New Jersey has long been home to a strong and diverse business community, world-class talent and industries that drive innovation and economic growth. Gov. Mikie Sherrill’s new economic development strategy builds on those strengths while charting an ambitious course to make our state even more competitive, affordable and welcoming to businesses of all sizes.
On Tuesday, Gov. Sherrill took an important step toward realizing that vision.
I attended the governor’s announcement of her “New Jersey Means Business” economic development strategy, and the enthusiasm and energy in the room were unmistakable. But what impressed me most was that this strategy addresses what New Jersey’s business community has been saying for years.
Over the past several months, I participated in many of the Sherrill administration’s business listening sessions during its 21-county tour. Business leaders spoke candidly about the challenges of operating in New Jersey, from regulatory hurdles and costs to the need for stronger economic development efforts and a more business-friendly environment.
The administration didn’t just listen. It acted.
Through Executive Order 28, Gov. Sherrill has established a four-part strategy that addresses many of these concerns and provides a roadmap for making New Jersey a more attractive place to invest, grow and create jobs.
The first pillar, business friendliness, is especially significant. For too long, New Jersey has struggled with a reputation as one of the least business-friendly states in the nation. The governor’s commitment to improving site readiness, creating a statewide navigator to help businesses work through government, and strengthening business retention and expansion efforts represents a meaningful step toward changing that perception.
The second pillar, sector growth, recognizes the importance of building on New Jersey’s economic strengths. Industries such as life sciences, defense, aerospace and aviation offer tremendous opportunities to attract investment and create good-paying jobs.
The third pillar, research and innovation, capitalizes on our world-class universities, research institutions, talented workforce and history of groundbreaking discoveries. By better connecting research, development and commercialization, we can turn more homegrown innovation into economic opportunity.
The fourth pillar, inclusive growth, ensures that economic progress reaches every corner of our state. The emphasis on small and midsize businesses, including a dedicated council and expanded opportunities to compete for state contracts, is particularly welcome. These businesses are the backbone of our economy.
Gov. Sherrill has already demonstrated a willingness to move quickly through executive action. We are encouraged by that sense of urgency and expect Executive Order 28 to receive the same attention and momentum.
The recent election reinforced what New Jersey residents already know: Economic opportunity and affordability are paramount. A stronger business climate is not simply about helping companies. It is about creating jobs, attracting investment, strengthening communities and making New Jersey more affordable for businesses and residents alike.
New Jersey has always had the assets to be an economic powerhouse. What we have needed is a coordinated strategy and a commitment from the highest levels of state government to unleash that potential.
Today, Gov. Sherrill has provided both.
Implementation will be critical. The administration must translate its goals into policies that produce measurable results, reduce barriers to doing business and improve New Jersey’s standing in national business-friendliness rankings. The business community has an important role to play in helping achieve those objectives.
The New Jersey Chamber of Commerce, along with many other business groups and associations, stands ready to be a committed partner in that effort.
Gov. Sherrill and her administration deserve recognition for listening to the business community and responding with a serious, comprehensive plan. This is an important moment for New Jersey, and one that offers a genuine opportunity to strengthen our state’s economic future.
The message from Trenton Tuesday was loud and clear: New Jersey means business.
Tom Bracken is president and CEO of the New Jersey Chamber of Commerce based in Trenton.
