Last week, we had the privilege of hosting the remarkable ReNew Jersey Business Summit & Expo in Atlantic City, attended by 850 leaders in business, nonprofits, government, and academia. The energy, insights and optimism shared during the Summit were inspiring.
It reinforced a resounding message: New Jersey is an exceptional place to conduct business.
In fact, Ralph LaRossa, the president and chief executive officer of PSEG and Chair of Choose New Jersey, when referencing New Jersey’s attractiveness, as evidenced by the Garden State being awarded the World Cup Final said, “The world chose New Jersey, So maybe you should choose New Jersey.” He was speaking to companies considering investments in the Garden State.
Leaders who participated in our Summit panels touted the Garden State’s strong infrastructure, talented workforce, diversity, and location. However, they also expressed concerns regarding the cost of doing business in New Jersey.
Let me start with the good news.
New Jersey's Assets are Coveted
New Jersey’s high-powered executives at the Summit said New Jersey is envied nationwide for its unique assets.
For example:
- Joaquin Duato, CEO of Johnson & Johnson, lauded New Jersey as an ideal state for companies to thrive, particularly in life sciences. He highlighted the state's advantageous location, talented workforce, excellent healthcare facilities, and robust infrastructure. “Innovation is the secret sauce that makes this state so successful,” he said. See more of what he said in this ROI-NJ article.
- Lauren Nathan-LaRusso, co-host city manager & general counsel for the NY/NJ World Cup 2026 Host Committee, said that FIFA officials were impressed by New Jersey’s diversity, values, and second-to-none location between Philadelphia and New York City when it chose New Jersey to be home of the biggest sporting event on Earth - the 2026 FIFA World Cup final. “When that trophy is lifted,” she said. “We will have 3 billion-plus viewers, and they will be looking at MetLife Stadium in New Jersey.”
- Thierry Klein, president of Bell Labs Solutions Research at Nokia Bell Labs, said his company recently chose New Brunswick as its East Coast R&D hub because of the state’s skilled workforce, its rich innovation ecosystem and strategic position on the northeast corridor. He called New Jersey, “the innovation capital of the world.”
- Jersey Mike’s CEO Peter Cancro, who transformed his company from a single sub shop in Point Pleasant into almost 3,000 locations, is so proud of New Jersey, he changed his company name to include the state, and he set up its headquarters in Manasquan.
- Alberto Garofalo, the New Jersey president at Bank of America, highlighted the state’s ecosystem of diversity and inclusion, customer base and location as key factors why Bank of America recently signed a lease for an additional 17 floors in an office tower near the Hudson River waterfront – the biggest lease deal in New Jersey in the past decade. “New Jersey is a major market for our firm,” he said. “There is nothing that cannot happen and can’t be done in New Jersey.”
These are impressive testimonials – and just the kind of talk we envisioned when we planned the Renew Jersey Business Summit & Expo. It's essential to recognize that thriving companies serve as invaluable ambassadors for New Jersey.
Removing Obstacles to Success
Panelists throughout the two days were also candid about obstacles to success when it comes to operating and growing businesses in New Jersey. The high cost of doing business in New Jersey and the recent proposal by the Murphy Administration to increase the Corporation Business Tax on large companies were the most cited.
Many felt, and I agree, the proposed tax hike, if implemented, would inflict damage on New Jersey’s economy and its reputation as an improving destination to run a business. It’s the antithesis of what New Jersey should be doing right now.
Still, business leaders recognized that the state’s outstanding assets mitigate the high costs.
Many at the Summit also stated that New Jersey companies need more support from government and fewer onerous regulations. They want an easier understanding of the state’s grant and incentive programs. They want obstacles to success removed. Let's heed the advice of industry leaders like J&J CEO Joaquin Duato, who emphasized the importance of supporting and nurturing companies in New Jersey.
Charting the Course Ahead
To maintain New Jersey’s status as an excellent place to conduct business, panelists and speakers at the ReNew Jersey Business Summit recommended some key steps. Here are some top items that we will pursue and you will hear more about. They are:
- Eliminating the impending Corporate Business Tax (AKA Corporate Transit Fee) hike that would make New Jersey the nation’s highest taxed state for big companies;
- Creating an Economic Council comprised of business and government leaders that meets regularly to discuss economic growth issues;
- Streamlining the process for applying for state grants and incentives;
- Reenergizing the state’s Government Efficiency and Regulatory Review Commission to identify inefficiencies and overly burdensome regulations that hurt businesses and stifle economic growth; and
- Fully funding state agencies that support the business community.
My main takeaway from the ReNew Jersey Business Summit is that our state is a great place to run a business. Employers and our government leaders should work together. Because when businesses thrive and the economy prospers, everyone in New Jersey benefits.
