When it comes to business, New Jersey is often seen as “too congested, expensive, business unfriendly,” according to John Boyd Jr., a corporate site selection expert with Boyd Company Inc. in Princeton.
Boyd was quoted in a Star Ledger articled titled “Businesses could give N.J. another look” in which he talked about frequently advising clients against setting up shop in The Garden State. A recent survey indicates that only 1 in 10 companies said New Jersey was an ideal location for new or expanded facilities, according to the New Jersey Business and Industry Association.
But the tide is turning, according to Boyd in the Star Ledger. He senses “a new sense of optimism” and says many are giving the state a second look.
Q. In which parts of the state do you see the biggest potential for growth?
A. We’ve identified three trends. In North Jersey, specifically Bergen County, we see some new headquarters projects on the horizon for Fortune 500 companies, as well as European and Canadian firms. Class A space there is at historic lows now.
In Central Jersey, the Panama Canal expansion over the next decade is going to increase container shipments at ports throughout the East Coast, like Elizabeth and Newark, which will lead to more distribution projects throughout the state. That means we should see growth along the Turnpike, from Exit 8A down to Exit 7.
In South Jersey, there’s enormous potential for aerospace projects because land costs are low. The Federal Aviation Administration recently detailed plans for the $40 billion NextGen project, which will take the air traffic control system from radio to satellite, and the epicenter is in Atlantic County.
To read the rest of the Star Ledger’s interview with Boyd, check out the online article here.
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