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NJ Redevelopment Forum 2020 - Cooper

This document discusses New Jersey's economic development strategies and priorities. It contains 3 key points: 1. New Jersey aims to invest in developing talent through education and training programs to match workers with in-demand jobs and help all residents find meaningful work. This includes expanding access to post-secondary education and credentials. 2. The state wants to invest in communities and infrastructure to spur innovation and make government work better to improve competitiveness. This involves expanding brownfield redevelopment programs and leveraging opportunity zones. 3. New Jersey has laid out 4 strategic priorities around investing in people, innovation, communities and improving government to address challenges like economic stagnation and growing inequality.

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Stop, Collaborate, Listen! Tai Cooper Senior Vice President – Policy and Communications New Jersey Economic Development Authority
Stop, Collaborate, Listen! Tai Cooper Senior Vice President – Policy and Communications New Jersey Economic Development Authority
New Jersey Economic Snapshot 3 State GDP: $634 billion (3.1% of U.S. GDP, 22nd Economy Globally) Population 8.9 million (11th in the nation) 1,022 People per square mile – most densely populated state Ranked #4 for Foreign Direct Investment #3 busiest seaport in North America #1 best public school system in the United States 597,564 post secondary students 99% of residents have access to wireless internet Per capita Income: $64,537 (#4 in U.S.)
New Jersey’s Competitive Advantages Where We Are Who We Are Location Infrastructure • Heart of the Northeast Corridor – 20% of U.S. GDP • New Jersey /New York metro region are the #1 distribution market in the U.S. 12 commuter rail lines 2 Class I freight railroads Busiest sea port on the East Coast Newark flies to 110 cities and 130 intl. destinations 4 of the top 6 U.S. cities for connectivity • Highest concentration of scientists and engineers per square mile in the world • Nearly 39% of the workforce has a bachelor’s degree (#5 nationally) • Nearly 15% has an advanced degree (#7) • 4th most diverse state in the nation Diversified Economy 21 Fortune 500 companies Largest industries include: • - Life Sciences • - Technology • - Financial Services • - Telecommunications & Media
Key Challenges Economic stagnation SOURCE: Bureau of Labor Statistics, United Way Alice Report, US Census Growing inequality 1 Compound annual growth rate Northeast peers include Connecticut, Delaware, Maryland, Massachusetts, New York, Pennsylvania, Rhode Island, Virginia 2 Non-farm employment Real median wage growth CAGR1, 2007-2017 Employment growth2 CAGR1, 2007-2017 Top 10 United States Northeast New Jersey 0.8 0.2 0.1 -0.3 1.2 0.4 0.6 0.1 Top 10 United States Northeast New Jersey -0.8 1.2 0.7 1.7 49th 42nd 47th Of residents cannot afford basic needs — e.g., house, child care, food, health care Change in poverty rate Percentage points, 2006-2016 Venture capital decline 50% decline in venture capital investment since 2006
Investing in people to help all New Jersey residents find meaningful work Investing in communities to build world-class cities, towns, and infrastructure Making New Jersey the State of Innovation to create more and better jobs across the state Making government work better to improve New Jersey’s competitiveness and business climate 1 2 3 4 4 strategic priorities
A Whole of Government Approach Economic Development Authority Department of Environmental Protection Housing and Mortgage Finance Agency Department of Community Affairs New Jersey Redevelopment Authority
Jobs NJ: Developing Talent to Grow Business in the Garden State 1 Ensure all career-seeking New Jerseyans have the education and training necessary to access high-quality employment Ensure businesses and employers that are offering high-quality employment in New Jersey can quickly and efficiently fill their talent needs2
Strategy 1: Expand Access to Opportunity Aspirations by 2025 Ensure 250,000 additional Black, Latinx, and Native American individuals attain post- secondary credentials Close the racial and gender wage and employment gaps by employing 42,000 more women and minorities and increasing wages by $15,000-$23,000 Raise postsecondary credential attainment in all counties to at least 45 percent Key New Initiatives Launch the Opportunity Meets Innovation Challenge: Award grants to implement best practices that increase college completion Make College More Affordable: Establish transparent, predictable, and guaranteed higher education pricing Expand Access for Targeted Populations: People with disabilities, ex-offenders, immigrants, and veterans
Strategy 2: Train Individuals for In-Demand Jobs Aspirations by 2025 Increase the number of post-secondary graduates employed in high-demand industries by 10 percent Ensure at least 25,000 additional adults enroll and graduate with a high-quality credential Key New Initiatives cont. Create Pathways for Younger Residents: Advanced courses for high school students and NJ Career Accelerator Internship program Increase On-the-Job Training: Expand apprenticeship and experiential learning opportunities Support Rapid Re-Employment and Lifelong Learning: Launch Re-Employment Insurance Program (REIP) and implement Future of Work Task Force recommendations Key New Initiatives Provide Customized Support for Growing Industries: Develop sector-specific programs Connect Education to In-Demand Career Opportunities: Ensure students are learning skills employers seek
Strategy 3: Match Talent to Jobs Aspirations by 2025 Complete Talent Action Roadmaps for at least 100 companies Celebrate 200 Governor’s Choice employers Annually publish materials on high-demand jobs and pathways to rewarding careers Key New Initiatives cont. Launch NJ Talent Solutions: Bring together government agencies to help businesses solve talent challenges Launch the New Jersey Career Network: A pioneering digital coaching and support platform for job-seekers Expand Customized Training Programs: Department of Labor (DOL) to expand training programs tailored to company and sector needs Launch the Governor’s Choice Employer Program: Recognize companies with exemplary hiring and career development practices Publicize High-Demand Jobs Data: Release “High-Demand” jobs report and two career pathway maps annually Attract Talent: New marketing effort to ensure global talent pools are aware of New Jersey’s benefits Key New Initiatives
Expanded Brownfields Programs
NJEDA’s New Expansion of Brownfield Work • Internal & External Integration & Partnerships ⮚ Community Collaborative Initiative ⮚ Opportunity Zone Alignment ⮚ Environmental Justice ⮚ Climate Resilience • NJEDA Applying for EPA RLF Brownfield Grant • NJEDA Brownfield Loan Program • NJIT Brownfield Assistance Center
Expanded Community Collaborative Initiative Genesis - Camden Successes – Paterson & Perth Amboy
Education & Technical Assistance Community Collaboration Initiative Financial Tools & Assistance EDA Actions • Collaborate and Oversee Technical Assistance Center • Expert Speakers • Collaborate and Partner w/ NJDEP and Other Agencies • Provide Guidance • Share Success • Funding • Oversee & Administer Financial Programs • Create Programs NJDEP Actions • Quarterly BF Roundtables • Expert Speakers • Oversee CCI • Embed Staff / Ombudsman • Brownfield Inventory • Established trust in community relationships • Engaging Other Agencies • Partnerships • Assist - Identify Project Pipeline / Market Programs BAC @ NJIT • Targeted Assistance • Design Workshops • Resource Center • Develop Success Stories • Engaging Other Agencies • Develop best practices blueprint to incorporate resilience and sustainability activities • Partnerships • Market Programs Brownfield Assistance Center
Opportunity Zones
New Jersey’s Opportunity Zone Strategy Attract Opportunity Fund investments Stimulate redevelopment, business growth, and job creation Promote inclusive and equitable development 18
State Government’s Role in OZ Strategy 19 “One-Stop-Shop” website New Jersey Community Asset Map Digital Marketplace “Ready to go” project pipeline Technical assistance forums for communities Resources for entrepreneurs in Opportunity Zones Engage industry membership orgs & chambers of commerce to educate about OZs 1 2 3 4 5 6 7 Resources for investors, municipalities, and residents Helping municipalities leverage their Opportunity Zones Supporting small, minority and women owned businesses participation in OZ projects
A 360 Degree Approach to OZ Investment 20 Opportunity Zone Challenge Community Collaborative Initiative Opportunity Zone Marketplace Apprenticeship Programs Small Business Support Revitalized Main Street Program Brownfields Loan Program
@NewJerseyEDA Visit NJEDA.com for more information.