Yesterday, the CCSNJ attended Governor Phil Murphy’s visit to Rowan University’s Rohrer College of Business in Glassboro to celebrate the one year anniversary of unveiling his economic agenda for the state.
In the fireside chat, which lasted over an hour between Governor Murphy and Linda Bowden, New Jersey Regional President at PNC Bank, the Governor touched on several themes and highlighted the Administration’s accomplishments to date, including the creation and emphasis on a budding innovation economy in New Jersey and cultivating stronger partnerships between the state’s higher education community and workforce development trends.
Governor Murphy spoke at length about his recent business mission to India, which resulted in three Indian-based companies with offices in New Jersey agreeing to expand their operations creating 1,200 new jobs. In addition, the Governor reminded the audience that the unemployment level is at a historic low during his tenure at 3.2 percent, lower than the national average of 3.7 percent.
The Governor went on to state that “you cannot make economic progress without social progress” and vice versa. To that end, he touted items that will “have a more immediate impact on New Jersey’s overall economic health” including, the passage of a $15 minimum wage law, the strongest pay equity law in the nation, an earned sick leave law and an expanded paid family leave law, to name a few.
Governor Murphy also spent time discussing the need for the state to have tax incentive programs, assuring the businesses in the room that he is fully supportive of creating new programs in the state. However, he went on to say that these programs should “not be the only tool in New Jersey’s tool box” to attract businesses, as was the case in recent years. He went on to outline the Administration’s five tax incentive proposals announced last year that, to date, have yet to be embraced by the Legislature although negotiations remain ongoing.
The Governor also used this forum to announce four new initiatives that he believes will continue to spur economic development in New Jersey:
- Under the direction of Secretary of State Tahesha Way, New Jersey will soon be rolling out a $3 million marketing campaign in an effort to attract more business outside of the state.
- The Administration recently launched a business-first website, which will be a portal where companies can get useful information to cut through government processes. The CCSNJ has been working with the Office of Innovation on this initiative - the ‘Business First Stop’ and encourages members to test the website at business.nj.gov and provide feedback to the Administration at https://business.nj.gov/feedback.
- The Governor would like to expand the Film Tax Credit to both elongate the incentive’s length and raise the cap.
- The New Jersey Economic Development Authority (NJEDA) and New Jersey Transit (NJT) have signed a memo of understanding to develop the areas around train stations in Northern Jersey, specifically citing Newark Penn Station, Jersey City, Metropark and Trenton. The goal is to create urban transit hubs and villages.
If you have any questions or comments about the above, please feel free to reach out to Christina M. Renna, Senior Vice President at email@example.com.