Economic Development

The Role of Community Investment in NJ’s Economic Future

Gov. Phil Murphy joined with community and business leaders from across the state to discuss ways New Jersey can support greater investment in our cities to make the state both stronger and fairer for all residents. On Monday, during an economic address in Nutley, the Governor outlined his economic vision for the State, a vision that prioritizes inclusive innovation, diversity, and shared prosperity for all New Jersey residents and communities.

“New Jersey was once at the forefront of the global innovation economy, but due to economic policies that failed to prioritize our residents, New Jersey currently has among the highest rates of income inequality in the nation,” said Governor Phil Murphy. “Our State’s urban communities can be transformed into bustling centers of economic activity and innovation if we give them access to the necessary resources. Our people can thrive if they are given the right tools.”

During the Community Investment Roundtable, which included elected officials, community leaders, developers, and investors, Governor Murphy highlighted the need for investment in State residents and under-served communities through innovative programs within the NJ Communities initiative.

This proposed initiative will focus investment resources on mixed-use, transit-oriented, innovation-centric development in distressed neighborhoods and downtowns statewide. It would include a more efficient and targeted place-based gap financing program–NJ Aspire—as well as a revitalized brownfields program and a new state historic preservation tax credit program.

The NJ Communities initiative will also facilitate responsible investment in Opportunity Zones and continue the Governor’s work to address New Jersey’s transportation infrastructure.

The roundtable discussion was held at Cowerks at Junction Hall, a collaborative workspace and tech hub in Asbury Park that shares space with Second Life Bikes.

To access more business news, visit NJB News Now.

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