New Jersey Economic Development Administration Incentives
The rising cost of commercial real estate throughout the nation has made it very difficult for businesses to survive for some time now. Add to that increased labor costs due to the unemployment rate dropping to 3.9%, which is a low that has not been seen since 2000, and businesses are scrambling for ways to make money. Businesses have been fleeing high cost states in search of lower real estate prices and better labor, but now it seems the playing field is has been leveled nationally. Governments are stepping in to assist these businesses by providing financial incentives through their respective Economic Development Authorities. The NJEDA has provided assistance from small to large, and most notably a $7 billion incentive to land the Amazon HQ2 has been put on the table. The new headquarters is said to be a $5 billion campus with an estimated 50,000 jobs.