2020 New Jersey Guide_Site Selection

We worked hard to produce a state budget
that does not make draconian cuts. Since
the start of the pandemic we have operated
under the notion that we cannot cut our
way out of the economic crisis in which we
find ourselves. Importantly, we have worked
to ensure that communities experiencing
disproportionate levels of harm due to the
pandemic, including communities of color
and low-income communities, are foremost
in our efforts, and that we emerge from
this pandemic a stronger, fairer and more
resilient state.
What industries were hit the hardest in
your state?
GOVERNOR MURPHY: More than
755,000 New Jerseyans lost jobs during the
initial shutdown to combat the COVID-19
pandemic. As of September, the state had
recovered approximately 56% of those
lost jobs. In terms of industry sectors, the
hardest hit were: Leisure and Hospitality
(restaurants, hotels, casinos, etc.), Retail
Trade, and Healthcare and Social Assistance
(Dr’s. offices, dentist’s offices, outpatient care
centers, physical therapists, etc.).
What does the New Jersey roadmap for
economic recovery look like?
GOVERNOR MURPHY: New Jersey is
committed to achieving a sustainable,
equitable recovery that not only restores the
economy back to pre-COVID-19 vibrancy, but
also advances us toward our goal of building a
stronger, fairer, and more resilient New Jersey.
To achieve this goal, we are complementing
our broadly available COVID-19 relief
“New Jersey is currently in the
process of revising our tax
incentive offerings to better align
State programs with our goal of
building a stronger economy that
works for all of New Jersey.
”
— Phil Murphy, Governor of New Jersey
programs with targeted efforts focused
on communities and businesses that have
historically faced barriers to success during
the best of times: small businesses, minorityand
woman-owned companies, and businesses
in under-resourced communities. We are also
prioritizing businesses in industries that have
been hit particularly hard by the pandemic,
such as restaurants, personal care businesses,
and performance venues. These efforts
will help to ensure a robust and equitable
economic recovery.
To date, the bulk of New Jersey’s
COVID-19 economic relief efforts have
focused on providing direct cash assistance
to individuals and businesses that have lost
jobs or faced falling revenues as a result of
the pandemic. Between grants, loans, rent
relief, and other efforts, the State has provided
crucial resources to tens of thousands of New
Jersey residents. This helped to stabilize our
economy during the most challenging stages
of the pandemic and provided as strong a
foundation as possible for ongoing, long-term
economic recovery efforts.
Looking ahead, New Jersey’s COVID-19
response will begin to shift toward helping
businesses and individuals adjust to living,
working, and doing business safely. We have
already launched programs to help small
business owners purchase reliable, highquality
personal protective equipment at
an affordable price and technical assistance
programs to help businesses that rely on
in-person interactions implement the
changes they need to keep their employees
and customers safe. Going forward, we will
continue to build on these efforts to ensure all
businesses and New Jersey residents have the
information, tools, and resources they need
to work and live safely. This includes a robust
and expanding suite of workforce development
resources to help displaced workers get the
training and support they need to find new
opportunities post-COVID.
The COVID-19 pandemic has presented
an unprecedented public health and economic
tragedy for New Jersey and the nation.
However, we believe that by providing
timely, accessible resources for residents and
supporting workers and business owners
as they reopen safely, we can achieve a
sustainable, equitable recovery that gets New
Jersey back on track and positions us for longterm
economic success.
How long do you think it will take
for the New Jersey economy to fully
recover?
GOVERNOR MURPHY: The COVID-19
pandemic is an unprecedented global crisis. As
such, it is impossible, and even irresponsible,
to attempt to provide timelines for recovery.
Still, we are confident New Jersey will make
a complete recovery. In fact, the recovery
process has already begun.
New Jersey’s economic foundations are
sound. We are located at the heart of the
Northeast Corridor close to multiple global
economic hubs. We have the best public
education system in the nation and are home
to multiple leading research universities,
which has helped produce one of the most
highly educated and skilled workforces in the
United States. We have a strong innovation
ecosystem, and are welcoming cuttingedge,
high-growth industries from offshore
wind to esports. These fundamentals will
remain important, and may even take on
new significance, as we emerge from the
COVID-19 pandemic.
In addition to these fundamental strengths,
we are taking proactive steps to ensure a safe
and speedy recovery. New Jersey had one of
the worst COVID-19 outbreaks in the spring
but was able to rapidly contain and control the
virus through a proactive, coordinated public
health response. We now have a much better
understanding of how to prevent the spread
of the virus and the State is taking steps to
support business reopening and residents
returning to work, including creating a
jobs portal to connect workers to available
jobs, providing grants to help businesses
purchase personal protective equipment, and
making direct financial support available for
businesses that have been hit the hardest by
the pandemic.
Together, these efforts have helped New
Jersey’s economy remain stable throughout the
crisis and have put us on track to a safe and
efficient recovery that results in strong and
equitable long-term growth.
How have you modified your incentive
programs in recent years to adjust to
the times and changing landscape of
corporate site selection?
GOVERNOR MURPHY: New Jersey is
currently in the process of revising our tax
incentive offerings to better align State
programs with our goal of building a stronger
economy that works for all of New Jersey.
The proposed new incentive programs include
a number of important reforms including
an increased focus on targeted industries,
prioritizing new job creation rather than
retained jobs, lower per-job credit amounts
with bonuses that more closely align with
the State’s economic goals, encouraging job
creation and investment in urban centers
and other distressed communities, placing
limits on the transfer of credits to ensure
job-creating companies reap the primary
benefits of taxpayers’ investments, rewarding
companies that invest in employee skill
development and training, and incentivizing
investment in revitalizing the historic
buildings that are the heart of New Jersey’s
vibrant communities. Our proposed
Innovation Evergreen Fund is a bold new idea
that will connect New Jersey startups with
the funding they need to grow and foster a
vibrant innovation ecosystem while generating
new revenues for the State. These changes
will ensure a robust incentive program that
addresses businesses’ needs while ensuring
New Jersey residents share in the benefits of
economic growth and development. We are
working towards getting a deal in place by the
end of 2020.
There is obviously a lot of competition
for companies between New York and
New Jersey. How are you addressing
that situation now?
GOVERNOR MURPHY: New Jersey views
New York and all our neighbor states as
partners in our work to build a stronger,
fairer economy that better serves businesses
and residents. While every business’s
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