Platform Update

September 26, 2007

ACTION ITEMS

Platform Conference Call Scheduled – We Need Your Continued Participation: A Platform Economic Development Initiative conference call has been scheduled for Oct. 16 from 2 p.m. to 3 p.m. to bring Platform members up to speed on our agenda and to discuss future activities. Additional information about the agenda and call in information will be sent in a separate e-mail or contact me if you are interested in participating on the call.

Energy Savings: The Chamber recently participated in a Business Roundtable meeting with the New Jersey Board of Public Utilities (BPU) to discuss the impact of energy policies on the business community. The Chamber has been working with BPU and the New Jersey Department of Environmental Protection to ensure that the economic impact of suggestions are incorporated into the State Energy Master Plan. A draft of the plan is expected to be released in November, followed by a 60 day public comment period. The Chamber continues to advocate for legislative and regulatory initiatives that lower energy costs for the business community.

Additionally, BPU has produced an energy supply shopping guide for businesses. This guide will help commercial and industrial energy customers understand how to best shop for energy to lower their costs. The guide, which is attached, explains how to identify and choose qualified suppliers, details pricing options, and provides a glossary of energy terms.

New Jersey Motorsports Park: Last year, the Chamber advocated for legislation that authorized the creation of a sports and entertainment district and additional taxes to finance development of sports and entertainment facilities in the City of Millville. The Chamber believed the legislation would stimulate job creation and economic development in South Jersey. I’m happy to report that this legislation was signed into law this past January and construction for the New Jersey Motorsports Park has finally begun. The first phase of construction features the Thunderbolt Raceway and track related services. Motorsports Park is slated to be a $100 million resort facility located in Millville featuring racetracks, hotels, restaurants and a conference center focused on the theme of racing. When completed, the project is expected to employ approximately 1,500 full and part-time employees and create significant additional employment in the greater Cumberland County area. For additional information view www.njmotorsportspark.com.

ITEMS OF INTEREST

PlanSmart NJ to Host Conference on Smart Growth at NJIT: PlanSmart NJ, formerly called the Regional Planning Partnership, will hold a conference, Northeast NJ’s Economy: Competition for Land, Access, Infrastructure, on Sept. 27 at NJIT in Newark. At the conference, the public, private and non-profit sectors will examine smart growth trends and solutions in Bergen, Essex, Hudson, Passaic and Union counties. Representatives from PlanSmart NJ and conference panelists will consider new tools and strategies for smart economic growth and planning. View the agenda: http://www.plansmartnj.org/events/agenda_092707.pdf

Importance of Technology in New Jersey: A recent Monmouth University Poll concludes that most New Jersey residents believe that high-tech industries are important for the state’s economy and quality of life. Fifty-two percent of poll respondents said that the development of high-tech industries has been very important for New Jersey’s economic health, and 34 percent said this development has been somewhat important. When asked how important the state’s high-tech industries are for improving daily quality of life, again 52 percent responded very important and 34 percent said somewhat important. When asked to compare New Jersey’s technological innovation to other states, 38 percent responded that New Jersey is home to more technological innovation, and 45 percent said that New Jersey is home to about the same amount of innovation as other states. Seventy-one percent of those polled said that they like computers and technology, 14 percent indicated that they work in a high-tech industry or job and 17 percent reported that an immediate family member works in a high-tech industry. View this poll here.

New Jersey No Longer Wealthiest State: A new report by the U.S. Census Bureau reveals that New Jersey’s median household income of $64,470 is second to Maryland’s median income of $65,144. Our state had previously been ranked as No. 1. New Jersey is home to three of the nation’s ten highest income counties (Hunterdon, Somerset and Morris). Census data also shows good news about poverty in New Jersey. The state’s 8.7 percent poverty rate is significantly lower than the national rate of 13.3 percent, and Camden went from having the highest poverty rate last year to the third highest rate this year. View this data here.

New Jersey Division of Revenue Offers New Online Service: The State Division of Revenue is now providing online access to certificates of standing, official statements issued by the Division that contain information about the legal status of businesses operating in New Jersey. Businesses will save time by being able to access these documents online via the New Jersey Business Portal at www.nj.gov/njbusiness or through the New Jersey Business Gateway at www.nj.gov/njbgs.

State Creates New Investment Fund: The New Jersey Division of Investment recently established a new fund to strengthen the return on state pension funds through investment in New Jersey companies. The Division partnered with Lehman Brothers to create the New Jersey Directed Investment Fund, with an investment of $105 million. This Fund is part of the Division’s strategy to diversify the state’s pension fund portfolio. The Division and Lehman Brothers will work together to identify appropriate investment opportunities.

New Census Bureau Website for Businesses: The U.S. Census Bureau recently introduced a new web site to help businesses understand ways the economic census can be used to their benefit. This site includes facts and ratios about every industry and economic snapshots of selected industries. Businesses can obtain data about markets, payroll and receipts for their industries and can compare this information to other industries. The Census Bureau conducts an economic census every five years and businesses will be asked to complete the 2007 Economic Census later this year. View this site here.

Click here for the previous update.

MaryEllen Peppard
Government Relations Manager
New Jersey Chamber of Commerce
216 West State Street
Trenton, NJ 08608
Phone: (609)989-7888 Ext. 125
Fax: (609)989-9696
Maryellen.Peppard@njchamber.com