McClellan: I Warned New Jersey Was Losing Its Competitive Edge. Another Fortune 500 Departure Shows Why We Must Act
Another Fortune 500 company has announced it is leaving New Jersey. While every business decision is unique, the broader trend should concern every New Jerseyan.
Earlier this spring, I wrote in The Press of Atlantic City that New Jersey was seeing warning signs that our economic competitiveness was slipping. At the time, thousands of jobs had already been flagged through WARN notices. Amazon announced hundreds of layoffs. Horizon Blue Cross Blue Shield eliminated more than 200 positions. Bristol Myers Squibb cut nearly 250 jobs. Bayonne University Hospital announced plans affecting nearly 1,000 workers.
Recent news suggests those concerns were not isolated incidents as Samsung SDS America, Inc announced that it will lay off 179 employees at its Ridgefield Park headquarters.
Every company that leaves takes more than a corporate logo with it. It takes jobs, investment, tax revenue, and opportunity. The effects are felt by families, small businesses, and entire communities.
The question is not whether New Jersey has the talent to compete. We do. We have a world-class workforce, leading universities, and one of the best locations in the country.
The question is whether we are creating an environment where businesses want to invest.
That conversation should have been front and center during this year's budget debate.
Instead, Trenton approved a record $60.7 billion budget, followed by a supplemental spending bill containing hundreds of millions of dollars in additional spending. Every budget is a statement of priorities. While there are worthwhile investments included, there was far too little emphasis on making New Jersey more affordable, more competitive, and a better place to create jobs.
Government cannot control every corporate decision, but it can control the environment in which those decisions are made. Taxes, regulations, energy costs, and the overall cost of doing business all influence where companies choose to grow and invest.
Leadership means recognizing warning signs before they become a crisis.
Headline should not simply become tomorrow's forgotten news story. It should prompt an honest conversation about New Jersey's future and what we must do to ensure the next generation of employers chooses to grow here instead of somewhere else.
This spring, I warned that New Jersey was losing its competitive edge. Unfortunately, recent news suggests that warning remains as relevant as ever.
Read my original op-ed published in The Press of Atlantic City here: https://pressofatlanticcity.com/opinion/column/article_bd9ff455-b47e-46da-a820-e3e37374dd22.html