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Posted on: October 8, 2018

Governor Outlines Strategy for Economic Development

On Oct. 1, 2018, Governor Murphy presented his outline to grow the New Jersey economy. In a speech in Nutley, the Governor presented a vision focused on investments in the state’s education system and workforce development programs so to attract and retain workers. The plan also calls for the creation of a venture capital fund run by the state, which would seek to raise $500 million to invest and promote an innovation economy. The report identified four strategic priorities:

1. Investing in people to help all New Jersey residents prepare for and find work that supports and sustains families and investments in our future;
2. Investing in communities to build world-class cities, towns, and infrastructure statewide;
3. Making New Jersey the State of Innovation to harness the power of innovation to create more and better jobs across the state; and,
4. Making government work better to improve New Jersey’s competitiveness and business climate;

Later in the week, the Governor delivered the keynote address at the Governor’s Conference on Economic Development and Housing in Atlantic City. (The Governor’s prepared remarks.) In this address, the Governor focused on the new “Opportunity Zones,” which includes 169 census tracts throughout the State. The Governor also announced his support for a new tax credit program, “NJ Aspire” to attract investment in commercial, residential, and mixed-use development in areas served by mass transit.

We will provide updates on all these initiatives as the policy proposals take form.

Contact: Michael F. Cerra, Assistant Executive Director, mcerra@njslom.org, 609-695-3481, x120.

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