For years, I have been saying the same thing: making New Jersey more economically competitive must be the top priority of both the governor and the Legislature.
Some may think I sound like a broken record. That’s okay. The message remains the same because the challenge remains the same.
Today, however, the urgency feels greater than ever — and the business community has been patient long enough.
It feels like a dam is beginning to crack. If we do not take meaningful action to improve our business climate, jobs and investment will continue flowing to other states that have made economic competitiveness their priority. Once those jobs leave, getting them back becomes exponentially more difficult.
There is a great deal of discussion in Trenton about affordability, lowering costs, and improving quality of life for New Jersey residents. Those are important goals. But as I have consistently argued, none of them can be achieved without a strong economy fueled by successful companies, quality jobs, and the tax revenue those jobs generate.
Economic growth is not separate from affordability. Economic growth makes affordability possible.
That is why recent announcements involving major employers should serve as a wake-up call.
Samsung recently announced it will move its U.S. headquarters from New Jersey to Texas, potentially impacting approximately 1,000 workers. ExxonMobil shareholders approved a plan to move the company’s legal home from New Jersey to Texas, with company leaders citing Texas’ business-friendly legal and regulatory environment. Major pharmaceutical companies continue to shed thousands of jobs in our state. Large financial institutions are increasingly shifting jobs from New Jersey to lower-cost regions such as Texas and Charlotte.
The common thread is impossible to ignore.
Companies today have more options than ever before. They no longer need to be located in the Northeast to succeed. They will invest where they feel welcomed, where costs are manageable, and where policymakers understand the importance of economic growth.
New Jersey has extraordinary assets: a talented workforce, world-class universities, strategic location, and a long history of innovation. But we cannot assume those advantages alone will keep businesses here. However, if leveraged properly, these assets can overcome some of our competitive disadvantages.
Our business community – from small businesses to large employers – should be recognized as a valued partner in New Jersey’s success. If we create an environment that is perceived as difficult, costly, or unpredictable, companies will increasingly look elsewhere.
That is why I appreciate the approach Gov. Mikie Sherrill and her administration have taken during their first months in office.
The administration has embarked on a 21-county listening tour, meeting directly with business owners and community leaders throughout the state. Members of the administration, led by the governor, Lt. Gov. Dale Caldwell and Chief Operating Officer Kellie Doucette, have attended events, participated in conversations, and made themselves accessible to employers large and small. That outreach matters, as it is a vital first step in creating a more business friendly atmosphere – and the business community appreciates it.
But after nearly six months, we have reached an important transition point. The listening phase must now become the action phase.
The challenges facing New Jersey’s economy are not new. We know the issues. We hear them at every Chamber event, every roundtable discussion, and every Board of Directors meeting. Businesses are concerned about costs, regulatory burdens, permitting timelines, energy reliability, workforce challenges, and the overall competitiveness of the state.
We also know that emerging industries present tremendous opportunities if we are willing to embrace them. Consider the growing debate around data centers. These facilities will play a critical role in the future economy, supporting artificial intelligence, advanced technology, and innovation. The administration deserves credit for seeking a balanced approach that encourages investment while addressing legitimate concerns regarding energy use, water consumption, and impacts on residents. That is exactly the kind of collaborative problem-solving we need.
But balance cannot become paralysis.
Other states are moving aggressively to attract investment, jobs, and emerging industries. New Jersey must move with an even greater sense of purpose and urgency as we are playing catch-up.
The New Jersey Chamber of Commerce has always believed that economic success is built through partnership. The strongest economies are created when public and private sector leaders work together to solve problems and seize opportunities. We – and many other business trade colleagues – stand ready to be that partner on behalf of the employers in New Jersey.
The foundation has been laid through months of outreach and dialogue. Now is the time to turn those conversations into policies that strengthen our competitiveness, encourage investment, retain employers, and attract the next generation of companies and talent.
The warning signs are in front of us. The Samsung announcement and other recent decisions remind us that no company is guaranteed to stay simply because it has always been here.
The good news is that New Jersey has every ingredient needed to compete and win: arguably the best of any other state. What we need is an administration-endorsed partnership equipped with a plan and tactics to take advantage of our superior assets.
We must act NOW – and we must act aggressively. The stakes are too high, the pace of change is fast, and we have a big competitive hill to climb.
Tom Bracken is the president & CEO of the New Jersey Chamber of Commerce, based in Trenton.
