N.J. ECONOMIC POLICY FORUM PRESENTS “C-SUITE SURVEY” RESULT

Key Stakeholders From Business, Academia and Government Explore Findings

PLAINSBORO, N.J., Dec, 13, 2007 -  Business, academic and governmental representatives  gathered on Thursday, Dec. 13, at the New Jersey Economic Policy Forum to learn the results of its first annual "C-Suite Survey." Conducted this fall by the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, the survey targeted the "chief officers" of companies headquartered or deeply entrenched in New Jersey. It drew responses from nearly 150 senior executives - including their assessments of the economy, both nationally and locally, as well as their opinions about New Jersey's business climate.

The results indicated that accessibility, location, workforce, education system and health care were among the key advantages of doing business in New Jersey according to James W. Hughes, Dean of the Bloustein School, who presented the C-Suite findings. Among the disadvantages of doing business in New Jersey, cost of housing, living, tax levels, and local and state regulations were cited. 

"At the same time, companies doing business here are committed to stay, and a large number plan to expand," Hughes explained, pointing to the 92.5% of respondent companies who indicated in the survey that they plan to remain in New Jersey.

The Economic Policy Forum came together earlier this year as a joint effort of the New Jersey Chamber of Commerce, Rutgers University, Cushman & Wakefield and six prominent Garden State trade associations. The three-year initiative has started to bring together key stakeholders in the state to forge a shared vision for economic growth - by identifying, understanding and addressing challenges, opportunities and concerns.

The event took place at the Wyndham Princeton Forrestal Hotel and Conference Center. In addition to Jim Hughes, it included a presentation by Carl Van Horn of the Bloustein School and discussion panels that featured its organizational members and top executives from diverse industries. Gary Rose, Chief, Governor's Office of Economic Growth, and the keynote speaker, noted: "We welcomed the opportunity to be part of the New Jersey Economic Policy Forum, which engaged so many of New Jersey's prominent business leaders in a positive, meaningful dialogue about our state's economic future."

The C-Suite Survey will be conducted again in 2008 and 2009. The 2007 survey (Link to Summary of C-Suite Survey Results) addressed issues like regulations, permitting processes, taxation and the relationship between state government and the business community. Industries surveyed ranged from financial, professional and business services, to manufacturing and other sectors.

"The New Jersey Economic Policy Forum and C-Suite Survey reflect an important commitment among New Jersey's business leaders," noted Joan Verplanck, President of the New Jersey Chamber of Commerce. "The effort has coalesced a diverse group of associations and organizations around the notion that there is a job to do, and we have to get it going. Our role is not to complain but rather to figure out how to make New Jersey an optimum place to do business and then to promote it as a unified group. We will be proactive, develop a vision and take it to government."

"I join Joan in thanking all of the partners who came together to create the New Jersey Economic Policy Forum," added Gualberto (Gil)  Medina, Executive Managing Director of real estate services provider Cushman & Wakefield, which maintains three offices in New Jersey, and is sponsor of the C-Suite Survey. "At times, we may disagree with the (New Jersey) Administration on means and methods, but we must help compel our legacy politicians to make difficult choices. . . that will allow us to strengthen our fiscal system, create a vibrant business environment, generate employment opportunities and sustain prosperity in our state. The New Jersey Economic Policy Forum is an expression of our responsibilities as citizens . . . with a shared vision about our economic future."

In addition to Cushman & Wakefield, the 2007 Forum event sponsors included Horizon Blue Cross Blue Shield of New Jersey, Wyndham Worldwide, Advance Realty Group and Deloitte & Touche, LLP. The associations that comprise the Economic Policy Forum include the New Jersey Chapter of the National Association of Industrial and Office Properties, the Health Care Institute of New Jersey, Financial Executives International, the New Jersey Technology Council, The New Jersey Business & Industry Association and BioNJ.

December 2007