N.J. companies pledge funds for 'Choose New Jersey'

By Lisa Fleisher/Statehouse Bureau
June 02, 2010, 10:25AM
The Star-Ledger

Gov. Chris Christie spent much of his campaign bashing New Jersey’s terrible business climate. Tuesday he rolled out his cheerleading squad — CEOs and company presidents whose mission is to convince the world things are changing.

Christie introduced the 15 companies involved in the launch of Choose New Jersey, a nonprofit group charged with helping the state’s economy expand. Each has committed $450,000 of their company’s money during three years to fund the private organization.

“There have been fits and starts of things that have been done before,” Christie said. “I think the problem has been that the forces of government in Trenton have not understood the very basic principle that we need to get out of your way and let you create economic growth and vitality.”

Choose New Jersey is one of three approaches the Republican governor is using to put his stamp on the state’s business growth. Lt. Gov. Kim Guadagno’s office will be in charge of shepherding companies through the various government agencies and the state’s Economic Development Authority will continue to serve as the financing arm for attracting businesses.

The group held its first board meeting yesterday at the West Trenton offices of New Jersey Manufacturers Insurance Co. and is looking for a full-time staff that will help market New Jersey, decide on priorities for areas of economic development and raise money to support the group without public funds.

“Choose New Jersey is part — just part — of what we’re going to try to do to bring our state back to prosperity and to a sense again that in New Jersey anything is possible. I grew up believing that and I bet you did, too,” Christie said.

The CEOs said they will work in partnership with the governor’s office to keep or attract companies in New Jersey, giving that touch of personal persuasion, and traveling in ways a governor or public workers might not be able to. The executives claimed this transcended even competitive lines.

“The strength of our businesses depends on the overall strength of our local community and the state economy,” said Vince Maione, president of Atlantic City Electric Region. “There’s a direct tie there, so if we can bring other businesses to the state, we’re helping to strengthen that economy.”

Dennis Bone, the interim chairman of Choose New Jersey and the CEO of Verizon of New Jersey, said many of the state’s incentives already were competitive but the marketing and outreach could be better.

“When we benchmarked New Jersey to other states, we found out that New Jersey wasn’t in the game, was not in the game when it came to selecting and attracting businesses to the state,” he said. “There is so much more that we can do in this area.”

Among the companies represented Tuesday were South Jersey Gas, Novartis, Bank of America, United Water, American Water, PSE&G and Prudential.