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Seven-year, $14 Billion Program Will Invest in Innovation, Job Creation to Spur Economic Growth

HAMILTON TOWNSHIP, N.J., Jan. 7, 2021 – NAIOP New Jersey CEO Michael McGuinness attended Governor Phil Murphy’s signing ceremony for the New Jersey Economic Recovery Act of 2020. The event was held this morning at Carella’s Chocolates in Hamilton Township.

McGuinness, pictured with Gov. Murphy and Senate President Steve Sweeney, said, “The signing of this incentives bill is critical to rebuilding New Jersey’s economy in a post COVID-19 world. The pandemic has shredded our businesses and crippled our workforce. Like the arrival of the COVID vaccines, this new law is a booster shot for our state’s economy, and demonstrates that New Jersey is serious about rebuilding and competing for jobs in targeted industries that will redefine and diversify our economic landscape. I commend Gov. Murphy and the legislature for accomplishing this important feat.”

NAIOP NJ represents commercial real estate developers, owners, investors and professionals that are on the front lines of economic development. Maintaining New Jersey’s competitive edge is a key issue for the association and its members, which have relied on incentive programs to help fuel growth since the economic downturn in 2007. The bill is the culmination of more than 18 months of collaboration, and requires that New Jersey receive the highest rate of return in the country for investing in job creation.

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Photo Caption: (L to R) Gov. Phil Murphy, NAIOP New Jersey CEO Michael McGuinness and Senate President Steve Sweeney. 

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