Posted on 10/05/2006 5:46:19 PM PDT by Coleus
NEW JERSEY has always been positioned at the leading technological edge of the American economy. This has long been the foundation of the state's prosperity, its high standard of living, and its attractive quality of life. Initially, New Jersey was preeminent in advanced technology-based manufacturing, but by the end of the 20th century, the state had evolved into a technology driven, knowledge-based, information-dependent economic dynamo. Only by being on the frontiers of economic innovation – only by continually moving "up-market" – has New Jersey maintained its enviable position. But, the economy did this largely on its own, with minimal public policy input.
Contraction begins
However, in recent years there has been an erosion of New Jersey's once-unique concentrations of technology-based economic assets. They have not only stopped growing in the 2000s, but in a number of important areas contraction has begun. The loss of national employment share in our technology-based industries has been steep and dramatic. New Jersey accounts for 3 percent of the nation's total employment base, and that would be the state's expected average share in any specific employment sector. In 1990, New Jersey accounted for 5.2 percent of the nation's total high-technology employment base, reflecting a significant concentration in the state. But by 2005, the state's share had dropped to 4 percent. While this still represents an above-average share, the scale of erosion is quite substantial. And it has affected every single high-technology sector.
Overall, New Jersey lost 8,400 high technology jobs between 1990 and 2005, while the nation added 1.3 million high technology jobs. At the same time, Texas added 165,900, Virginia added 130,000, California added 121,800, Georgia added 75,200, and North Carolina added 70,500.
(Excerpt) Read more at northjersey.com ...
Corzine is going to change NJ into a red state.
Yup, that's what happened in Massachusetts, with many companies moving their headquarters to other places (NH, Va. Fla and Arizona) rather than deal with the Taxachusetts attitude that remains to this day.
Lot of Big Pharm in N.Jersey, moving its technical manufacturing to N. Carolina to escape the unions.
there was high tech industry in new jersey??
Yeah, it was forensics. Someone has to identify all those dead bodies.
"Yeah, it was forensics. Someone has to identify all those dead bodies."
fuggedaboutit!!!!
bada bing bada boom!!!
Much of it was university related. The high tech industries around Rte. 128 in Massachusetts owed their start to MIT and Harvard. In New Jersey, it was mostly Princeton and Rutgers.
But with skyrocketing taxes, insurance costs, etc., it's no longer as attractive as it was.
Home to both the ATT and Lucent World Headquarters.
People don't understand until it's too late like Taxachusetts that taxes play a big role in whether companies start up and/or continue to do business in their state.
Man, who isn't leaving New Jersey? Isn't their state song "Born To Run"?
RCA in Camden was pretty hi tech in its day (my dad worked on radios and TV there in the 50's).
Bell Labs, for one
I love NJ. My family has had a house at the shore since 1964, but holy crap, the taxes and government corruption are beyond belief unless you have to deal with it...no wonder business is leaving.
Regards,
BTW, love your home page.
Regards,
To all my NJ freeper friends. sorry But your state is getting what it deserves. The people elected Corzine and knew what they were getting.
I know 5 Pharma guys who have been transferred to North Carolina in the past five years. It's getting to be an exodus. When somebody moves out, you don't even have to ask where they're going.
One of my friends said that when he got to North Carolina, he found a lot of people in his new town that moved there from his old town.
Edison got his start in Edison, NJ, then moved up to West Orange, NJ.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.