The success and economic welfare of every state in America is largely based on the businesses it attracts and retains.
Because companies consider the benefits each state offers when starting or relocating a business, competition exists. Some states provide more overall value to businesses than others.
New Jersey happens to posses many valuable features and inherent characteristics as well as state-sponsored benefits that make it one of the most highly sought-after states in which to operate a business.
Location – Location – Location
Being in an area that is so densely populated and close to the major markets of New York and Philadelphia is a huge benefit to many corporations. For instance, any business in New Jersey is within a day’s drive to thousands of other businesses and 40% of the nation’s population.
Access to, and from, the state is second to none. New Jersey can easily transport people and products with its own international airport, excellent infrastructure, commuter and freight rail lines, a large cargo port, and nearby international airports in New York and Philadelphia.
People Mean Potential
A business is only as good as its employees, and in New Jersey, employers have access to some of the most educated and highly-skilled workers in the country – including the biggest collection of engineers and scientists in the world.
Consumer potential abounds in New Jersey, making it very attractive to potential companies. A business located in Central New Jersey has access to 22 million consumers spending $800 billion in disposable income within a 2-hour radius.
State Government Incentives
In 2013, the New Jersey Economic Opportunity Act was passed, which created two very beneficial programs to help NJ businesses invest, expand, and create jobs in the state.
The Grow New Jersey Assistance Program (GROW NJ) is a tax incentive program that rewards companies based on the amount of jobs it creates or retains. Additional bonus credits may be granted if these jobs meet certain requirements. Companies have the potential to be awarded as much as $15,000 per job, per year.
The Economic Redevelopment and Growth Program (ERG) was designed to provide grants to help companies fund development programs when traditional financing options fall short. Certain qualifying commercial projects could possibly be eligible to receive a total tax credit of up to 40% of total project costs (20% standard reimbursement plus 20% bonus for projects within Garden State Growth Zones).
Along with these benefits, New Jersey provides companies many other accommodations such as free relocation and expansion services, low-cost financing options, and special programs to bring biotech and other technology-based businesses to the state.
With all this, it’s clear that New Jersey is a great choice for new and expanding businesses.