New Jersey Governor Chris Christie and Lt. Governor Kim Guadagno today called the decision by global electronics leader Panasonic Corporation of North America to stay in New Jersey and build its new North American Headquarters in the City of Newark another sign that the Administration’s agenda to create real Jersey Jobs is getting results for our state.
By staying and expanding operations, Panasonic will retain over 800 jobs in New Jersey, with another 200 new, permanent positions and hundreds of construction jobs being created.
New Jersey’s job creators are embracing the Christie Administration’s efforts to lower costs, promote economic growth and job creation, and put New Jersey on a path to long-term economic prosperity. Since January 2010, Fortune 500 companies and small and medium-size businesses have committed to generating and retaining over 28,000 jobs, bringing more than $4.6 billion in total public-private investment to the Garden State.
Flanked by Panasonic Corporation of North America Chairman and CEO Joseph M. Taylor, Lt. Governor Guadagno and Newark officials, Governor Christie lauded the company’s commitment to stay and expand in the state and met with some of the more than 800 employees who will remain in New Jersey as a result of Panasonic’s decision.
“This is another success story about one of our largest businesses choosing to stay in New Jersey, continue to grow and invest in our state and people. This project directly benefits New Jerseyans by keeping over 800 jobs here, creating up to 200 new, permanent positions, and spurring the private investment of an estimated $190 million in one of our key urban centers. Our agenda to lower costs, improve the business climate and create jobs is having an impact, with Panasonic’s decision the latest example of a global company that is choosing to call New Jersey home,” said Governor Christie. “Creating good-paying Jersey Jobs for our families is a top priority of my Administration. This is why $2.35 billion in targeted, impactful tax cuts to spur growth and job creation were a core aspect of my budget, and why we will continue to take strong action to get our economy moving.”
Governor Christie continues to take action on an aggressive, pro-growth agenda to create Jersey Jobs and prioritize economic growth and has committed to support innovate initiatives to create opportunity for New Jersey families. Today, Governor Christie outlined a proposed new initiative of the Economic Development Authority known as GROW NJ that would provide tax credits for growth of companies moving to or growing in New Jersey based on capital investment and job creation. The program would promote job growth and business expansion throughout the state, much as the Urban Transit Tax Hub Credit, being utilized by Panasonic in Newark, promotes growth in New Jersey’s cities.
Panasonic’s new, state-of-the-art, sustainable high-rise office building is being constructed by Matrix Development Group and SJP Properties adjacent to Newark’s One Riverfront Center. The structure will ultimately be home to 1,000 of the corporation’s employees and contractors, beginning in 2013. The new facility will total 410,000 square feet, with 250,000 square feet leased to Panasonic.
“We thank Governor Christie and the City of Newark for their support and efforts to make it possible for Panasonic to remain and grow in New Jersey. This project was a great collaboration between government at all levels and demonstrates a commitment to creating jobs,” said Panasonic Corporation of North America Chairman and CEO Joseph M. Taylor. “Panasonic is committed to serving as a worldwide green business technology leader, and our new building in Newark will allow us to meet and exceed our goals now and in the future.”
“Competition between states for companies and investment of any size has never been stronger. When you’re talking about a world-renowned, pioneering leader such as Panasonic Corporation, that competition is multiplied tenfold,” said Lt. Governor Guadagno, who leads economic development efforts for the Christie Administration through the Partnership for Action. “Panasonic reaffirming their commitment to New Jersey is further evidence that the Partnership for Action is working exactly as the Governor and I envisioned to retain and grow quality jobs, spur investment and enhance the state’s reputation in industries critical for success in the 21st century innovation economy.”
To support the company’s move to Newark, the State of New Jersey, through the Economic Development Authority (EDA) approved an award of up to $102.4 million through the Urban Transit Hub Tax Credit Program. In July, Governor Chris Christie signed Senate Bill 2972 to expand job-creating tax incentives, jump start numerous pending large-scale economic development projects around the state, and provide an immediate creation of jobs. S-2972 expanded the Economic Redevelopment Growth Grants (ERGG) Program to make growth areas in the Meadowlands eligible for an ERGG, adding the Meadowlands to the other areas of the state where growth is encouraged and eligibility for grants is already provided, including State Planning Areas, Pinelands growth areas, transit villages and closed federal military bases.
Founded in 1918, Panasonic Corporation is one of the largest electronic product manufacturers in the world. Panasonic Corporation of North America is the principal North American subsidiary of the company and the hub of its branding, marketing, sales, service, product development and R&D operations in the U.S. and Canada.
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