Economic Development

The Platform for Progress Economic Development Coalition seeks to make New Jersey a pro-investment state.  The primary goal of this initiative is to help businesses already located in New Jersey remain here, while at the same time attract companies from outside the state to relocate here.  These goals can be achieved by reducing the costs of doing business, maintaining an effective workforce and providing opportunities to increase the skill levels of our workers. To advance this goal, it is imperative that a baseline of irrefutable economic data be identified, and that the action plan is executed in concert with other organizations.

Download economic development action plan (PDF)

Long Term Goal: Make New Jersey a pro-investment state.

Action Plan

Action Item 1: Provide a source of irrefutable economic data

Implementation Steps:

• Continue to update information contained on the Platform website on data and trends. Offer possible solutions to problems identified through data collection and analysis.
• Examine the “wealth drain” issue by collecting comprehensive information about the characteristics of the wealthy individuals who are leaving New Jersey.
• Recommend tax structure reforms to encourage retention.
• In 2005, consultant Kate McEnroe conducted a report that examined the reasons that companies stay or leave New Jersey. Consider a Version II of the McEnroe report updating the information – and also examining select counties.
• Examine job growth data. Compare New Jersey’s growth in key industry sectors to growth in other states.
• Examine unemployment data to identify whether workers have the necessary skills to be competitive in our state’s workforce.

Action Item 2: Retain existing businesses in the state

Implementation Steps:

• Examine the regulatory and process burdens associated with state business incentive programs. Ensure that program changes and additions are concentrated on growth industries.
• Review regulatory burdens associated with permits and approvals, especially on a local level. Encourage a regional shared service program.

Action Item 3: Reduce the cost of doing business, including lowering taxes

Implementation Steps:

• Document all the costs associated with operating a business in New Jersey and compare with competing states. Determine if legislative action should be taken to address some of the most expensive items. Rising energy and healthcare costs are of particular importance.
• Continue to fight major legislative initiatives that add to the costs of doing business.
• Develop a list of our state’s strengths and advocate for legislative and regulatory policies that play up our strengths, especially as they relate to growth industries.

Action Item 4: Maintain an effective workforce

Implementation Steps: 

• Carve out specific areas to concentrate on that help employability, preparation for entry into the workplace and retraining. Focus on employability in key, high-growth industry sectors. Encourage utilization of technology that aids learning.
• Engage the higher education community for better input on training needs.