EDA Board Action Encourages Growth in Advanced Manufacturing
TRENTON, N.J. (September 14, 2017) – Projects approved today by the Board of the New Jersey Economic Development Authority (EDA) will add to momentum already underway in the State’s advanced manufacturing sector. Grow New Jersey (Grow NJ) tax credits will encourage two food manufacturers to locate in New Jersey, where combined, they would create more than 150 new jobs and drive more than $15.4 million in private investment.
Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA.) One of the key legislative objectives of the EOA is to drive growth in targeted industries, which in addition to manufacturing, also include finance, technology and life sciences, and logistics.
According to the Spring 2017 study of New Jersey’s advanced manufacturing cluster released by the New Jersey Department of Labor & Workforce Development’s Office of Research & Information, advanced manufacturing accounts for nearly 84 percent of manufacturing employment in New Jersey. Within advanced manufacturing, employment in food manufacturing is second only to chemical manufacturing, with more than 31,500 employed in New Jersey in 2015.
“New Jersey has a long, rich history in the food industry, and is home to many leading food companies,” said EDA Chief Executive Officer Melissa Orsen. “The State holds a special appeal for food manufacturers based on its logistical advantages and highly-skilled labor pool.”
In Bergen County, Schuster Meat Corporation, a Bronx-based, USDA-approved meat manufacturer in need of additional space, is considering a relocation to Lodi, where it would purchase a 53,000-square-foot facility. If the company opts for New Jersey over leasing a competing facility in the Bronx, the project would result in the creation of 40 new jobs and private investment of more than $8.9 million.
Gourmet Nut Inc. is contemplating a move from Brooklyn to Middlesex County, where the manufacturer and distributor of nuts, dried fruits, and trail mixes would acquire a 61,950-square-foot facility in Perth Amboy to increase cost-effectiveness and expand into other retail channels. The company expects to create more than 110 new jobs and invest more than $6.4 million if New Jersey is chosen over a location under consideration in Allentown, PA.
Orsen noted that New Jersey’s food and agriculture industry is estimated to produce $105 billion in revenues annually, and the State is home to more than 1,900 food manufacturing companies, not including the State’s thousands of food-distribution centers, retailers, and farms.
One additional manufacturing project was approved for Grow NJ tax credits today. Elite Décor, Inc., a custom window treatment manufacturer which has outgrown its headquarters and production facility in Brooklyn, is considering relocating to Passaic County, where it would purchase a 78,000-square-foot facility. Should Elite Décor choose to locate in New Jersey over Middletown, New York, the company would create more than 100 new jobs and invest more than $2 million in Clifton.
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.
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.
To learn more about EDA resources for manufacturing companies, including tax credits, loans, and tax-exempt bonds, visit www.njeda.com and follow @NJEDAWasHere on Twitter and LinkedIn.
For information 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 (800) JERSEY-7.