Content related to ‘NJ’
The New Jersey Economic Development Authority (NJ EDA) has approved 41 companies to share a total of $47.4 million through the state’s Technology Business Tax Certificate Transfer (NOL) Program in FY 2016.
Six projects approved for Grow NJ tax credits are associated with the creation of over 645 new jobs, the retention of more than 550 jobs at risk of leaving the state, and private investment of more than $313 million.
New Jersey Lt. Governor Kim Guadagno discusses the Garden State’s growing biotech/pharma industry and workforce training programs.
The Empire State boasts a global financial center, the nation’s most advanced high-tech hub and a bevy of business-friendly, scenic locations that offer an unsurpassed quality of life and easy access to a skilled workforce.
In an age of bottled water, it is refreshing to remember that the best-tasting water in America still can be found flowing out of the taps of every kitchen sink in New York City. The water system for the nation’s largest city is an immense natural bounty that has been harvested for nearly a century by one of the greatest feats in the history of human engineering. Originating in pristine upstate reservoirs, the City’s water is naturally filtered by granite outcroppings left by glaciers eons ago, enhancing its purity with a sweet, mineral aftertaste. As any kid who ever interrupted a stickball game to race inside for a cool drink on a hot summer day can tell you, there is no better thirst-quencher on Earth. In 1677, a few years after the Dutch outpost on the tip of lower Manhattan was established, drinking water was distributed to the settlers through hollow logs from a handful of shallow, privately owned wells. In 1776, when the population of New York City reached 22,000, the city’s first reservoir was built on the east side of Broadway between Pearl and White Streets, serviced by wooden mains. In 1830, the system’s water arteries were replaced with 12-inch cast iron pipes. As the City’s population approached its first million, the water became polluted and the supply was inadequate. The City decided to augment the system by impounding water from the Croton River, in what is now Westchester County. In 1842, the Old Croton Aqueduct was placed in service with a capacity of 90 million gallons per day; in the 1870s, several storage reservoirs were built in the City; in 1890, a second aqueduct (New Croton Aqueduct) came on line and the water facilities of the five boroughs were consolidated into the New York City Water System. In 1905, its population still exploding, the City decided to develop the Catskill region as an additional water source. The Ashokan Reservoir and Catskill Aqueduct were completed in 1915, joined by the Schoharie Reservoir and Shandaken Tunnel in 1928. Also in 1928, approval was granted to develop the upper portion of the Rondout watershed and upstate tributaries of the Delaware River. Construction of the Delaware System began in 1937, after the U.S. Supreme Court threw out an attempt by New Jersey to block the project. The Delaware Aqueduct was completed in 1944, Rondout Reservior in 1950, Neversink Reservoir in 1954, Pepacton Reservior in 1955 and Cannonsville Reservoir in 1964. Today, the New York City Water System is served by 19 […]
Brick City Development Corp., Newark, NJ’s economic development catalyst, has announced it has completed the sale of a 105,000-square-foot South Ward Industrial Park site to Bartlett Dairy. Bartlett will bring more than 400 jobs to the city over the next 5 years. “Creating jobs is one our top priorities,” said Lyneir Richardson, CEO, Brick City Development Corporation. “The core of our work is focused on building a sustainable economy in Newark. This includes job creation, job retention, and leveraging private and public investment to attract businesses that strengthen the economic base of the city,” Said Richardson. Bartlett Dairy is a major food and dairy distributor with operations in New Jersey, Connecticut and New York with sales in 2009 of $141 million. “Distributors rely on efficient access to transportation in order to prosper. Newark offers advantages over other sites in the region including access to the largest Port in the Northeast, three airports, an extensive highway system, affordable real estate, 50,000 person university community, and a ready workforce,” said Richardson. Lyneir Richardson has overall responsibility for business attraction and real estate development. Richardson’s primary focus is to actualize the development in the pipeline. Bartlett Dairy is just one of the many projects BCDC is bringing to fruition. Bartlett Dairy will proceed with the relocation in phases. The initial phase is the relocation of their operation in Clifton, NJ and 175 jobs, which will be completed by June. Over the next 2-3 years, Bartlett intends to relocate to Newark more than 150 jobs from their other facilities in New Jersey and Jamaica, New York. Bartlett expects to create an additional 100 new jobs through growth over the next five years. As part of the acquisition, Bartlett has agreed to a first-source hiring under which it will give priority to Newark residents for all openings. In addition to Newark residents at large, Bartlett will target job openings to participants in Mayor Cory Booker’s prisoner reentry program. “This is a great example of the type of partnerships we are attempting to create, which help to foster better relationships between employers and the community,” said Ingrid Johnson, Chair of Reentry Initiatives for Newark. Bartlett Dairy is a major food and dairy distributor with operations in New Jersey, Connecticut and New York with sales in 2009 of $141 million. Crain’s recently ranked Bartlett as the 5th largest minority-owned company in the metropolitan region. Bartlett is the exclusive, tri-state distributor to over 550 Starbucks stores. Bartlett is also the largest fresh milk distributor in the Northeast for […]
Jersey City, NJ and Charlotte, NC continue their steady march to the top of the list of financial services centers.
Amtrak has announced plans for a $13.5-billion rail tunnel project to connect New York City and New Jersey. The rail giant said it would spend $50 million on preliminary engineering and design work on two tunnels under the Hudson River. New York and New Jersey state governments, as well as local authorities, could contribute further funds, Amtrak said. The project is expected to be completed by 2020. A similar project was cancelled by NJ Gov. Chris Christie last year for being too expensive. Gov. Christie’s decision stunned federal officials, who had designated the Hudson project to receive one of the largest single national allocations of federal stimulus funds. Christie said estimates for the project had increased by almost one-third since it was announced. “The two new trans-Hudson tunnels envisioned under this plan will provide long-sought, peak period operational capacity and is an investment that will improve transportation flexibility and reliability for decades to come,” Amtrak said. Sen. Frank Lautenberg of New Jersey said: “The Gateway Project is a vision for our future that will shorten commutes, create jobs, increase property values and grow New Jersey’s economy.” Currently, there is one century-old rail tunnel servicing the Hudson crossing.
Anyone who thought state budget deficits were confined to one or two regions of the United States had a sobering wake-up call in the form of a report issued this month by the Center on Budget and Policy. The report indicates that the sea of red ink has now washed over no less than 44 states. Nevada, Illinois, New Jersey, Texas and California lead the list of states in arrears, each compiling current deficits that amount to roughly one-third of their budgets. Nevada currently is facing a $1.5-billion deficit that is equivalent to 45.2 percent of the state budget; Illinois’s deficit is about $15 billion, or 44.9 percent of its budget; New Jersey weighs in at $10.5 billion, or 37.4 percent of its budget; Texas is facing a $13.4 billion gap, 31.5 of its budget total; and California, despite draconian budget cuts in the past two years, still has a $25.4-billion gap to close. States that are closest to making ends, according to the center’s report, are Indiana, West Virginia, Montana, Iowa, and Massachusetts, which range from the Hoosier State’s 2 percent shortfall (approximately $270 million) to Massachusetts’ $1.8-billion deficit (5.7 percent of budget). Proposed remedies include a bill reportedly circulating in Congress that will enable states to file for bankruptcy so they can renegotiate obligations like pension payments. However, a less-painful cure can be found in the 2010 census results: the Census Bureau reports that the fastest growth was achieved by states without a state income tax.
The America China Society of Indiana (ACSI) was recently formed as the trade organization that will promote cooperative business, trade and investment opportunities between the Hoosier State and the world’s most populous nation. The effort is headed by ACSI chairman Albert Chen, president and founder of Telamon. BF: How long has Telamon been involved in business ventures on mainland China? Do you have facilities in China? AC: Our firm has been in China since 1986. We operate three facilities there that repair and test wireless devices. We also are involved in IT software development in China and South Korea. BF: The announcement for the new trade initiative indicated that Indiana will be promoting agricultural products, advanced bioscience, automotive and IT technology for export to China. Do you expect this to be a two-way street, resulting in new jobs in Indiana? AC: The focus will be on both jobs and the exchange of goods. We are interested in selling Indiana’s products in China, which will create jobs here. We also want to help China understand the investment opportunity for Chinese firms here in Indiana. We aim to promote cooperative business, trade and investment opportunities between Indiana and China. BF: China has a huge, low-cost labor pool and a growing domestic market. Can U.S. producers compete with Chinese manufacturers in their home market? AC: Our exports to China will help meet the tremendous demand of the Chinese market. We also want to convince China that it can make a wise investment in Indiana in producing consumer goods here as well as industrial parts. BF: What will be one of the key attractions for Chinese businesses that may want to set up shop in Indiana? AC: Indiana is the Crossroads of America. We can offer tremendous logistics advantages for anyone locating their business in Indiana. BF: Currently, the U.S. balance of trade with China is widely skewed in China’s favor. Can this trend be reversed? AC: Sometimes these figures can be misleading. For example, custom touchscreen phone components that cost $178 to produce in the U.S. cost $6 to produce in China, but the value of the goods is usually stated based on the U.S. cost. BF: Many businesses like yours have forged their own ties with China. Why is a statewide trade organization needed? AC: A lot of small- to medium-sized businesses don’t have enough experience in dealing with China. We want to share our experience with them. BF: It took about 20 years to establish a significant number of Japanese business […]