New Jersey has all the ingredients to be one of the most competitive states in the nation. We have a highly educated workforce, world-class universities, a strategic location, a thriving innovation economy and access to some of the world’s largest markets.
What we need now is a bold economic growth strategy that leverages those assets, challenges the status quo and restores New Jersey’s reputation as a premier destination for business investment and job creation. Just as importantly, that strategy must create economic opportunities across every sector of our economy.
As we await the Sherrill administration’s economic development plan, we have an opportunity to set a new course for our state. But the plan must be more than a collection of promising ideas. It must establish ambitious, measurable objectives, realistic strategies, clear accountability and, most importantly, a sense of urgency.
The goals should be clear: significant GDP growth, increased private-sector investment, organic growth in state revenues, meaningful job creation and a stronger, more competitive economy.
Equally important, we must change how businesses inside and outside New Jersey perceive our state.
For too long, New Jersey has struggled with a reputation as a difficult and expensive place to do business. High taxes, burdensome regulations and an unpredictable business climate have too often overshadowed our considerable strengths.
That narrative must change. And changing it requires more than marketing. It requires action.
Growth Must Be the Driving Force
A successful economic strategy must pursue multiple avenues of growth.
We must strengthen our innovation economy by encouraging entrepreneurship, supporting startups and helping promising companies grow and remain in New Jersey.
We must make retention and expansion of existing businesses a priority. Companies already operating here represent some of our greatest opportunities for new investment and job creation.
We must also aggressively pursue major investments from large employers while reaching beyond our borders to attract businesses considering relocation or expansion.
Every new business, every expansion and every additional job contributes to a stronger economy and a broader revenue base.
Economic growth is also the foundation for improving affordability, strengthening communities and generating resources to support public priorities without continually increasing burdens on taxpayers and employers.
We Must Compete to Win
Other states are aggressively competing for the same businesses, investments, talent and jobs. They are marketing their advantages, reducing barriers and making compelling cases for why companies should invest in their economies.
New Jersey must be equally aggressive — and even more ambitious.
That means confronting our competitive disadvantages head-on. Regulatory relief, greater predictability, faster decision-making and a genuine commitment to making government more responsive to employers must be central to any economic growth plan.
We cannot continue acknowledging these obstacles without taking meaningful steps to address them.
At the same time, we must become our state’s most enthusiastic advocates.
New Jersey has an extraordinary story to tell. Our location, infrastructure, talent, research institutions and innovation capabilities are advantages many states would envy. We need to promote those strengths relentlessly.
Rather than allowing yesterday’s challenges or today’s frustrations to define us, we should focus on what New Jersey can become.
The best defense is a good offense. We should not simply respond when companies leave or investments go elsewhere. We should proactively pursue opportunities, build relationships and make the case for New Jersey every day.
Government and Business Must Be Partners
A successful growth strategy requires a stronger, more consistent partnership between government and the business community.
The Sherrill administration should establish an ongoing dialogue with business leaders to assess opportunities, identify obstacles, evaluate progress and develop solutions.
This must be a substantive, results-oriented partnership with clear objectives, accountability and a shared commitment to competitiveness.
The business community must also do its part by bringing ideas, identifying opportunities, attracting investment and serving as ambassadors for our state.
We have already seen what such collaboration can accomplish. I recently attended the launch of the New Jersey Supercomputer Initiative and the opening of the New Jersey Innovation Hub in New Brunswick. Both are powerful examples of what can happen when government, business and other stakeholders work together toward a common goal.
That same spirit of partnership must help drive the administration’s economic development plan.
The Moment Calls for Bold Leadership
Perhaps the most important ingredient in New Jersey’s economic future is bold leadership.
We have already seen Gov. Sherrill demonstrate that leadership on other important issues. Now we need that same commitment focused on economic growth, at every level of government and throughout the business community.
We need leaders willing to take calculated risks, challenge entrenched practices and break from the status quo. Leaders who put the long-term economic health of our state ahead of narrow interests and political agendas.
Incremental change will not be enough. We cannot afford to be timid when other states are aggressively pursuing the investments and jobs we need.
The economic development plan can be an important turning point. But its success will be measured not by its promises, but by the investments it attracts, the businesses it helps grow, the jobs it creates and the confidence it restores.
Fortunately, the foundation for success is already in place,
We have a new administration demonstrating strong leadership and a commitment to economic growth. We also have a wealth of experienced business leaders with deep institutional knowledge, longstanding relationships with their constituents, and a shared desire to move our economy forward.
These leaders stand ready to work alongside the administration in a meaningful public-private partnership focused on one overriding priority: growing New Jersey’s economy.
Bringing together the leadership and resources of government with the experience, expertise and relationships of the private sector represents our best opportunity to achieve the timely, sustained economic growth our state urgently needs.
That is why we hope the administration’s forthcoming economic development plan will establish a formal public-private partnership with a clear mandate focused on the economy, shared accountability and the authority to move quickly from planning to implementation.
Such a partnership would do more than encourage cooperation. It would create a structure for identifying opportunities, removing barriers, attracting investment and holding ourselves accountable for measurable results.
The leadership, experience and willingness to collaborate are already in place. What we need now is the structure to bring them together, the ambition to pursue transformational growth and the urgency to act.
New Jersey has everything it needs to compete and win. Now is the time to turn that potential into lasting economic progress.
New Jersey’s economic future depends on it.
Tom Bracken is president and CEO of the New Jersey Chamber of Commerce based in Trenton.
