The New Jersey Economic Development Authority (NJEDA) is celebrating its 50th anniversary this year. Established in August 1974, the agency was created to foster job growth and industry expansion within the state. Governor Phil Murphy emphasized the NJEDA's ongoing importance, stating, "Fifty years and 10 governors after its creation, the work of the NJEDA is more essential than ever as we continue to build and shape a stronger, fairer New Jersey economy that supports good-paying, family-supporting jobs of the future."
Under current CEO Tim Sullivan's leadership since 2018, the NJEDA has expanded its initiatives beyond traditional financing to include cannabis grants, historic preservation tax credits, and offshore wind workforce development. The agency also played a significant role during crises like Superstorm Sandy and COVID-19 by leveraging federal CARES Act money to support small businesses.
Sullivan discussed how partnerships are crucial for economic development: "You’ve got to really work closely with the private sector; with nonprofits; with academia; with investors – to structure transactions and bring them together." He highlighted recent projects such as the New Jersey Performing Arts Center campus redevelopment in Newark and the New Jersey Health and Life Sciences Exchange (HELIX) in New Brunswick.
The NJEDA has also been instrumental in boosting New Jersey's film industry. Recent developments include moving the New Jersey Motion Picture & Television Commission under its ambit. Sullivan noted that major studios like Netflix and Lionsgate are expanding their presence in the state.
Governor Murphy praised Sullivan’s achievements: “Tim Sullivan’s record of achievement as CEO of the New Jersey Economic Development Authority ranks him as one of the finest leaders in the 50-year history of the Authority.” He credited Sullivan for creating jobs and supporting small businesses post-pandemic while attracting major film studios.
As Murphy’s administration approaches its final year, Sullivan assured continued focus on key sectors like AI, offshore wind, film production, child care, economic security, and small business support. Reflecting on his tenure at NJEDA during this pivotal time for his home state, Sullivan expressed pride in their accomplishments but acknowledged ongoing challenges: “But we have real work left to do. No one should expect to see a ‘mission accomplished’ sign on anything anytime soon.”
Kathleen Coviello, Chief Economic Transformation Officer at NJEDA since 2005 through various administrations stated that each governor brings their own approach but credited recent efforts under Governor Murphy for broadening their scope significantly beyond just lending into areas such as venture equity funding which now includes broader workforce child care support initiatives among others.
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