New Jersey Tax Credits Encourage Job Creation, Investment

Thanks to recently-approved Grow NJ tax credits, two food companies are considering projects that could create more than 150 new jobs and invest over $15M in distressed communities.


https://businessfacilities.com/2017/09/new-jersey-tax-credits-encourage-job-creation-investment/
Thanks to recently-approved Grow NJ tax credits, two food companies are considering projects that could create more than 150 new jobs and invest over $15M in distressed communities.
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New Jersey Tax Credits Encourage Job Creation, Investment

Thanks to recently-approved Grow NJ tax credits, two food companies are considering projects that could create more than 150 new jobs and invest over $15M in distressed communities.

New Jersey Tax Credits Encourage Job Creation, Investment

Two food manufacturers are considering locating in New Jersey and creating a total of more than 150 new jobs and over $15.4 million in private investment, thanks to Grow New Jersey (Grow NJ) tax credits recently approved by the Board of the New Jersey Economic Development Authority (EDA). The projects would add to the momentum already underway in New Jersey’s advanced manufacturing sector.

New Jersey
Photo: Gourmet Nut Inc.

In Bergen County, Schuster Meat Corporation, a Bronx-based, USDA-approved meat manufacturer in need of additional space, is considering a relocation to Lodi, where it would purchase a 53,000-square-foot facility. If the company opts for New Jersey over leasing a competing facility in the Bronx, the project would result in the creation of 40 new jobs and private investment of more than $8.9 million.

Gourmet Nut Inc. is contemplating a move from Brooklyn to Middlesex County, where the manufacturer and distributor of nuts, dried fruits, and trail mixes would acquire a 61,950-square-foot facility in Perth Amboy to increase cost-effectiveness and expand into other retail channels. The company expects to create more than 110 new jobs and invest more than $6.4 million if New Jersey is chosen over a location under consideration in Allentown, PA.

Grow NJ is the state’s primary program for job creation and retention under the Economic Opportunity Act (EOA.) One of the key legislative objectives of the EOA is to drive growth in targeted industries, which in addition to manufacturing, also include finance, technology and life sciences, and logistics.

According to the Spring 2017 study of New Jersey’s advanced manufacturing cluster released by the New Jersey Department of Labor & Workforce Development’s Office of Research & Information, advanced manufacturing accounts for nearly 84 percent of manufacturing employment in New Jersey. Within advanced manufacturing, employment in food manufacturing is second only to chemical manufacturing, with more than 31,500 employed in New Jersey in 2015.

“New Jersey has a long, rich history in the food industry, and is home to many leading food companies,” said EDA Chief Executive Officer Melissa Orsen. “The state holds a special appeal for food manufacturers based on its logistical advantages and highly-skilled labor pool.”

Orsen noted that New Jersey’s food and agriculture industry is estimated to produce $105 billion in revenues annually, and the state is home to more than 1,900 food manufacturing companies, not including thousands of food-distribution centers, retailers, and farms.

An additional manufacturing project was also approved for Grow NJ tax credits: Elite Décor, Inc., a custom window treatment manufacturer which has outgrown its headquarters and production facility in Brooklyn, is considering relocating to Passaic County, where it would purchase a 78,000-square-foot facility. Should Elite Décor choose to locate in New Jersey over Middletown, NY, the company would create more than 100 new jobs and invest more than $2 million in Clifton.

Relocating or Expanding Your Business In New Jersey

Considering New Jersey for your company’s relocation or expansion project? Check out Business Facilities’ New Jersey Incentives and Workforce Development Guide.

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