Last week, the ReNew Jersey Business Summit & Expo took place in Atlantic City, gathering 850 leaders from business, nonprofits, government, and academia. The event highlighted New Jersey's strengths as a business hub while also addressing challenges.
Ralph LaRossa, CEO of PSEG and Chair of Choose New Jersey, emphasized the state's appeal by referencing its selection as a World Cup Final host: “The world chose New Jersey, So maybe you should choose New Jersey.” This sentiment was echoed by other summit participants who praised the state's infrastructure, workforce talent, diversity, and strategic location. However, concerns were raised about the cost of doing business in New Jersey.
Joaquin Duato of Johnson & Johnson described New Jersey as an ideal environment for life sciences companies due to its advantageous location and robust infrastructure. Lauren Nathan-LaRusso noted FIFA's recognition of the state's diversity and prime location when selecting it for the 2026 FIFA World Cup final. Thierry Klein from Nokia Bell Labs cited New Brunswick’s skilled workforce and innovation ecosystem as reasons for establishing an R&D hub there.
Despite these positive endorsements, panelists expressed concerns over high business costs and a proposed increase in Corporation Business Tax. They argued that such measures could harm New Jersey’s economy and reputation. There was also a call for more government support and simplified access to state grants and incentives.
To enhance its status as a business-friendly state, summit participants recommended eliminating the proposed tax hike, forming an Economic Council to address growth issues regularly, streamlining grant applications processes, revitalizing regulatory review commissions to reduce inefficiencies, and fully funding agencies that assist businesses.
Tom Bracken concluded that collaboration between employers and government leaders is crucial for economic prosperity in New Jersey: "Because when businesses thrive and the economy prospers," he stated. "Everyone in New Jersey benefits."
