Tech and Life Sciences Sector Job Creation, Private Investment Highlighted at EDA Board Meeting
TRENTON, N.J. (October 15, 2015) – Continuing its commitment to drive job creation and private investment within New Jersey’s vibrant technology sector, the Board of the New Jersey Economic Development Authority (EDA) today approved three technology-related projects under the Grow New Jersey (Grow NJ) Program. In total, the projects are expected to create more than 300 new jobs, retain more than 400 jobs at risk of leaving the State, and are associated with $14.9 million in private investment. Advanced under the New Jersey Economic Opportunity Act of 2013 (EOA), Grow NJ is the state’s main job creation incentive program.
“The Garden State holds particular appeal for technology and life sciences companies, thanks to its sophisticated talent pool and ideal location for international travel, ” said EDA Chief Executive Officer Melissa Orsen. “The skilled jobs these companies bring are vital to New Jersey’s economy, and we are happy to support their growth.”
Orsen noted that 28 percent of Grow NJ tax credits approved to date are for projects in the technology and life sciences sector.
Technology projects approved today include Israel-based NICE Systems, Inc. a software solutions provider whose solutions enable organizations to capture, analyze and apply insights from both structured and unstructured data. NICE Systems’ North American headquarters are currently located in Paramus, but the company is considering a move to either Hoboken or White Plains, New York. NICE Systems, which was approved for up to $22.8 million in Grow NJ tax credits over ten years, would create 200 new jobs and retain 140 jobs at risk of leaving the State.
SunGard Data Systems Inc., which is also considering expansion in Hudson County, was approved today for up to $8 million in tax credits over ten years. The financial, public sector and education software services company is considering relocating to a larger facility within Jersey City when its current lease expires, or expanding at an existing company location in Jacksonville, Florida. The project is expected to create 75 new jobs and retain 160 jobs at risk of leaving the State.
In Monmouth County, Wayside Technology Group Inc., which provides computing products and solutions to corporate IT organizations, government agencies and educational institutions, is considering a move from its current Shrewsbury location, in order to consolidate its headquarters and warehouse operations. The company is reviewing the options of purchasing an existing property in the Oceanport section of Fort Monmouth or expanding at a company location in Arizona. The project, which was approved for up to $2.6 million in tax credits over ten years, would bring 35 new jobs and more than 100 jobs at risk of leaving the State to the Fort.
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.