NJ: State’s Manufacturing Sector Boosted by EDA Board Action
15 Jan, 2016
Action taken by the Board of the New Jersey Economic Development Authority (EDA), under the Grow New Jersey Assistance Program (Grow NJ), includes projects that support the attraction and growth of businesses in the manufacturing industry. Advanced under the New Jersey Economic opportunity (EOA), Grow NJ is the state’s main job creation and retention incentive program.
“Today’s Board actions demonstrate the effectiveness of the EOA in attracting businesses in industries such as manufacturing, that play a key role in creating good paying jobs and supporting a robust economy,” said EDA Chief Executive Officer Melissa Orsen.
Orsen notes that approximately 60 percent of tax credits approved to date under Grow NJ are in a defined targeted industry; of that, nearly half are in the manufacturing sector. Manufacturing is one of several industries targeted for growth under the EOA. Other targeted sectors include technology and life sciences, finance, and logistics.
The four manufacturing projects approved represent private investment of $68.5 million, the expected creation of more than 600 new jobs, and the retention of more than 700 jobs at risk of leaving the State.
In Newark, Fabuwood Cabinetry is considering consolidating three existing New Jersey locations into one, retaining 330 jobs at risk of leaving the State for Staten Island, and is expected to create more than 270 new jobs.
Manhattan-based C2 Imaging, an integrated media graphics solutions company, is considering Jersey City as its home, over an alternative location in Long Island City, bringing with it 110 new manufacturing jobs.
Linde North America LLC, a New Providence-based manufacturer and supplier of industrial, medical, and specialty gases, may relocate to and create 150 new jobs in Bridgewater while retaining 450 jobs at risk of leaving the state for Fort Washington, Pennsylvania.
Finally, Showman Fabricators Inc., a manufacturer of scenery and specialty fabrications for Broadway, television, architectural projects, special events and museum and retail industries, is weighing whether to remain in its current Long Island City location or relocate to a facility in Bayonne, creating 90 new jobs.
The EDA is 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, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.