Phil Murphy on Budget & Economy

	Phil Murphy on Budget & Economy

Hard to support economy with last century's infrastructure

The fact is: it is hard to support the economy of tomorrow with last century's infrastructure. That is why we are continuing to invest in the future of our transportation system at record levels. This past November, we officially broke ground on the Jersey side of the Hudson Tunnel Rail Project. One of the biggest policy failures in our state's history was when the last administration abandoned this project. We are correcting that mistake. Source: 2024 State of the State Address to the N.J. legislature , Jan 9, 2024

Netflix production hub shows NJ is ready for our close up

Netflix will create a major production hub at the site of the former Fort Monmouth--a nearly $1 billion dollar investment that will create thousands of permanent, and overwhelmingly union, jobs. The dozen soundstages to be built, along with new housing and hospitality space, will revitalize not just Fort Monmouth but lift the small businesses around it. More than anything, this investment by Netflix makes it clear to all--New Jersey is ready for our close up. Source: 2023 State of the State Address to the N.J. legislature , Jan 10, 2023

More than $1B to support revitalizing our downtowns

Our downtowns took a beating during the pandemic, and we have committed ourselves to bringing them fully back. We have helped our downtowns and small businesses make it through some very dark times and into the recovery which is still ongoing with more than $1 billion in support. And together, in the budget we passed, we maintained our $50 million investment in the Main Street Recovery Program. And the holiday season saw our downtowns bustling again, as they should be. Source: 2023 State of the State Address to the N.J. legislature , Jan 10, 2023

COVID: Grants and loans to nearly 55,000 small businesses

The pandemic has slammed small businesses across America, so, our economic focus has been squarely where it should be -- on helping our hard-hit small businesses and encouraging new ones to grow. Through the New Jersey Economic Development Authority, nearly 55,000 small businesses -- by the way, many of them owned by women, people of color, and veterans -- have received a truly lifesaving grant or a loan, and some of our nascent startups have received guarantees for vital new capital. Source: 2021 State of the State Address to New Jersey legislature , Jan 12, 2021

Largest investment in infrastructure in New Jersey history

We are leaving for the next generation a rail system wholly different than the one we inherited. We are making historic investments in our roads and bridges. We are reimagining our airports and seaports. We are embarking on the largest infrastructure investment program in the history of our state. These transformative investments will reap tremendous returns for our economy, create good-paying jobs, and attract innovative companies to the state that want a world-class infrastructure system. Source: 2021 State of the State Address to New Jersey legislature , Jan 12, 2021

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