Gov. Sherrill unveils new economic development plan for New Jersey

The statewide initiative aims to make New Jersey more business-friendly, attract investment and create jobs, with a focus on small businesses and communities including Atlantic City.

New Jersey Gov. Mikie Sherrill has unveiled a new statewide economic development strategy aimed at improving the state's business climate, attracting investment and creating jobs.

Sherrill signed Executive Order No. 28 on Tuesday, November 10, establishing the New Jersey Means Business Economic Development Strategy. The plan outlines a series of initiatives intended to make it easier for businesses to operate, expand and invest in New Jersey.

Christina Renna, president and CEO of the Chamber of Commerce Southern New Jersey, joined Sherrill for the signing.

The strategy centers on four priorities: making New Jersey more business-friendly, supporting the growth of key industries, strengthening research and innovation, and expanding economic opportunities throughout the state.

For South Jersey, one of the most notable elements is the plan's specific attention to revitalization efforts in Atlantic City. The executive order calls for greater coordination of economic development initiatives in communities facing persistent economic challenges, including Atlantic City and Trenton.

The plan also emphasizes support for small and midsize businesses, including efforts to improve their access to state services, financing and government contracting opportunities.

Among the initiatives outlined in the executive order:

• Reducing business costs: Within 90 days, state officials will develop recommendations for reducing the cost and complexity of starting and operating a business. The review will examine administrative requirements, taxes, fees and licensing.

• Preparing sites for development: The state will develop a statewide site-readiness plan within 90 days to identify and prepare properties for development and redevelopment.

• Simplifying permitting: Within 150 days, New Jersey will establish a coordinated business and permitting navigation service to help companies work through state and municipal approvals and other requirements.

• Targeting key industries: Within 120 days, officials will recommend priority industries for additional state support. Expected areas of focus include life sciences, defense, aerospace and aviation.

• Supporting small businesses: The state plans to establish an advisory group representing small and midsize businesses to recommend ways to improve the business climate and expand access to capital.

• Strengthening innovation: A statewide research and development strategy will examine ways to turn scientific research and new technologies into businesses, private investment and jobs.

The strategy also calls for a dedicated effort to retain existing employers and attract new businesses to New Jersey. That work will include developing consistent messaging about the state's advantages as a place to do business.

Todd Fisher, director of Strategic Initiatives and Economic Opportunity in the Governor's Office, will lead the initiative in coordination with New Jersey Economic Development Authority CEO Evan Weiss and Choose New Jersey CEO Amy Herbold.

While the plan calls for an evaluation of existing economic development incentives and funding programs, the Chamber of Commerce Southern New Jersey said no new incentive programs are anticipated at this time.

The executive order also directs state agencies to coordinate workforce development efforts and improve access to business assistance through existing resources, including Business.NJ.gov and the New Jersey Business Action Center.

The administration's stated goal is to create a more competitive economic environment while ensuring that opportunities reach businesses and communities across the state.

The full executive order is available through the New Jersey Governor's Office.