Through the collective efforts of our partners representing the public and private sectors, we are pleased to offer INVESTMENT SOMERSET: A Collaborative Blueprint for Economic Growth. This Comprehensive Economic Development Strategy (CEDS) report identifies and prioritizes economic development strategies furthering job creation and private-sector investment in our region of central New Jersey.
Using the CEDS report as our guide, we have established the following key principles to drive our reform efforts:
• Business Resources
We believe business resources and services – such as hiring incentives, job training programs, financial assistance programs, entrepreneurial resources, help for displaced workers, and energy efficiency improvement programs —should be leveraged to attract and retain industries and companies consistent with existing infrastructure, physical structures, and workforce assets.
• Re-use of Significant Properties
We believe the re-use of significant properties, office complexes, and industrial facilities should incentivize the growth of targeted industries and the needs of business for competitive, efficient, and functional facilities.
• Reduce the Regulatory Burden
We believe the regulatory burden on business should be reduced through simplified, consistent, efficient, and customer-oriented permitting and approval processes.
The Business Summit Coalition, a group of more than 50 organizations from business, labor, academia and the non-profit policy space, has united to seek collaboration with state policy makers to advance a bipartisan agenda deemed critical to New Jersey's ability to be competitive, grow its economy, create jobs and build and retain an educated workforce. The SCBP has been an active participant in the Coalition.
From the New Jersey Business Summit: A Time for Action held this past September, the Coalition has established the following actions to be critical for the State's long term economic success:
- Investment in mobility and critical infrastructure including resolution of the Transportation Trust Fund debate
- Reduction of taxes that are driving outmigration and stunting job growth starting with an elimination of the estate tax
- Relief from existing burdensome regulations and mandates and minimizing the future introduction of new mandates, such as the proposed constitutional amendment requiring the contracted amount of the pension to be paid in quarterly payments
- Capacity to retain our educated talent and continue to strengthen workforce readiness through a greater focus on and collaboration with higher education
The SCBP is in support of these statewide reforms, for the proposed action plan is consistent with Somerset County’s economic development strategies contained in our CEDS plan, Investment Somerset: A Collaborative Blueprint for Economic Growth. As Somerset County's "voice" of business, we proudly support this unified front to improve New Jersey's economy for the long-term.
For more information about the Business Partnership's Legislative Affairs Committee and its activities, please contact Takeena Deas.