Leadership New Jersey Keynote Speech: Gary Rose, Economic Growth Chief, State of New Jersey

Gary Rose, New Jersey's Economic Growth Chief, speaks at the Forum on the Future of New Jersey, 10/24/07, Trenton, NJ



Gary (official state bio) was introduced by Ann Limberg of Bank of America

Gary is speaking about what NJ needs to do to "win" in the economic marketplace.

About to release second revision of state's strategic economic plan. Commerce Commission was restructured to focus on marketing the state. Was doing tourism too, was unfocused. All the resources that think about how we promote NJ has a common theme.

Given fiscal situation of NJ, economic succes means productive and profitable businesses and jobs by growing the revenue line "the right way," not by just raising taxes but by raising tax revenues.

How are we doin'? Gary thinks we're ok, but results maybe, maybe not.

Independent players say NJ is doing better. Ewing Marion Kauffman Foundation ranks NJ #2 on states leading transformation of their economies based on "gazelle" firms.

Other rankings look good too, but there's room for doubts. Forbes, NJ in the top 20 for business, CNBC top 15 for biz and #1 quality of life. NJMonthly is skeptical.

Tax Foundation ranks NJ 48 or 49, but encourages audience to understand their methodology. Doesn't agree with methodology, state measures itself by different criteria.

Reduce greenhouse gases and achieve energy efficiencies. Challenges but create economic opportunities. Energy companies like PSEG need to be players in the work to achieve these goals.

Q&A

Rose was asked what the next "big win" is going to be. There are a couple of companies about to announce major expansions in pharma area that will tie them more closely to NJ and create jobs. He says 2-3 in pharma. Would love to see new pharma mfg facility in NJ.

Gov. broke ground yesterday on the Jets practice facility in Florham Park, brings a $110 million payroll out of Long Island. Income tax throw-off to state more than services the state's investment in the land for the Atlantic Health Jets Training Center facility. Jets spending $100 million, state spent $10-20 million on the land.