New Jersey

Economic policy

New Jersey's controlled budget and relatively low business tax burden have helped encourage new businesses to enter the state. In addition, the state Department of Commerce and Economic Development administers a number of development programs designed to retain and attract business and jobs. The state's Economic Development Authority (EDA) is an independent authority established to provide financing programs, including loans, loan guarantees, and tax-free and taxable bond packages.

The Urban Enterprise Zone Program seeks to revitalize urban areas by granting tax incentives and relaxing some government regulations. The Office of Business Development identifies and assists firms that have expansion needs or are experiencing difficulties. The Economic Development Marketing Office fosters New Jersey's business-friendly environment through marketing and advertising initiatives, including targeted industry assistance programs. The Division of Development for Small Businesses, Women and Minority Businesses supports the start-up, growth and expansion of smaller firms and women and minority-owned enterprises. The Division of International Trade seeks to boost the state's exports and bring more foreign companies into the state. Other offices within the department promote tourism and motion picture production. In 2000, Governor Whitman announced a $165 million package called "New Jersey Jobs for a New Economy," to increase high technology in the state. In 2003, EDA was offering over 20 different programs for businesses. Besides financing, EDA offered a full range of real estate development services, training for entrepreneurs, and technical support. Specific categories targeted for assistance were small and mid-size businesses, high-tech businesses, non-profits, and brownfields. There were also separate divisions for advocating Smart Growth principles and for trade adjustment assistance.