Businesses Told: Christie Set a New Direction for N.J.

The competition faced by New Jersey businesses doesn't only come from New York or other surrounding states, but regions across the country and nations across the globe, Tracye McDaniel told the Morris County business community Friday.

Speaking at the 19th annual Partners in Economic Development Awards luncheon, sponsored by the Morris County Economic Development Corp., McDaniel said her agency, Choose NJ, is developing a blueprint that will help change the negative image of New Jersey’s business climate,  develop strategies to draw more top employers to the state and retain existing businesses.

McDaniel took over Choose NJ, a private nonprofit corporation, in February. The agency was created by the Christie administration and is directed by a board of trustees drawn largely from the state’s large corporations.

McDaniel said that the founding board members pledged $7 million to support the effort for three next three years.

“Gov. [Chris] Christie has set a new direction for New Jersey,” she said.

That new direction includes an emphasis on tax and regulatory reform and reducing red tape, she said. 

She said the efforts so far have convinced eight Fortune 500 companies to remain in the state and keep their 1,000 jobs here rather than move. The group has heard from 25 other companies  that they plan to stay in New Jersey and expand, she said.

McDaniel was asked if her agency is working on Sears, which was reported to be considering New Jersey  as location for its world headquarters, now in Illinois.

She said she  only knows what she reads in the news, but is keeping an eye on the company. She said the retailer has agents New Jersey examining potential relocation sites.

Noting that the economic development corporation presented three awards for top efforts in real estate development, McDaniel said, “Morris County has business and political leaders working together.”

Her agency is studying the key business elements in the state, the state’s regions, and the trying to document strengths  and weaknesses, she said.

Among the goals are efforts to attract and retain businesses, to promote the state as a place to do business, to capitalize  on the state’s strengths, and to develop plans that focus on innovation and technology.

The recent NCAA men’s college basketball regional tournament in Newark was not just a chance to see top-notch college basketball, she said, but an opportunity for top state government and business officials, including the governor, to meet with corporate leaders  from other states and sell the notion of relocating to New Jersey.

She said that is the type of effort that will be repeated going forward, including at an important Washington, D.C. conference on bio-medicine.

“We want to position New Jersey as a world-class leader in a competitive market,” McDaniel said.

Part of that effort includes using the state’s colleges as centers of excellence and business incubation.

The economic development corporation presented three awards: Watson Pharmaceuticals Inc. of Parsippany was  presented the business expansion award for the consolidation of its Morris County operations in Parsippany; Thomas Mallaney of CB Richard Ellis was presented the real estate brokers award, industrial category, for arranging the  lease of 537,000 square feet of office space in Parsippany to PNY Technologies; and Robert J. Donnelly Sr., Robert Donnelly Jr. and Marc A. Rosenberg, all of Cushman & Wakefield were presented the real estate broker award, office category, for arranging for BASF Corp. to take 325,000 square feet of office space in Florham Park.