EDA Board Action Highlights Growth in Key Industry Sectors

Industries targeted for growth by the Economic Opportunity Act (EOA) were highlighted today as the Board of the New Jersey Economic Development Authority (EDA) approved Grow New Jersey (Grow NJ) tax credits for six companies spanning manufacturing, technology and finance that are expected to create 900 new jobs and invest more than $27 million in the State.

“Action taken by the EDA Board today demonstrates how the Grow NJ program is driving job creation and private investment in key industry sectors,” said EDA Chief Executive Officer Melissa Orsen. “Companies seeking skilled workers are drawn to New Jersey for its educated, talented workforce, proximity to major cities and unmatched access to international travel.”

Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry. In addition to the sectors highlighted today, other targeted sectors under the EOA include life sciences and logistics.

Among those approved today are two manufacturers, New York Popular, a New York-based apparel company, which is considering expanding and renovating a 55,000-square-foot industrial building in Carteret, bringing with it 150 new jobs. The alternative would be a location in Norfolk, Virginia. Pink Sparrow Scenic, a manufacturer of customized fabrications for retailers, art installations, and advertising, is considering purchasing a 16,000-square-foot location in Jersey City, which would be home to 40 employees. The company is also considering a location in Brooklyn, New York.

Grow NJ tax credits were also approved for Freedom Mortgage Corporation, a full-service national mortgage lender which plans to expand its workforce by 350. The company has identified a 32,200-square-foot building in Evesham; alternatively, it would choose to expand at an existing company location in Pennsylvania.

In the technology sector, global financial software systems and services company Fidessa Corporation is considering choosing a 51,824-square-foot location in Jersey City over expanding at existing company facilities in New York and Chicago. The project is expected to create 340 new jobs.

Another international company approved for Grow NJ tax credits today, Doka USA Ltd., is a subsidiary of an Austria-based corporation engaged in the sale and rental of concrete formwork and related services to contractors. The company, which plans to expand its existing workforce of 112 by 44 new jobs, is considering relocating to Wallington or Middletown, New York.

Also approved today is warehouse material handling company W&H Systems, which has identified a 48,000-square-foot facility in Bloomfield, where it would create 52 new jobs and retain 97 jobs at risk of leaving the State for an alternate location in Pennsylvania.

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.

Based in Trenton, 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.

Related Articles: