Maybe it’s the recognition that the state continually scores at the bottom in business friendliness, in surveys and among site selectors.
Maybe it’s the recognition that big companies are leaving the state because of its high cost of doing business, even if they don’t always specifically say that’s the reason.
Maybe, just maybe, it’s a long-awaited admission that New Jersey needs to try something new.
Regardless of the reason, when Gov. Mikie Sherrill announces her economic plan for the state this morning, improving New Jersey’s reputation with the business community will be front and center, according to multiple people familiar with its contents.
The plan will be anchored by four pillars: business friendliness, sector growth, innovation and inclusive growth. But those sources said the first one could be the key to its success.
Sherrill is expected to lay out the plan in an executive order, roughly 30 pages long, that she will sign at the State House in Trenton around 11 a.m.
It has been described as a reset in how the state works with business.
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Details are limited ahead of the signing. Here’s what those familiar with the order said each pillar will address:
Business friendliness: Improving the overall business climate to make it easier to attract and grow companies, including site readiness and a statewide navigator to help businesses work through state government. Retention and expansion efforts are expected to fall to Choose New Jersey. The order touches on taxes and fees, but only lightly.
Sector growth: Investing in key industries that create quality jobs. The order does not name specific sectors, but life science, defense, aerospace and aviation are areas of focus. And while this section addresses tax incentives, a new incentive program is not expected.
Research and innovation: Increasing research, development and commercialization. The approach builds on the state’s recent supercomputer announcement and aims to better organize and capitalize on work already being done in New Jersey.
Inclusive growth: Making sure residents and businesses in every community share in economic growth, with a focus on small and midsize businesses. The order creates a council devoted to their growth and addresses how small businesses can better compete for state contracts.
Todd Fisher, Director of Strategic Initiatives and Economic Opportunity in the Office of the Governor, is expected to lead the effort in collaboration with Evan Weiss, the CEO of the N.J. Economic Development Authority, and Amy Herbold, the CEO of Choose New Jersey.
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The plan comes after a rough stretch for New Jersey’s standing with business.
In July, CNBC ranked New Jersey No. 31 overall in its annual Top States for Business rankings, but No. 50, dead last, in business friendliness.
Big name companies have left, too.
In June, Samsung announced it would move its U.S. headquarters from Englewood Cliffs to Plano, Texas, affecting about 1,000 employees, less than a year after opening its New Jersey campus. Exxon left after 144 years. Burlington Stores is gone, too. According to the New Jersey Business & Industry Association, the number of Fortune 500 companies based in the state fell from 22 in 2018 to 15 in 2025.
Those departures matter beyond the jobs. At the Rutgers Center for Real Estate symposium last month, John Boyd Jr., principal of site selection firm The Boyd Company, said more companies now run their own location searches, and many lean heavily on state rankings. A weak ranking, he said, can knock a state out of consideration before anyone takes a closer look.
Fisher told the same audience that the administration had talked to companies that left and found no single cause. The corporate business tax is one factor among many, he said. That is why the state plans to go after the full range of costs that come with doing business here, from permit timelines and regulation to paperwork and legal costs.
It’s not all bad news.
Celltrion is expanding in New Jersey. BeOne Medicines is putting another $300 million into its Hopewell campus, pushing its investment in the state past $1 billion. And Amneal Pharmaceuticals is expanding manufacturing in Piscataway.
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Those familiar with the order said it is more detailed than they expected and gives a clear sense of direction. But they said it is light on specifics. The real test will come after the signing: the action items, who carries them out and how fast.
For site selectors, that’s what counts. As Boyd put it at the symposium, the state’s reputation has long worked against it.
“For far too long, New Jersey was regarded by many of our clients not just as too expensive, but too slow,” he said.
The plan the governor will announce today is an effort to change that.
