Phil Murphy, the Governor of New Jersey, outlined his vision for an "innovation economy" on October 1, 2018. His goal was to create a "stronger and fairer" economic environment for the state. Speaking at the ON3 campus located on the Nutley-Clifton border, Murphy introduced a series of incentive programs aimed at stimulating economic growth.
In December 2020, many of these proposals were enacted. This included NJ Emerge, an incentive program designed to attract companies considering relocating to or leaving New Jersey. Another initiative, NJ Aspire, was established to encourage redevelopment projects within the state.
James Hughes, an economist from Rutgers University in New Brunswick, noted that federal spending during the COVID-19 pandemic played a significant role in maintaining national economic stability and aiding New Jersey's recovery. However, he acknowledged that state-level initiatives also contributed positively to the local economy.
A major project currently underway is the New Jersey Health + Life Science Exchange (HELIX) in New Brunswick. With $4 billion invested by both public and private sectors, HELIX will provide lab and office space for entities such as Nokia Bell Labs, Rutgers Health, RWJ Barnabas Health, and Princeton University.
Hughes commented on this development: "That really will be a statewide hub, not a local hub," adding that it has the potential to become a national center by uniting various key players in one location.
