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Making New Jersey Competitive Again: Putting the Garden State back on the road to growth

Making New Jersey Competitive Again: Putting the Garden State back on the road to growth

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Published by AFPHQ_NewJersey
AFP Foundation's "Making New Jersey Competitive Again" booklet is an invaluable resource for policy makers and citizens alike. This one-of-a-kind booklet is chock full of statistics and economic measures on New Jersey's economic condition from taxes, to spending, to GDP growth, employment, and more.
AFP Foundation's "Making New Jersey Competitive Again" booklet is an invaluable resource for policy makers and citizens alike. This one-of-a-kind booklet is chock full of statistics and economic measures on New Jersey's economic condition from taxes, to spending, to GDP growth, employment, and more.

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Published by: AFPHQ_NewJersey on Sep 18, 2013
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03/31/2014

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MAKING NEW JERSEYCOMPETITIVE AGAIN
Putting the Garden State back on the road to growth 
 
•
Ranked
44th out of all 50
 states in private sector jobgrowth last year? 
•
Has lagged behind
46
otherstates in terms of economicgrowth for the last decade?
•
Lost almost
170,000
privatesector jobs during that sameperiod?
•
Has one of the
highestproperty tax
rates inAmerica and some ofthe
highest income andcorporate tax
rates as well?
DID YOU KNOW THATNEW JERSEY...?
1
New Jerseyans are on the move.For decades, United Van Lines—one of America’s oldestand largest moving companies—has tracked state-by-statemigration.New Jersey has been what they call “an outbound state” since1997. That means that
for the past sixteen years, more peoplehave been moving out of New Jersey than moving in
, taking
theirhumanandnancialcapitalwiththem.
According to United Van Lines, for every one customerthey help to move into New Jersey, almost two are headingout at the same time. In fact,
New Jersey is listed as the #1“outbound” state
for two of the past three years.
NJ: THAT WAS THEN,THIS IS NOW
Remember when we had prouder accomplishments to boastabout?
2
 
WHAT WENT
WRONG?
New Jersey earned its nickname, the Garden State, thanks toa climate and soil that made it one of America’s
agricultural“sweet spots.”
At the same time, its proximity to the Atlantic Ocean and majornortheastern cities like New York, Philadelphia, and Boston—along with its numerous harbors and iron mines—made NewJersey
a major center of the Industrial Revolution.
Thomas Edison developed over 1,000 patented inventions athis Menlo Park lab. Princeton University in Mercer County haslong been one of the most prestigious colleges in the world.Famous Fortune 500 companies like Campbell’s Soup chose toset up their headquarters in New Jersey, with our capital cityboasting, “Trenton Makes—The World Takes.”
Few states have been blessed with this kind of geographicaland industrial diversity
, and for over two hundred years, NewJersey made the most of it, enjoying high levels of prosperity.That is, until fairly recently.
3
Take just one example:In 2012, the Mayor of Nutley, New Jersey was “stunned” tolearn that his town’s biggest employer, Hoffmann-La Roche,was closing down its plant and moving most of its operationsoverseas.
The loss of 1,000 jobs
was especially shocking because,as Mayor Petracco noted, Nutley had been home to thepharmaceuticals giant “since the early 1900s.”Those 1,000 jobs are just the beginning. Small businessesrelied on those workers for their livelihoods. From restaurants,to dry cleaners, to the local mom and pop shops, the loss ofthese workers will be felt by everyone in the community.However, the story of Hoffmann-La Roche has been repeatedagain and again in New Jersey’s recent past, when shakeups
atothermajorpharmaceuticalcompanies,PzerandMerck,
left thousands without work, or forced them to relocate out ofstate.In fact,
in almost every major sector, long time New Jerseyemployers are padlocking their doors
,leavingcitizens
unemployed, putting smaller local businesses in jeopardy andplacing increased pressure on the state’s shrinking tax base.Why is this happening now?Let’s look at four universally acknowledged measurements ofeconomic growth and well-being—
GDP, population growth, jobs and wages, and tax rates
—and see how New Jersey stacksup.
4

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