Home to 21 of the Fortune 500 companies, 270 foreign company headquarters and five foreign trade zones, New Jersey is a highly sought-after destination for international investment.
New Jersey is in the heart of the Northeast Corridor
Swiss-based Ferring Pharmaceuticals is a powerful example of a foreign company choosing New Jersey. It recently expanded its footprint in the state with the opening of a state-of-the-art US operations centre that houses 275 employees, including management, administration, commercial operations, manufacturing and R&D. “When we decided to expand manufacturing into the US, there was really no question that we were going to be bringing it to New Jersey”, said Aaron Graff, President and COO of Ferring Pharmaceuticals.
Key players connected
Ferring’s story is just one of many of global companies making the choice to invest in New Jersey. Others include Bayer, Panasonic, Unilever, UBS, Novartis, Alcatel-Lucent, Siemens, Subaru and LG. The list of companies goes on and spans industries. But why do these international powerhouses choose to grow in New Jersey?
“New Jersey offers the key advantages necessary for global companies to operate in the US”, says Ralph LaRossa, President and COO of PSE&G, New Jersey’s largest utilities company. “Not to mention, New Jersey has one of the most reliable and resilient utility and telecommunications infrastructures in the US.” With a strategic location, a highly educated workforce and powerful financial incentives that provide significant savings for companies big and small, New Jersey has captured the attention of the global business community.
Located between Boston and Washington DC, and adjacent to New York City and Philadelphia, New Jersey is in the heart of the Northeast Corridor. New Jersey businesses are globally connected through international air services, rail freight lines, mass public transit and a port readying for the post-Panamax era. Plus, companies in New Jersey can reach 130 million consumers with $3trn of disposable income, and thousands of businesses – all within a day’s drive.
Nonstop flights to more than 105 international destinations and 90 US cities are offered through Newark Liberty International Airport (EWR), supported by nearby airports in New York City and Philadelphia. New Jersey also has 2,800 miles of interstates and highways and the nation’s highest density of railroads. One of the Northeast’s most powerful trade hubs, the Port of New York and New Jersey is the third-largest seaport in North America and the largest maritime cargo centre on the East Coast. Currently, the Port is undergoing a $1.3bn expansion to allow for larger, modern, post-Panamax ships by 2017.
Educated to achieve
New Jersey’s abundance of talent should come as no surprise—the state was once home to innovators such as Thomas Edison and Albert Einstein. In fact, New Jersey has a higher concentration of scientists and engineers per square mile than anywhere else in the world. Among the biggest sources of New Jersey’s top talent are the numerous, highly-ranked educational institutions in the region. Named one of the top five states in the nation for education by CNBC, New Jersey is both home to US News & World Report’s number one university in the country (Princeton University) and BuzzFeed’s number one best value college (New Jersey Institute of Technology).
“The fact that the state has over 50 institutions of higher education means that industries that need an educated workforce will move to this state”, notes Sue Henderson, President of New Jersey City University. New Jersey’s educational institutions aren’t just responsible for churning out talent; they also work directly with businesses, bridging the gap between industry and academia.
Many of New Jersey’s leading incubators are tied to top schools such as Rutgers University or the New Jersey Institute of Technology. Through the New Jersey Business Incubation Network, companies can a find a wide range of incubators that help with commercialisation and business development for technology, life sciences, clean energy and more. Also, New Jersey is proud to host two ‘Soft Landings’ designated incubators, recognised for their specialised services in helping international companies enter the US market.
While New Jersey is no stranger to powerhouse companies, new streamlined incentives under the Economic Opportunity Act of 2013 have made it even more attractive for companies of all sizes to relocate and expand in the state. In the past year, the incentives have been awarded to 81 projects totalling more than $1.66bn. “The enhanced [incentives] programme is certainly turning heads”, says Lieutenant Governor Kim Guadagno. “In fact, in just a few short months since the programme began, some of the biggest names in business have made the New Jersey decision, including Forbes Media, VF Sportswear and JPMorgan Chase. There has never been a better time to choose New Jersey.”
Most recently, Japanese car manufacturer Subaru made the decision to relocate its headquarters within New Jersey, instead of moving to Pennsylvania, thanks to $117.8m in Grow New Jersey incentives.
Apt appellations
There’s a reason why New Jersey has earned the nicknames ‘the medicine chest of the world’ and ‘the Garden State’. They recognise two of the state’s most important industries; life sciences and food. In 2013, more than one third of the new drugs approved by the FDA came from New Jersey biotech companies. New Jersey is home to some of the biggest innovators in the industry, including 14 of the 20 largest pharmaceutical companies and more than 3,000 biotech companies.
The number of trained pharmaceutical, biotechnology and medical technology workers has tripled in the last decade, and companies such as Valeant Pharmaceuticals, Allergan and Celgene are tapping into New Jersey’s availability of skilled workers. While New Jersey’s life sciences industry makes major contributions to the world’s health, the state’s food industry is feeding the world. Campbell’s Soup, Goya, Mars Chocolate, Mondelez and Unilever all have headquarters and major operations in New Jersey, taking advantage of the state’s strength in manufacturing, distribution and innovation to drive their businesses.
While New Jersey’s locals range from celebrities to some of the world’s leading executives, everyone in the state can live the good life. Catch the Giants or Jets at MetLife Stadium (home of Super Bowl XLVII), enjoy performances at the world-class Prudential Center, or get away from it all at one of the 39 state parks and beaches along the 130 miles of coastline.
Whether it’s living in a charming, historic town, a walkable city or along the world-famous Jersey shore, residents in New Jersey can access all that the state has to offer in just a few hours.