Governor Sherrill Launches “New Jersey Means Business” Economic Development Strategy to Boost the State’s Business Competitiveness, Grow the Economy, and Create Quality Jobs

Governor Mikie Sherrill today signed Executive Order No. 28, establishing the New Jersey Means Business Economic Development Strategy, a coordinated, whole-of-government effort to strengthen New Jersey’s economic competitiveness and business friendliness, attract investment, support existing employers, and create quality jobs and career pathways for every community across the state. 

The Executive Order sets an economic development agenda through 2030, with clear agency responsibilities and deadlines to make it easier to start and grow a business, strengthen industries where New Jersey can lead, enhance research and innovation that results in new companies and jobs, and expand economic opportunity in communities statewide.

“New Jersey has the talent, innovation, and entrepreneurial spirit to build one of the strongest economies in the country. State government needs to match that ambition with a clear strategy and commitment to make our economy more competitive and dynamic,” said Governor Sherrill. “New Jersey Means Business will bring our agencies together to cut unnecessary costs and delays, help businesses grow, and connect our residents with good-paying jobs. This whole-of-government effort will help us build on our strengths as we compete for new investment and ensure economic growth translates to real opportunities for families across our state.” 

The strategy recognizes that a stronger economy is essential to lowering costs, increasing household incomes, and sustaining the public services New Jersey families rely on. It builds on the state’s highly educated and diverse workforce, research universities and healthcare institutions, transportation and port infrastructure, and longstanding strengths in innovation and industry.

The Executive Order organizes the State’s work around four pillars:

• Improve New Jersey’s business climate to make it easier to attract and grow businesses by reducing barriers to and costs of doing business, improving how businesses navigate State services and permitting, preparing sites for development, and strengthening the State’s focus on retaining and growing existing businesses in New Jersey.
• Grow the key industries that can drive New Jersey’s next generation of quality jobs by identifying sectors where the State has established strengths or a strong opportunity to compete, working with businesses to understand their needs, and aligning State tools, incentives, and workforce efforts to support their growth.
• Increase research, development, and speed of bringing ideas to market in New Jersey to boost business growth and investment by coordinating research institutions, companies, entrepreneurs, and State resources like the New Jersey Supercomputer Initiative; focusing on areas where New Jersey can lead and innovate; attracting more research dollars to the state; and strengthening the path from discovery to market and growth.
• Ensure businesses, residents, and communities across New Jersey can participate in and benefit from economic growth by making State services, capital, and procurement opportunities easier to navigate for businesses of all sizes; creating a new advisory group focused on small and midsized businesses; and focusing coordinated state action in communities facing persistent economic challenges.

To oversee implementation, the Executive Order establishes the New Jersey Means Business Economic Development Council, reporting to the Governor’s Chief Operating Officer and chaired by the Senior Director of Strategic Initiatives and Economic Opportunity. The Council will bring together the New Jersey Economic Development Authority, the New Jersey Innovation Authority, and the departments of State, Labor and Workforce Development, Community Affairs, and the Treasury.

“After months of conversations with business leaders and entrepreneurs, the signing of today’s Executive Order represents a bold step forward for New Jersey’s economic future,” said NJEDA CEO Evan Weiss. “I look forward to working with Governor Sherrill, the Legislature, and industry leaders on advancing an economic growth agenda that bolsters our economic competitiveness, expands opportunities for business owners in every corner of the state, and strengthens the Garden State’s nation-leading innovation ecosystem.”  

 “The Governor is making it clear today that the State government will listen to New Jersey businesses and work closely with them,” said New Jersey State Chief Innovation Officer Dave Cole. “Through expanding resources like Business.NJ.gov and improving the customer experience in permitting and licensing, we’re working to make doing business in NJ as simple, streamlined, and intuitive as possible.” 

“Today’s Executive Order reflects the Governor’s commitment to strengthening New Jersey’s business climate and promoting economic growth. This is a perfect example of responsive government taking action and implementing the change that companies, large and small, have been requesting for some time,” said Lieutenant Governor and Secretary of State Shirley U. Emehelu. “The hallmarks of this administration are creating opportunity and being accountable. Today, this executive order accomplishes both goals by hearing the concerns of our job creators and creating the pathway for them to succeed in our state.” 

“New Jersey's economy works when both workers and employers do well,” said Acting Labor Commissioner Kevin D. Jarvis. “NJDOL will align our training, apprenticeship, and employer services with where the economy is headed, while keeping standards strong to uplift all Garden State workers. We thank Governor Sherrill for her leadership in setting this course.”

“Governor Sherrill heard directly from New Jersey residents and businesses across all 21 counties, and this strategy answers what they told her. Economic growth depends on strong communities,” said DCA Commissioner Jacquelyn A. Suárez. “That means lifecycle housing that serves residents at every stage of life, and towns equipped to welcome new investment to strengthen their tax base. DCA is ready to do its part to make New Jersey easier to build in, easier to grow in, and a place where every community shares in our success.” 

"Governor Sherrill’s economic plan is a turning point for New Jersey," said State Treasurer Aaron Binder. "By cutting red tape, driving innovation, and providing targeted industry investments, this administration is creating a highly competitive, business-friendly environment that gives every community across our state the tools to thrive."

The Executive Order directs State agencies to advance a series of concrete actions, including:

• Dedicated Business Retention and Attraction Strategy: Within 90 days, the State will create dedicated strategies to strengthen relationships with existing employers, support retention and expansion opportunities, sharpen business attraction efforts, and establish consistent messaging about New Jersey’s advantages as a place to invest and grow.
• Site Readiness Initiative: Within 90 days, the State will develop a statewide site readiness plan to identify and prepare priority sites for development and redevelopment, with the goal of reducing barriers to and encouraging new investment in the state.
• Business and Permitting Navigation: Within 150 days, the State will create a coordinated, cross-agency business and permitting navigation service for qualifying projects to make the process of growing, expanding, or investing in a business or development project in the State easier to navigate, by bringing together efforts related to state and municipal permitting, regulatory review, workforce development, and other key areas relevant to business growth and investment. Additionally, within 90 days, the State will convene the Governor’s Office Permitting Governing Council and other partner agencies to ensure the Governor’s permitting reform effort outlined in Executive Order No. 5 is aligned with the New Jersey Means Business Economic Development Strategy. 
• Reduction in the Cost of Doing Business: Within 90 days, the State will develop and provide initial recommendations to reduce the cost and complexity of starting, operating, and growing a business in New Jersey. The review will examine administrative processes, duplicative requirements, taxes and fees, licensing, and additional costs across different levels of government.
• Priority Sector Strategy: Within 120 days, the State will recommend a limited number of sectors for intensive, coordinated State support, along with additional sectors for targeted assistance. Following approval, sector leaders will assess employer needs, identify barriers to growth, and recommend improvements to incentives, financing, workforce programs, and other tools.
• Evaluation of Incentives: Within 120 days, the State will recommend changes to economic development incentives and funding programs to improve cost-effectiveness, strengthen fiscal discipline, and accelerate investment.
• State Research, Development, and Speed to Market Strategy: Within 120 days, the State will develop a Statewide R&D and innovation strategy. The strategy will identify areas where New Jersey can lead, assess gaps in the path from research to market, suggest ways to attract more research funding to New Jersey, and recommend how State programs and institutions — including the New Jersey Supercomputer Initiative and Strategic Innovation Centers — can help translate scientific advances into new businesses, private investment, and quality jobs. 
• Small Business Access to State Services: Within 120 days, the State will develop a strategy to improve access to services through Business.NJ.gov, the New Jersey Business Action Center, and other trusted channels. The effort will inventory and evaluate the effectiveness of existing programs, identify improvements to how businesses navigate services, and enhance coordination across agencies. Additionally, within 90 days, the State will convene the Department of Treasury, the New Jersey Innovation Authority, the Department of State, the NJEDA, and other partner agencies to ensure alignment with procurement reforms to expand access to State contracting opportunities. 
• Advisory Group Focused on Small and Midsized Businesses: Within 120 days, the State will establish an advisory group to bring together leaders from the business community who are focused on small and midsized businesses and who represent a cross-section of the state’s economy – including historically underrepresented businesses – to provide direct, actionable insight on how to strengthen the state’s business climate, stimulate economic growth, enhance business retention, and expand access to capital for these businesses across the state. 
• Inclusive Opportunity for All Communities and Workers: Within 120 days, the State will develop a strategy for coordinated economic development in communities facing persistent economic challenges. The Order also calls for alignment of revitalization efforts in Trenton and Atlantic City. Additionally, within 90 days, the State will convene relevant partner agencies to begin development of an updated Statewide Workforce and Talent Strategy for recommendation to the Governor.

Across these efforts, State agencies will establish implementation milestones and performance measures to evaluate outcomes such as employment, wages, business formation, and private investment. The strategy will also align with the Administration’s permitting and procurement reforms to improve coordination and accountability across State government. The strategy will include significant engagement with employers, business partners, and other stakeholders as agencies develop plans and execute the Executive Order. 

“Tris Pharma started in New Jersey more than twenty-five years ago, and the talent, research strength, and partnerships we found here are why we have grown here ever since,” said Ketan Mehta, Founder and CEO of Tris Pharma. “This strategy recognizes that supporting companies like ours to keep investing and expanding is just as important as attracting new ones, and we are proud to stand behind it.”

“Choose New Jersey is ready to work alongside Governor Sherrill’s Administration, in step with the New Jersey Means Business Executive Order. This economic plan is exactly what the state needs to create a more transparent, efficient, and competitive business ecosystem,” said Amy Herbold, President and CEO, Choose New Jersey. “Through our close relationships with New Jersey’s business leaders, we understand what companies need to invest, create jobs, and grow in the state. We look forward to continuing to turn those insights into meaningful progress for New Jersey.” 

“There is nothing small about small business! Small business is the engine of wealth in New Jersey and across America,” said Ayo Sanderson Wilson, President and CEO, Empower The Village. “We know that small business owners have BIG dreams. And when those dreams become thriving enterprises, they create jobs, build wealth, strengthen families, and transform communities. That’s why I’m excited by Governor Sherrill’s Executive Order and its commitment to measurable action.”

“Governor Sherrill’s New Jersey Means Business strategy focuses on many of the things we hear from employers every day: making it easier to invest and grow, providing greater certainty and making sure New Jersey is competing for the jobs and investment of the future,” said Ralph LaRossa, Chair of Choose New Jersey’s Board of Directors and Chair, President and Chief Executive Officer of PSEG. “Choose New Jersey’s board brings together leaders from many of the state’s largest employers, and we know what businesses need to succeed here. We’re ready to work alongside the Governor, NJEDA and our public- and private-sector partners to turn this strategy into action and help make New Jersey an even better place to start, grow and invest in a business.” 

“Collaboration between the government and business community fuels New Jersey’s long-term competitiveness. The CEO Council appreciates the ongoing dialogue with the Governor’s office on how best to shape the state’s economic environment to drive business growth, incentivize innovation, and support workforce development. We look forward to continuing to work together to make New Jersey a leading destination for businesses,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson.

A copy of Executive Order No. 28 is available here.