Gov. Murphy Announces Major Economic Plan for New Jersey
October 1, 2018
Gov. Phil Murphy said today his new economic plan will dramatically boost the state's job-creation rate in coming years, laying down specific markers by which to measure success by 2025. The governor said he has five goals that he wants to achieve.
- New Jersey's economy will lead its peer northeastern states in job growth, creating 300,000 new jobs.
- New Jersey will lead its peer states in median wage growth by focusing on high-growth, high-wage sectors. Murphy aims to increase median wages by $1,500 on average, or approximately 4 percent.
- Diversify the workforce by adding approximately 40,000 more women and minorities in STEM-related jobs. In doing so, the state aims to double venture capital investment, adding more than $625 million annually.
- Murphy says he'll close gender and racial employment and wage gaps by increasing annual wages for women and minorities by at least $15,000.
- "Meaningfully" reduce the urban poverty rate by expanding workforce development programs, community partnerships, and focused business incentives.
Read the full economic plan here or read a summary on ROI-NJ.