Actions taken by the Board of the New Jersey Economic Development Authority (EDA) today under the Grow New Jersey Assistance Program (Grow NJ) include projects that support the attraction of businesses in the manufacturing industry that hold the promise of creating over 450 new jobs and leveraging the private investment of more than $26.2 million in New Jersey’s economy. Advanced under the New Jersey Economic Opportunity Act of 2013, Grow NJ is the state’s main job creation incentive program.
“The EOA continues to be effective in attracting industries that are critical to the growth of New Jersey’s economy, including manufacturing,” said EDA Chief Executive Officer Melissa Orsen.
Orsen notes that approximately 68 percent of tax credits approved to date under the Grow NJ program support a company in a targeted industry; notably, over 34 percent are companies in the manufacturing sector.
Among the projects approved today are two manufacturing companies, including Manhattan-based Frederick Goldman, Inc., which was approved for up to $16 million over 10 years if the company chooses to purchase a facility and create 214 new jobs in Secaucus, rather than locating its operations in New York. Frederick Goldman is a privately held jewelry manufacturer, whose products are often sold under such brand names as ArtCarved, Vera Wang and Scott Kay.
SSB Manufacturing Company, a wholly-owned manufacturing subsidiary of Serta Simmons Bedding, is considering creating a new manufacturing facility with an accompanying showroom in Carteret, or expanding an existing company facility in Pennsylvania. To encourage the company to choose New Jersey and create more than 250 new jobs in the state, SSB was approved for up to $27.6 million in tax credits over 10 years.
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.Related Articles: