Governor Murphy Unveils Strategic Plan For Economic Development

Governor Phil Murphy today unveiled his economic development strategic plan – “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey” – to set New Jersey on the path to a stronger and fairer future where innovation and diversity are at the forefront of the State’s economy. Governor Murphy’s plan was unveiled at ON3, a world-class campus and biotech office space located on the 116-acre former Hoffman-LaRoche site, which spans the Clifton-Nutley border. The Governor’s plan is centered on establishing New Jersey as “The State of Innovation.”

The Meadowlands Chamber, a strong advocate for economic development measures, looks forward to being a part of the strategic plan, continuing to deliver the interests of our membership to legislatures and policymakers. Small business–which is consistently a major focus for the Meadowlands Chamber’s advocacy efforts–receives a special call out in the plan.

“In the Economic Development Authority, we will create a new small business loan program to enhance our business climate,” said Governor Murphy. “And, we will create a new small business unit, staffed by a diverse pool of business coordinators, to provide a more robust networking and outreach program, and to ensure a better understanding of the multitude of financing options open to small businesses – particularly minority, women and veteran-owned small businesses.”

The plan is designed to advance five key goals by 2025, with the following measurable objectives:

  • Drive faster job growth than other Northeast peer states by fostering a better, more supportive business climate to add approximately 300,000 jobs
  • Achieve faster median wage growth than all Northeast peer states by achieving approximately four percent wage growth or a $1,500 increase in median wages
  • Create the most diverse innovation ecosystem in the nation and double venture capital investment in the State by bringing approximately 40,000 more women and minorities into STEM fields and attracting $625 million in new venture capital investment
  • Close the racial and gender wage and employment gaps by employing approximately 42,000 more women and minorities and increasing wages for those groups by $15,000 to $23,000
  • Encourage thriving and inclusive New Jersey urban centers and downtowns by reducing city poverty rates to today’s statewide average 

“Today we outline the path for New Jersey to once again be a visionary leader in our national and global economy. We have all the ingredients – a highly educated population, one of the best locations in the nation and immense talent— and now we have the plan,” said Governor Murphy. “This plan is the result of hundreds of meetings with countless people across our state who have a stake in our future success – business leaders; labor leaders; educators at all levels; community and faith leaders; state, county and local officials; and our tremendous Cabinet team. For too long, economic growth has lagged in our state and poverty has grown. Today, we begin to change the narrative of New Jersey’s future.”

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Meadowlands USA

Meadowlands USA

Meadowlands USA is a North Jersey regional publication that reaches people who live and work in and around the Meadowlands (including the Bergen, Hudson, Essex and Passaic County corridor), as well as visitors to our region. The blog edition is updated regularly and the print edition is released six times a year.

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