Gov. Phil Murphy often talks about New Jersey’s innovation economy but how does our economy compare to others? The New Jersey Business & Industry Association’s recently released 2022 Indicators of Innovation report compares the Garden State to six other Northeastern states. New Jersey slipped in the rankings but has taken some positive steps that could improve its future standing, such as supporting innovation through tax incentives. NJ Spotlight News spoke with Kyle Sullender, director of Economic Policy Research at NJBIA. One area where the state doesn’t do so well is in business tax climate, with New Jersey coming in dead last based on a Tax Foundation analysis. For a closer look, check out NJ Spotlight News’ finance and budget writer John Reitmeyer’s article.
The state has proposed a $300 million, six-year tax credit program for redevelopment of brownfield sites and is seeking feedback on its plan. Developers would be compensated for remediation costs so that they can build new projects on formerly contaminated sites. The New Jersey Economic Development Authority is hosting two public listening sessions on the proposal this week; registration information is on the authority’s website.
Recent multibillion-dollar health care deals show how the industry continues to evolve, with retailers aggressively expanding their foothold in health care services, which they see as an attractive business opportunity. The drugstore chain CVS is buying a home care company, Signify Health, for $8 billion. Last week the company that owns Walgreens also bought a stake in a home care company. And Amazon recently announced a nearly $4 billion purchase of the medical services company One Medical, although that deal is now being scrutinized by regulators.
Troubled Union-based retailer Bed Bath & Beyond has tapped its chief accounting officer to be its interim chief financial officer, following the death on Friday of CFO Gustav Arnal. His death, which was ruled a suicide, came after the company last week announced a reorganization plan that includes store closings and layoffs. Bed Bath & Beyond’s stock was under pressure on Tuesday.
