Five projects approved by the Board of the New Jersey Economic Development Authority (EDA) today for tax credits under the Grow New Jersey (Grow NJ) Program are expected to create more than 400 new manufacturing jobs in the state. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
In other EDA related news, the authority granted approval for accounting firm EY (Ernst & Young) to receive a 10-year, $39.7-million Grow New Jersey Grant. EY is considering moving between 1,000 to 1,300 employees from a Manhattan location to either Brooklyn or a 168,165-square-foot building in Hoboken. According to the EDA, the net benefit to the state would be more than $87 million over 20 years.
Regarding the aforementioned manufacturing jobs, EDA Chief Executive Officer Melissa Orsen, says, “Manufacturing companies are drawn to New Jersey for its skilled labor pool and proximity to major ports and other logistical assets. Encouraging investment and growth in targeted industries, including manufacturing, is one of the major objectives of the Grow NJ program.”
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 40 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.
In Bergen County, Flaum Appetizing Corp., a manufacturer and distributor of kosher food products, is considering relocating its operations from Brooklyn to industrial space in Ridgefield Park or Newburg, NY, bringing with it 104 manufacturing jobs.
Grow NJ tax credits were also approved for two food industry manufacturers considering locating in Middlesex County. Virginia Dare Extract Co., Inc., a manufacturer and supplier of flavors, extracts and concentrates, is considering relocating from Brooklyn to occupy 152,000 square feet in a newly constructed 206,000-square-foot building in Carteret, which would result in the creation of 104 new jobs in the State.
Classic Cooking, a manufacturer and distributor of home-style food products sold in specialty and grocery stores, has identified a 33,000-square-foot facility in Woodbridge, to which it may move its manufacturing operations from Jamaica, NY, including 100 jobs. The alternative under consideration by the company is in Hauppauge, NY.
Veeco Process Equipment, a Somerset County manufacturer of thin film process technologies for the electronic industry, may streamline part of its New York and New Jersey operations into its existing Somerset facility, where it would reconfigure and expand, adding 49 new jobs and retaining 26 at risk of leaving the State. If it does not consolidate in Somerset, the company will leave the State to invest and expand in leased space in New York.
Microcision LLC, a manufacturer of medical implant devices, which has outgrown its current, company-owned, Philadelphia location, has identified a 40,000-square-foot facility in Pennsauken Township, Camden County. If Microcision chooses to locate in New Jersey, it would purchase and renovate this facility, rather than expanding its existing facility, making it home to 70 employees relocated from Philadelphia.
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: Choose New Jersey, BAC, the Office of the Secretary of Higher Education and the EDA.Related Articles: