GrowNJ Incentives Program Updates

August 19, 2014

Recent articles cover some of the success & struggles of the GrowNJ program as New Jersey works to keep companies and jobs within the State.

Why it stayed: Panasonic’s decision was about more than tax incentives (read full story on njbiz.com)

Even in the case of Panasonic, which received a well-documented $102.4 million tax credit in 2011 to relocate its North American headquarters to Newark from Secaucus, incentives aren’t always enough to keep a company in New Jersey.

New Jersey has educated workers, quality transportation options, and, of course, those big-ticket tax incetives, so … why are companies leaving? (read full story on njbiz.com)

Quality of life. That’s what Elmwood Park-based Sealed Air, a Fortune 500 manufacturer of Bubble Wrap and other packaging, cited last month as one of the main reasons it’s leaving New Jersey for North Carolina.

State grant keeps major transportation equipment provider from Plainsboro in N.J. (read full story on nj.com)

After talk of leaving the state, a major transportation equipment provider and chassis leasing business has decided it will remain in the township thanks to an incentive grant from the New Jersey Economic Development Authority.

Good News for NJ Jobs

August 11, 2014

U.S. jobs growth stays on a roll; recovery starts to catch on in N.J.

“The tone of the economy nationally has become more positive, and there’s every reason to expect we’ll get some spillover effect in New Jersey,” said Patrick O’Keefe, an economist with the accounting firm CohnReznick, which has an office in Roseland.

Read the full story on northjersey.com here.

With the creation of 209,000 jobs in July, the nation posted a six-month streak of 200,000-plus new jobs a month — the longest such run since 1997 and a sign that the economic recovery is on solid ground, analysts said. – See more at: http://www.northjersey.com/news/u-s-jobs-growth-stays-on-a-roll-recovery-starts-to-catch-on-in-n-j-1.1061201#sthash.wwDu6sES.dpuf