Targeting the “innovation economy” will be a major focus in 2019. It is a top priority of the Murphy administration and its constituents account for roughly 20 percent of office leasing in New Jersey. The locution includes businesses in the life sciences, information and high tech, clean energy, advanced manufacturing, advanced transportation, logistics, finance and insurance, food and beverage, and film and digital media industries, according to the NJEDA’s CEO, Tim Sullivan.
Sullivan says the administration is looking to capture “the economic multiplier effects of those industries.” He continued, saying, “Up to five additional jobs are created by each job in the innovation economy. We have proposed smarter, more targeted incentives and programs to bolster high-wage, high-growth sectors that bring money into the state and support a sustainable living for our residents.”