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Dennis Mullen recently was officially named chairman of New York’s Empire State Development agency, which has been actively involved in revamping the state’s incentives programs. BF: The elimination of the Empire Zones program on June 30 has generated a lot of controversy across New York. What will you replace it with? DM: Since its creation in 1986, the Empire Zones Program has gone through numerous revisions and lost its original focus of attracting new business and enabling existing businesses to expand and create more jobs in economically distressed areas of the state. The Governor’s decision to sunset the flawed Empire Zone program and implement a new economic development program addresses the need for accountability and administrative efficiency, while providing a strategic focus that more narrowly targets state incentives to key sectors of our struggling economy. BF: Will converting incentives from loans to grants if specified job targets are met generate more economic development activity in the state and more relocations of businesses to New York? DM: ESD’s assistance is typically provided in the form of a loan or a grant. Recently, ESD has been offering loans that convert to grants if certain investment and job creation milestones are met. While loans and convertible loans have the potential to return funds back to ESD, all of our products are deployed to “win the project” and each is considered equally effective, based on the situation, to induce the project and create economic activity. BF: The Tax Foundation ranks New York near the bottom of its annual Business Tax Climate index. What are the most important steps you can take to improve NY’s competitive position? DM: We’ve created an economic development plan we believe is tight and focused. It concentrates on both job development and capital investment. Our go-to market strategy is a balanced approach centered around four key pillars: partnering with business and academic leadership; supporting New Economy job growth and capital investment; maintaining our core competency in manufacturing; and providing access to capital for small business. We believe [with] this strategy we will make great strides towards a more business-friendly and competitive New York. BF: Is New York positioned to be a leader in alternative energy manufacturing and renewable energy generation? DM: Yes, definitely. New York has one of the most ambitious clean energy goals in the country: the “45 by 15” initiative. By 2015, New York State will meet 45 percent of its electricity needs through improved energy efficiency and clean and renewable energy. This initiative [will create] an estimated […]
Intrasphere Technologies, which provides consulting services to the life sciences industry, plans to relocate its offices to Jersey City, NJ next month, the Star-Ledger reports. The company intends to move 120 existing jobs to offices in the Harborside Plaza 10 building and plans to add another 180 jobs over the next two years. The New Jersey Economic Development Authority awarded the company a grant worth $12.4 million over the next 10 years (the money is paid out to the company as it creates the new jobs). Intrasphere plans to invest $965,000 in the relocation project. “New Jersey has made it clear to us that they are interested in our business and in helping Intrasphere to grow,’’ Samuel Goldman, the company’s co-founder and its chief operating officer, said in a press release issued by the economic development authority. “As a life sciences-focused company, it’s encouraging to be in the same state that many of our clients call home.’’ Goldman said the state’s Business Employment Incentive Program grant “was a key factor in having us make this decision.’’ Intrasphere, which was started in 1996, provides software and business services to life science companies, addressing such areas as drug safety, regulatory and business intelligence. In addition to its corporate offices, the company has a location in London.
It took four ballots—reducing the needed margin from two-thirds to a simple majority—but an historic joint bid by New York and New Jersey was rewarded yesterday with the selection of New Meadowlands Stadium as the site of Super Bowl XLVIII in 2014. Now, state and local officials are predicting that the first outdoor NFL championship in a cold-weather site in almost 50 years will result in an economic windfall approaching $1 billion for the nation’s largest metropolitan area. The recently opened $1.6-billion Meadowlands Stadium in East Rutherford, NJ was chosen over competing sites in Tampa and Miami, The new home of the Giants and Jets seats 82,500 and just across the Hudson River from Manhattan. A major part of the NY/NJ bid for the 2014 Super Bowl was the attraction of hosting related events during the weekend of the game in famous venues in New York City, with the Statue of Liberty as a backdrop. “A New York Super Bowl has been years in the making. This is a great day for fans of the Giants, Jets, NFL and New York,” New York Gov. David Paterson said. “Together, we are going to put on the greatest show in the history of professional football. This historic game will bring thousands of visitors and pump millions into the local economy. The bright lights of Broadway will shine on the gladiators of the gridiron. I want to thank Commissioner Roger Goodell and the rest of the NFL for recognizing that this grand event needed a truly grand stage.” New York City Mayor Michael Bloomberg added: “In 2014, the world’s biggest game will take place on the world’s biggest stage. We’re the City that hosted ‘the greatest game ever played’ more than 50 years ago, and we’ll be ready for Super Bowl XLVIII. Our restaurants, stores and hotels will be ready. Our pubs, cafes and attractions will be ready.” And if it snows? “We’ll be ready for that too–this isn’t beach volleyball…it’s football!” declared the NYC mayor. Just in case, New York will call on the Department of Transportation, State Turnpike Authority, and New York City Department of Sanitation to stand ready for snow removal, he added. The NFL waived it’s requirement that Super Bowl venues promise a minimum temperature of 50 degrees F. in early February to host the big game. Based on an economic study conducted by Argus Group on behalf of the Jets and Giants football franchises, the New York Super Bowl will generate at least $550 million dollars of economic activity […]
The BIO 2010 International Convention was kicked off this week in Chicago with the release of the BIO/Battelle State Biosciences Initiatives report. The report, which is issued every two years, indicates that total employment in the U.S. bioscience sector has exceeded 1.42 million, with another 6.5 million jobs indirectly supported by biotech. The annual growth in the biotech sector registered a healthy 1.4 percent during the first year of the recession, despite a decline in total private sector employment of 0.7 percent. The BIO/Battelle report cites Bureau of Labor Statistics projections forecasting sustained annual growth of 1.5 percent in biotech through 2018. Research, testing and medical labs added 11,670 jobs, a 2.1 percent increase, from 2007 to 2008. Medical devices and equipment added 10,140 jobs, a rise of 2.4 percent , for the same period; agricultural feedstock and chemicals added 5,021 jobs, a jump of 4.6 percent. Since 2001, more than 176,000 jobs have been added in the research, testing and medical lab sector, with total employment in the sector now topping 558,000. According to the report, only the drugs and pharmaceuticals sector shed jobs, with a decrease of 7,445 positions from 2007 – 2008. Average annual wages in the U.S. biotech sector were tallied at $77,595, compared to the $45,229 average for total private sector employment. California once again reigned supreme in the BIO/Battelle report as the biotech employment leader, far outpacing the competition. The Golden State is home to 221,096 biotech workers, followed by New Jersey with 88,854, Pennsylvania with 80,929, Massachusetts with 72,627, and Texas with 64,964.
Governor David Paterson’s Excelsior Jobs Program is just one of several new initiatives the state is taking on to increase job growth and attract new business. New York State offers unparalleled resources including a diverse economy, a highly skilled and talented workforce, and outstanding academic and research centers. Innovative industries and technologies make New York a great place to do business. To further enhance the state’s business status, Gov. David Paterson in January kicked off a statewide workforce development initiative by directing Empire State Development (ESD) Chairman and CEO Dennis M. Mullen and Department of Labor (DOL) Commissioner M. Patricia Smith to work with businesses across New York on how they can take advantage of New York’s business development programs. “Providing New York’s businesses with the necessary tools and assistance they need to develop our state’s workforce is critical during these difficult economic times,” says Gov. Paterson. “By directing Chairman Mullen and Commissioner Smith to make sure businesses are aware of New York’s valuable services, our communities can work to develop the economy, get businesses hiring again and put people back to work.” The four-city, two-day tour kicked-off in Saratoga and made stops in Syracuse, Binghamton and Rochester. The tour promoted tax incentives, free recruitment and human resources expertise, and innovative marketing services that could save New York State businesses thousands of dollars every year. “Over the course of the past nine months, we have worked hard to create a cross-cutting strategy for New York State that reflects a thoughtful, multi-market approach to economic development,” says Mullen. “After hearing from business executives, university leadership and representatives of regional economic development organizations across the state, our senior team worked together to develop three powerful economic development initiatives. Governor Paterson announced the proposed programs in his Executive Budget. The Excelsior Jobs Program, the Small Business Revolving Loan Fund, and the New Technology Seed Fund are specifically targeted towards our economic development goals; if enacted these programs will have a transformational impact on job growth in New York State. They are strategically targeted, fiscally responsible and results driven. When combined with our existing grants and loans programs, these initiatives will put us in a solid competitive position to realize meaningful, long-term growth and renewed prosperity in New York State.” According to ESD, the Excelsior Jobs Program is the centerpiece of the most innovative job creation agenda in the history of New York. The program proposes three aggressive incentives for companies in targeted growth industries, which create and maintain at least 50 new jobs […]
A variety of incentives enable U.S.-based companies to compete in a global marketplace. Current economic conditions have moved the government to increase capitalization of trade benefits created in 1934. A “Port of Entry” is where Customs and Border Protection (CBP) officers or employees are assigned to accept entries of merchandise, clear passengers, collect duties and enforce the various provisions of CBP and related laws. These include seaports, airports and land border locations and provide the link for getting goods to consumers and transporting U.S. made products overseas for export. The U.S is the largest trading nation in the world for both exports and imports of goods and services. January exports alone totaled $142.7 billion and imports $180 billion. Approximately 360 commercial seaports presently serve the United States, the largest being Los Angeles, Long Beach and New York/New Jersey. Ports are found along the Atlantic, Pacific, Gulf and Great Lakes coasts, as well as in Alaska, Hawaii, Puerto Rico, Guam and the U.S. Virgin Islands. Ports are gateways to domestic and international trade with more than 3,100 publicly and privately owned cargo and passenger handling facilities. Established by enactments of state government, public port agencies develop, manage and promote the flow of waterborne commerce. They act as catalysts for economic growth, and depending on the individual port facility, may accommodate anything from barges, ferries, recreational watercraft, passenger ships and ocean-going cargo. Ports also play a role in national security by supporting the mobilization, deployment and resupply of U.S. military forces. The increasing demands placed on waterborne transportation have been addressed through billions of dollars worth of port improvements. Part of the rationale to update and modernize facilities stems from the significant benefits ports contribute to local and regional economies. More than 13 million Americans were employed through commercial port activities in 2008. Additionally, U.S. businesses related to waterborne commerce contributed more than $3 trillion to the U.S. economy and almost $213 billion in federal, state and local taxes—seaport activities alone accounted for $31.2 billion. U.S. ports and waterways manage more than two billion tons of domestic and import/export cargo annually, some of which include commodities and finished products such as corn, lumber, steel, phosphate, plastics, film, modular homes and liquid bulk cargo like crude petroleum and petroleum products—including oil and gasoline. About two-thirds of all U.S. wheat and wheat flour, one-third of soybean and rice production and almost two-fifths of U.S. cotton production is exported via U.S. ports. Plus, automobiles and the passenger cruise industry are dependent on deep-draft seaports, which […]
New Jersey’s Premier Destination
Forty years ago this week, three men were strapped into a metal capsule perched atop a 36-story marvel of engineering that had three million parts, enough liquid hydrogen to blow up a small city, and five titanic rocket engines, but less computing power than you can find today on your desktop PC. On July 16, 1969, the fuse was lit and the three-stage Saturn V, the most powerful machine ever built, lifted majestically off the launching pad at Cape Canaveral in Florida. The Saturn V did not exist eight years earlier, when President John F. Kennedy declared that the United States would send a man to the moon before the end of the decade. Human beings had never escaped the gravitational pull of the Earth, and even our best scientists were not certain of what it would take to get to the moon, or if it was even possible to land on its surface. The technology, manpower and expertise had to be organized and created from scratch in the most complex enterprise ever undertaken. The race to the moon was filled with breathtaking episodes of triumph and touched by tragedy. Alan Shepard’s flawless 15-minute flight in a tiny Mercury capsule, the first American in space, was followed by Gus Grissom’s adventure. As a nervous Gus sat in his bobbing capsule waiting for an aircraft carrier to pick him up after he parachuted back to Earth, he prematurely blew the hatch, sending the capsule to the bottom of the ocean. Gus was plucked out of the water by a Navy helicopter, but he and two other astronauts met a tragic end five years later when a spark in their Apollo capsule — which had been filled with pure oxygen during a test run on the launch pad — caught fire, incinerating the crew in a matter of seconds. The two-man Gemini program, which followed the solo Mercury flights, featured a series of astonishing firsts: the first space walk by an astronaut, the first rendezvous and docking by two space vehicles, the first weeklong space mission. The debut of the Lunar Module (LEM), the strange, spider-shaped craft designed for the moon landing, was not inspiring. Neil Armstrong, already a space veteran in the Gemini program, took the LEM out for its first test flight on Earth and promptly crashed in a parking lot. Apollo 8 provided an unforgettable and welcome respite to the unrelenting bad news of 1968 when it circled the moon and, on Christmas Eve, sent back the first incredible […]
KABR Real Estate Investment Partners, LLC announced today that it has purchased a 235,000-square-foot commercial office building in Ridgefield Park, NJ from AIG.