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.

New Jersey’s Manufacturing Sector Benefits from Economic Development Authority Board Action

12/15/2016

0 Comments

 
Trenton, NJ — Three manufacturing sector projects expected to create a total of 390 new jobs were approved today by the Board of the New Jersey Economic Development Authority (EDA) for tax credits under the Grow New Jersey (Grow NJ) Program. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
 
“Manufacturing is one of several key industries targeted for growth under the EOA,” said EDA Chief Executive Officer Melissa Orsen.  “Manufacturers are particularly important to the State’s economy for the career opportunities they offer, but also for the trade activity they spur and the important goods they provide that fuel other industries.”
 
Under the Grow NJ program, projects in targeted industries are eligible for “per job” bonuses. Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector.
 
Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
 
In Passaic County, Vitaquest International LLC, a custom contract manufacturer of nutritional supplements, is expanding its assembly and packing capabilities by moving to a 79,650-square-foot facility in Paterson where it will invest more than $4.1 million.
​The expansion in Paterson would result in the creation of 100 new jobs and retention of 110 jobs at risk of leaving the State for Rochester, NY.
 
Cascades Containerboard Packaging, a manufacturer of containerboard and corrugated paper products, is considering constructing a state-of-the-art facility in Union County, in the city of Elizabeth, Union County, or Newtown, CT.  The project is expected to create 182 new jobs, and is associated with private investment of more than $116 million.
 
In Somerset County, Cyalume Specialty Products Inc., may expand in Franklin Township, where it would invest $4.5 million to renovate a 44,392-square-foot facility, or relocate to a company-owned facility in West Springfield, MA. 
 
If it chooses Franklin Township, the manufacturer of specialty chemical products for the pharmaceutical, medical products and cosmetics markets expects to create 10 new jobs and retain 27 at risk of leaving the State.
 
Projects in two other sectors targeted for growth under the EOA, finance and life sciences, were highlighted at today’s meeting.
 
Advisor Group, Inc., a financial services company consisting of a network of broker-dealers, is considering relocating to Jersey City, bringing with it 60 new jobs and $1.78 million in private investment.  If Advisor Group chooses Jersey City over Brooklyn, it would lease and renovate a 17,840-square-foot facility.
 
Also in Jersey City, life sciences company Noven Pharmaceuticals, a specialty pharmaceutical company engaged in the research and development, manufacturing, marketing and sale of prescription pharmaceutical products, has identified a 16,000-square-foot facility where it may locate 30 employees and invest $1.9 million in the new site.  The alternative would be to relocate these positions to the company’s headquarters in Miami.
 
The Business Action Center (BAC) worked in collaboration with the EDA to help cultivate these economic development projects, providing interdepartmental advocacy and ongoing customer support.
 
As a performance-based program, approved Grow NJ projects must first generate new tax revenue, complete capital investments, and/or hire or retain employees to receive approved benefits.
 
The EDA and BAC are 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: BAC, Choose New Jersey, the Office of the Secretary of Higher Education and the EDA.
 
In other Board action, the EDA approved changes to its Economic Impact Model.  Details can be found via www.njeda.com/EIModelComments.
 
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.
 
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.
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
    Health Care
    Healthcare
    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
10 West Lafayette Street
Trenton, NJ 08608
732-729-9619