Last week, the ReNew Jersey Business Summit & Expo took place in Atlantic City, drawing 850 leaders from business, nonprofits, government, and academia. The event underscored New Jersey's appeal as a business hub.
Ralph LaRossa, president of PSEG and Chair of Choose New Jersey, highlighted the state's attractiveness by referencing its selection to host the World Cup Final. "The world chose New Jersey," he said. "So maybe you should choose New Jersey." This sentiment was echoed by other summit participants who praised the state’s infrastructure, workforce, diversity, and strategic location. However, concerns about the cost of doing business in New Jersey were also voiced.
Executives at the summit emphasized New Jersey's unique assets. Joaquin Duato, CEO of Johnson & Johnson, described it as an ideal state for life sciences companies due to its location, workforce, healthcare facilities, and infrastructure. "Innovation is the secret sauce that makes this state so successful," he stated.
Lauren Nathan-LaRusso from the NY/NJ World Cup 2026 Host Committee noted FIFA officials were impressed by New Jersey’s diversity and strategic location when choosing it for the 2026 FIFA World Cup final. Thierry Klein of Nokia Bell Labs cited similar reasons for selecting New Brunswick as their East Coast R&D hub.
Peter Cancro of Jersey Mike’s expressed pride in his company's New Jersey roots and Alberto Garofalo of Bank of America highlighted diversity and inclusion as key factors behind their significant lease deal near the Hudson River waterfront.
Despite these endorsements, panelists raised concerns about high operational costs and a proposed Corporation Business Tax increase by the Murphy Administration. Many believe this tax hike would harm New Jersey's economy and reputation.
To address these challenges and maintain New Jersey’s business-friendly status, summit participants recommended several actions: eliminating the Corporate Business Tax hike; creating an Economic Council for regular discussions on growth; streamlining grant applications; reenergizing regulatory review commissions; and fully funding state agencies that support businesses.
Tom Bracken concluded that collaboration between employers and government leaders is crucial for economic prosperity in New Jersey.
