What Will it Take to Support New Jersey’s Industry Clusters
The New Jersey Chamber of Commerce and PlanSmart NJ has conducted a collaborative research project to explore the concept of Regional Innovation Clusters (RICs), a theory that is explicitly promoted as a means to achieve targeted economic growth in various state level economic development initiatives. To be successful, the appropriate infrastructure and investment priorities to support these growth industries must be available. The report documents the relationship between New Jersey’s industry clusters and the state’s existing infrastructure to evaluate how infrastructure investment and economic development align on the ground.
An Advisory Committee of industry leaders and infrastructure experts, chaired by Ted Zangari, Sills Cummis and Gross and Peter Cocoziello, Advance Realty, recognize the importance of this work and are sharing their insight into economic growth challenges and opportunities in New Jersey to inform the project and ground it in real world experience.
This report generated the following findings:
- All identified growth industries exhibit a clustering.
- The Life Science, Healthcare, Finance, Technology, and Transportation, Logistics, and Distribution are more concentrated in New Jersey than the rest of the country.
- The Life Sciences and Healthcare are considered strong and growing industries within the state.
- Research shows that infrastructure plays a critical role in the development and prosperity of industry clusters.
- A relationship exists between the location of employment density and the state’s existing infrastructure as evidenced by the report’s unique cluster maps.
We hope that the knowledge gained from this analysis can spark meaningful discussion and policy ideas that can further the goals of state level initiatives concerned with but not limited to regional innovation clusters, economic development incentives and future state planning efforts.
Report Authors: Kayla Malsbury, PlanSmart NJ; Jonathan Sharff, New Jersey Chamber of Commerce; Elizabeth Browder, NJ State Chamber of Commerce
This project is made possible thanks to the generous support of NJ Natural Gas, NJ Chamber of Commerce, and Princeton University.
Download the report:
What Will It Take To Support NJ’s Industry Clusters