In a new interview, Focus NJ Executive Director Althea D. Ford said the new “Missed Opportunities” analysis shows the depth of what happens when New Jersey companies choose to downsize their operations in the state, expand outside the state or relocate operations outside the Garden State altogether.
The analysis, which is a snapshot of eight high-profile business decisions in the state and not a comprehensive total of all such moves, shows the compound impacts beyond the jobs lost, Ford told Jersey Thing host Eric Scott on NJ101.5 this week.
“Even in this small snapshot, a lot is being said,” Ford told Scott. “Having them leave or choose to expand business elsewhere is a red flag of sorts.
“The goal of this study is to educate and put pen to paper, with the ultimate goal of trying to share with the state the impact of these decisions.”
As a result of the eight selected business decisions, the Focus NJ research shows that New Jersey lost more than 7,000 jobs, nearly $675 million in annual payroll and approximately $27.3 million in annual income tax revenue.
Additional downstream impacts include more than $6.7 million in lost annual sales tax revenue and $20.9 million in potential property tax revenue tied to office and manufacturing investments that occurred in other states.
To watch the full interview with Ford and Scott, click here.
