Due to its high cost of living and hostile business climate, in recent years the Garden State has experienced an outmigration of millions of residents and dozens of businesses; taking with them thousands of good-paying jobs.
An analysis by the New Jersey Business & Industry Association of census and Internal Revenue Service data from 2004 to 2014 determined that New Jersey lost approximately 2 million residents, 75,000 jobs and $18 billion in adjusted gross income. The latest IRS data from 2016 showed a net outflow of $3.6 billion in income, equating to a loss of about $100 million in state tax revenues.
On this page we will be keeping running tally of those seeking to "Exit Jersey" by either moving their headquarters or major operations to a more friendly climate.Check back often (unfortunately) for updates on who announced an intention to "Exit Jersey".
Ipsen Group (pharma)
250 jobs leaving Basking Ridge for Massachusetts
The tax credits, McCready said, “signified the state’s commitment to the economics that a corporate move of this type will bring to Massachusetts and memorialized this relationship we’ve been building for a couple years.” (Boston Globe)
160 jobs leaving Newark for Tennessee
The 75,000-square-foot production facility and data center will close July 7, citing high taxes and a lack of tax incentives, John Delbridge, Mimeo's CEO, told the Star Ledger. (NJ.com)
150 jobs leaving Florham Park for Virginia
“(Governor) Northam approved an $863,000 grant to lure Gerber from New Jersey. Arlington County will match that grant in local infrastructure improvements.” (NorthJersey.com)
1,000 jobs leaving Montvale for Georgia
“The lure of lower taxes, a cheaper cost of living, more access to critical transportation networks, key manufacturing plants and about $50 million in incentives has sealed it –– German automaker Mercedes-Benz is departing Bergen County for Atlanta.”
Sealed Air Corp.
200 jobs leaving Elmwood Park for North Carolina
300 jobs leaving Morristown for South Carolina
Hertz Car Rental
550 jobs leaving Park Ridge for Florida