Income: $31,200 Largest Employment Sectors: Trade, Transportation & Utilities: 27% Education & Health Services: 12%; Professional & Business Services: 10% College Degree: 27.4%

Hudson County Population: 608,975 Labor Force: 315,400 Per Capita Income: $31,000 Largest Employment Sectors: Trade, Transportation & Utilities: 24% Financial Activities: 17% Education & Health Services: 12% College Degree: 35.4%

Hunterdon County Population: 130,262 Labor Force: 71,900 Per Capita Income: $48,500 Largest Employment Sectors: Trade, Transportation & Utilities: 18% Professional & Business Services: 15% Education & Health Services: 13%; College Degree: 48%

Mercer County Population: 366,513 Labor Force: 209,000 Per Capita Income: $36,000 Largest Employment Sectors: Education & Health Services: 18%

businessclimate.com/new-jersey

Ad Index

6 Bergen County Economic Development Corporation

4 Monmouth County Economic and Workforce Development

27 Bio New Jersey

55 New Jersey Chamber of Commerce

40 New Jersey Natural Gas

20 NJM Insurance Company â&#x20AC;&#x201C; New Jersey Business & Industry Association 10 PNC Bank National Association

C2 Brick City Development Corporation

64 Burlington County Bridge Commission

1 Choose New Jersey

2 Cumberland County

24 HealthCare Institute of New Jersey

C4 PSEG

16 Lakewood Development Corporation

C3 Rutgers Research Economic Development

18 Mercer County Office of Economic Development

33 Rutgers â&#x20AC;&#x201C; New Jersey Clean Energy Resource Network

Ad Index (cont.)

50 South Jersey Port Corporation

44 The Port Authority of New York & New Jersey

64 The Provident Bank

56 Thomas Edison State

Professional & Business Services: 15% Trade, Transportation & Utilities: 13% College Degree: 38%

Middlesex County Population: 809,858 Labor Force: 438,300 Per Capita Income: $37,300 Largest Employment Sectors: Trade, Transportation & Utilities: 25% Professional & Business Services: 11% Education & Health Services: 10%; College Degree: 38.9%

Monmouth County Population: 630,380 Labor Force: 330,100 Per Capita Income: $41,000 Largest Employment Sectors: Trade, Transportation & Utilities: 21% Education & Health Services: 17% Professional & Business Services: 13% College Degree: 39.6%

Morris County Population: 489,112 Labor Force: 275,000 Per Capita Income: $47,350 Largest Employment Sectors: Professional & Business Services: 21% Trade, Transportation & Utilities: 19% Education & Health Services: 13% College Degree: 49%

Ocean County Population: 577,671 Labor Force: 267,200 Per Capita Income: $29,900 Largest Employment Sectors: Trade, Transportation & Utilities: 22% Education & Health Services: 22% Leisure & Hospitality: 12% College Degree: 24.5%

Passaic County Population: 501,226 Labor Force: 247,100 Per Capita Income: $26,100 Largest Employment Sectors: Trade, Transportation & Utilities: 22% Education & Health Services: 15% Professional & Business Services: 15% College Degree: 25.4%

Salem County Population: 66,423 Labor Force: 31,600 Per Capita Income: $27,300 Largest Employment Sectors: Trade, Transportation & Utilities: 24% Education & Health Services: 14% Manufacturing: 13% College Degree: 18.5%

Trade, Transportation & Utilities: 20% Education & Health Services: 12% College Degree: 50%

Sussex County Population: 150,908 Labor Force: 84.200 Per Capita Income: $36,000 Largest Employment Sectors: Trade, Transportation & Utilities: 18% Education & Health Services: 17% Professional & Business Services: 12% Leisure & Hospitality: 12% College Degree: 31.6%

Union County Population: 529,886 Labor Force: 277,200 Per Capita Income: $34,100 Largest Employment Sectors: Trade, Transportation & Utilities: 23% Professional & Business Services: 16% Education & Health Services: 13% College Degree: 31.6%

Warren County

Somerset County

Population: 108,692 Labor Force: 60,100 Per Capita Income: $33,080

Population: 323,444 Labor Force: 181,200 Per Capita Income: $47,100 Largest Employment Sectors: Professional & Business Services: 22%

Largest Employment Sectors: Trade, Transportation & Utilities: 22% Education & Health Services: 17% Manufacturing: 15% College Degree: 29%

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YOUR BUSINESS GROWS WHEN RUTGERS UNIVERSITY IS YOUR RESOURCE

Excalibur, the IBM Blue Gene P® supercomputer Rutgers acquired in 2012. At left is Michael J. Pazzani, vice president for research and economic development, with (right) Manish Parashar, professor of computer science.

Rutgers offers numerous top-quality graduate programs and continuous education including New Jersey’s only statewide Master of Business and Science program, a trend-setting combined MBA and MS. MBS: mbs.rutgers.edu Continuous education: continuingstudies.rutgers.edu Rutgers graduates more than 12,000 men and woman annually from 270 degree programs, many of them among the nation’s best, the majority intending to build a career in New Jersey. Recruiters: careerservices/rutgers.edu Find out how to access New Jersey’s most extensive and diversified laboratory network and facilities, funded with $400 million annually of research in fields such as biomaterials, business, energy storage, materials engineering, nanotech, pharmacy and wireless networking. Research Alliances: ora.rutgers.edu Technology Licensing: otc.rutgers.edu Rutgers-New Brunswick is our flagship campus; the Newark and Camden campuses are home to a wide range of academic programs. N.J. Small Business Development Center at Newark: business.rutgers.edu/rnsbdc N.J. Small Business Development Center at Camden: rsbdc.org/ Easy access for businesses: Our Research Alliances team provides one-stop concierge service to Rutgers. Call 732-445-0320 or send a note to frontdoor@rutgers.edu.

Jersey Roots, Global Reach

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The State University of New Jersey rutgers.edu/resource