Gary Rose, New Jersey’s Economic Growth Chief, speaks at the Forum on the Future of New Jersey, 10/24/07, Trenton, NJ
Gary is speaking about what NJ needs to do to “win” in the economic marketplace.
About to release second revision of state’s strategic economic plan. Commerce Commission was restructured to focus on marketing the state. Was doing tourism too, was unfocused. All the resources that think about how we promote NJ has a common theme.
Given fiscal situation of NJ, economic succes means productive and profitable businesses and jobs by growing the revenue line “the right way,” not by just raising taxes but by raising tax revenues.
How are we doin’? Gary thinks we’re ok, but results maybe, maybe not.
Independent players say NJ is doing better. Ewing Marion Kauffman Foundation ranks NJ #2 on states leading transformation of their economies based on “gazelle” firms.
Tax Foundation ranks NJ 48 or 49, but encourages audience to understand their methodology. Doesn’t agree with methodology, state measures itself by different criteria.
Rose was asked what the next “big win” is going to be. There are a couple of companies about to announce major expansions in pharma area that will tie them more closely to NJ and create jobs. He says 2-3 in pharma. Would love to see new pharma mfg facility in NJ.
Gov. broke ground yesterday on the Jets practice facility in Florham Park, brings a $110 million payroll out of Long Island. Income tax throw-off to state more than services the state’s investment in the land for the Atlantic Health Jets Training Center facility. Jets spending $100 million, state spent $10-20 million on the land.