I am a proud New Jersey native and have worked extensively in both media and politics there, so know the terrain well.
But it was a new kind of thrill showing up at the New Jersey Manufacturing Extension Program’s Manufacturing Day event last Friday – in Bruce Springsteen’s hometown of Freehold 🎸 – representing Standard & Works.
After hearing from both gubernatorial candidates and speaking with key business leaders, in this week’s newsletter we look at New Jersey’s economic competitiveness from three angles:
🗳 Into the Future:
The state’s economic position may change depending on who is elected Governor in a few weeks. Both candidates agree on lowering business taxes, stopping the talent brain drain, and boosting South Jersey.
These talking points are not new, but the regional competitiveness landscape is being shaken up right now and business leaders we spoke with stress that something needs to give.
If that happens … “ I don't think there are any industries where we couldn’t be competitive. We have the workforce, we have the educated marketplace, we have the affluence, we have the infrastructure,” New Jersey Chamber of Commerce President and CEO Tom Bracken told Standard & Works.
🗽 From the East:
When I asked GOP nominee Jack Ciattarelli what it’d mean for New Jersey’s economy to wake up on November 5th as Governor-Elect with a New York City Mayor-Elect Zohran Mamdani, the candidate smiled wide: “If he wins, we’ll roll out the welcome mat,” referring to business he’d try to poach.
The next campaign: Jersey City Mayor Steve Fulop was appointed this week as CEO of New York City’s most powerful business group. Fulop is a political veteran who just ran an aggressive, anti-establishment gubernatorial primary bid.
If New Jersey goes on the offensive, Fulop’s Partnership for New York City would likely be facing-off against Choose New Jersey, the state’s formidable business attraction vehicle that launched under Gov. Chris Christie.
🦅 From the West:
“Pennsylvania is kicking our ass on data centers,” Ciattarelli declared on stage.
Part bogeyman, part aspiration – Pennsylvania Gov. Josh Shapiro was resoundingly cited as New Jersey’s #1 competitor by Ciattarelli, Sherrill, and top business leaders.
The Pennsylvania playbook that New Jersey hopes to replicate under a new administration: lower business taxes, ramp up of energy supply, and rapid acceleration of permitting.
Scroll down for the full story.
But first: follow our newly-launched video podcast The Standard & Works Show on Spotify where we sit down with the leaders shaping America’s industrial future.
See you next week.
Zach Silber
Founder and Editor-in-Chief
Standard & Works
How Will New Jersey’s Next Governor Boost State Competitiveness?
Democratic gubernatorial candidate Rep. Mikie Sherrill speaks at the NJ Manufacturing Extension Program's Manufacturing Day event
New Jersey business leaders are sounding the alarm on the state’s economic competitiveness and hoping the next Governor will right the ship.
The state has historically lagged far behind others in the northeast for business competitiveness, according to an annual scorecard published by the New Jersey Business and Industry Association.
Both candidates laid out their plan to boost the state’s competitiveness last week at a Manufacturing Day event hosted by the NJ Manufacturing Extension Program.
Looking East: Cross-Hudson Showdown Looms
GOP nominee Jack Ciattarelli told Standard & Works he sees a Mamdani mayorship in NYC as an opportunity to poach businesses
Jack Ciattarelli has a plan if he wakes up as Governor-elect on November 5th with a Mayor-elect Zohran Mamdani across the Hudson River.
“We’re going to roll out the welcome mat,” a smiling Ciattarelli told Standard & Works, eyeing an opportunity to lure businesses and residents.
Mamdani’s campaign website details plans to raise New York City’s corporate tax rate from 7.25% to 11.5%, matching New Jersey’s current rate, and raise the minimum wage to $30 per hour by 2030. He also plans to streamline and speed up business permitting, with a focus on small business owners.
Looking West: “Pennsylvania is kicking our ass”
Both candidates want to lower the state's business taxes if elected.
In remarks from both New Jersey gubernatorial candidates and across every conversation we had at NJMEP’s Manufacturing Day event last week, one point of view was consistent: Pennsylvania is New Jersey’s #1 competitor.
“Pennsylvania is eating our lunch right now,” NJBIA President and CEO Michele Siekerka told Standard & Works.
“They're driving down their corporate business tax to below 5% while we just increased ours to 11.5% for our largest companies, our largest job creators in the state of New Jersey. That's a travesty.”
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