On Monday, Oct. 1 Gov. Phil Murphy unveiled an economic development plan entitled, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey.” The plan is designed to advance five key goals by 2025 with the following measurable objectives: On Monday, Oct. 1 Gov. Phil Murphy unveiled an economic development plan entitled, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey.” The plan is designed to advance five key goals by 2025 with the following measurable objectives:
- Drive faster job growth than other Northeast peer states by fostering a better, more supportive business climate to add approximately 300,000 jobs;
- Achieve faster median wage growth than all Northeast peer states by achieving approximately 4 percent wage growth or a $1,500 increase in median wages;
- Create the most diverse innovation ecosystem in the nation and double venture capital investment in the State by bringing approximately 40,000 more women and minorities into STEM fields and attracting $625 million in new venture capital investment;
- Close the racial and gender wage and employment gaps by employing approximately 42,000 more women and minorities and increasing wages for those groups by $15,000 to $23,000; and
- Encourage thriving and inclusive New Jersey urban centers and downtowns by reducing city poverty rates to today’s statewide average.
The plan also includes four strategic priorities, which are outlined below:
- Invest in people to help all New Jersey residents find work that supports and sustains families;
- Invest in communities to build world-class cities, towns, and infrastructure statewide;
- Make New Jersey the State of Innovation to create more and better jobs across the State; and
- Improve government efficiency and advance New Jersey’s competitiveness and business climate.
The Governor has asked the public to share any innovative ideas they may have, which can be done by visiting https://nj.gov/economicplan. Additionally, NJBIA would like to gather feedback from our members. Please feel free to reach out to Andrew Musick at AMusick@njbia.org with any comments you may have pertaining to the plan.