Innovation New Jersey
  • Home
  • Our Coalition
    • Contact Us
  • News
  • Resources
    • State Supports
    • Federal Supports
    • Higher Ed Supports
  • Join Us

Innovation News

Everything Innovation. Everything New Jersey.
Follow us and stay connected.

EDA Board Action Encourages Growth in State’s Technology Sector

5/20/2016

0 Comments

 
Trenton, NJ ― The Board of the New Jersey Economic Development Authority (EDA) today approved Grow New Jersey (Grow NJ) tax credits to support the attraction and growth of companies in the technology and life sciences sector.
 
Advanced under the New Jersey Economic Opportunity (EOA), Grow NJ is the state’s main job creation and retention incentive program.
 
“Technology and life sciences companies are drawn to New Jersey for its educated, skilled workforce and culture of innovation,” said EDA Chief Executive Officer Melissa Orsen. “The Grow NJ program was expressly designed to encourage investment and growth in targeted industries, including these important sectors of the State’s economy.”
 
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are in a defined targeted industry; of those, nearly one-third are in the technology and life sciences sector. Other targeted sectors under the EOA include manufacturing, finance, and logistics.
The technology and life sciences projects approved today represent the expected creation of more than 340, new, high-paying jobs, retention of more than 150 jobs at risk of leaving the State, and private investment of over $9.1 million.
 
In Monmouth County, WorkWave LLC, formerly Marathon Data Operating Co., is considering a move into more than 71,000 square feet at Bell Works, the former Bell Laboratories site in Holmdel.
 
Marathon Data was approved for Grow NJ tax credits in 2013, and has since outgrown its space.  WorkWave will either relocate to an existing company facility in Missouri or invest $7.2 million in the Bell Works space, where it would create 247 new jobs and retain 154 at risk of leaving the State.
 
In Mercer County, Grow NJ tax credits were approved to encourage P&R Dental Strategies, an analytics provider for the dental industry, to consider locating 20 employees from out of state locations to a 10,000-square-foot former manufacturing site in Hamilton, allowing for expansion and employment growth. The company would undertake a $1 million renovation of the site and expects to create an additional 30 new positions by late 2018.
 
In Union County, DBV Technologies, a clinical-stage biopharmaceutical company headquartered in France, is considering relocating operations from New York to a 9,100-square-foot facility in Summit. The company would create 45 high-paying jobs and invest more than $900,000 in computer systems and other machinery and equipment needed to establish its United States headquarters. The alternative location is in Philadelphia.
 
The EDA is part of the state’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
 
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
 
The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit http://www.njeda.com/tls and follow @NJEDATech on Twitter and LinkedIn.
​
0 Comments



Leave a Reply.

    Do not miss a single innovative moment and sign up for our newsletter!
    Weekly updates


    Categories

    All
    3D Printing
    Academia
    Acquisitions
    Aerospace
    Agriculture
    AIDS
    Algae
    Alumni
    Animals
    Architecture
    Astrophysics
    Autism
    Awards
    Big Data
    Bioethics
    Biofuel
    Biomedical
    BioNJ
    Bioterrorism
    Bit Coins
    Brain Health
    Business
    Camden
    Cancer
    CCollege
    Cellular
    Centenary
    Chemistry
    ChooseNJ
    Climate Change
    Clinical Trials
    Cloud Tech
    Collaboration
    Computing
    Congress
    Coriell
    Council On Innovation
    Crowdfunding
    Cybersecurity
    DARPA
    Defense
    Degree
    Dementia
    Dental Health
    DOC
    DOD
    DOE
    Drew
    Drones
    Drug Creation
    Einstein's Alley
    Electricity
    Energy
    Engineering
    Entrepreneurship
    Environmental
    FAA
    Fairleigh Dickinson
    FDA
    Federal Budget
    Federal Government
    Federal Labs
    Federal Program
    Finance
    Food Science
    Fort Monmouth
    Fuel Cells
    Funding
    Genome
    Geography
    Geology
    Global Competition
    Google
    Governor Christie
    Grant
    Hackensack
    HackensackUMC
    Healthcare
    Health Care
    HHS
    HINJ
    Hospitals
    Immigration
    Incubator
    Infrastructure
    International
    Internet
    Investor
    IoT
    IP
    IT
    Jobs
    Johnson & Johnson
    K-12
    Kean
    Kessler
    Legislation
    Logistics
    Manufacturing
    Medical Devices
    Med School
    Mental Health
    Mentor
    Microorganisms
    Molecular Biology
    Montclair
    NAS
    Neuroscience
    Newark
    New Jersey
    NIFA
    NIH
    NIST
    NJBDA
    NJBIA
    NJ Chemistry Council
    NJCU
    NJDOLWD
    NJEDA
    NJEDge
    NJHF
    NJII
    NJIT
    NJMEP
    NJPAC
    NJPRO
    NJTC
    Nonprofit
    NSF
    OpEd
    Open Data
    OSHE
    OSTP
    Parasite
    Patents
    Paterson
    Patients
    Perth Amboy
    Pharma
    POTUS
    PPPL
    Princeton
    Prosthetics
    Ranking
    Rare Disease
    R&D Council
    Report
    Resiliency
    Rider
    Robotics
    Rowan
    Rutgers
    SBA
    Seton Hall
    Siemens
    Smart Car
    Smart Cities
    Software
    Solar
    Space
    SSTI
    Startup
    State Government
    STEM
    Stevens
    Stockton
    Subatomic
    Supports
    Sustainability
    Taxes
    TCNJ
    Teachers
    Telecom
    Therapy
    Thermodynamics
    Transportation
    Undergraduate
    USEDA
    Verizon
    Video Game
    Virtual Reality
    Water
    WHO
    William Paterson
    Women In STEM
    Workforce Development

Home   Coalition   News   Resources   Events   Join Us
Picture
Innovation New Jersey Coalition
222 West State Street
Suite 302
Trenton, NJ 08608
732-729-9619