EDA Absorbs Commerce Group

MONROE TWP., NJ-Although storm clouds are gathering over New Jersey’s economic landscape, the mood at the New Jersey Chamber of Commerce meeting here was somewhat optimistic. Caren Franzini, CEO of the New Jersey Economic Development Authority was on hand to offer an overall look at the state of business in New Jersey and also to describe the recent restructuring of the state commerce department and streamlining of the incentives programs.

“This is the most unpredictable environment that any of us have been in,” Franzini admitted. “What we in the EDA are doing today may change, but that’s how it should be—the EDA must constantly change to help businesses in the state.”

Franzini went on to paint a rosier picture of the state than many have been offering in recent months. Among other things, she reported that New Jersey is home to 24 Fortune 500 businesses, 25 of the top pharmaceutical businesses and 1,400 international businesses, which speaks to the diversity of the state. In addition, New Jersey offers good logistics through its road and rail networks and has recently attracted such major players as Arch Insurance, which relocated 300 jobs to Jersey City, and Optipharma, which shifted its operations from Virginia to New Jersey. Still, said Franzini, more could be done, and hopefully the recent reorganization of certain government departments will help.