Choose New Jersey Reports $1 Billion Economic Impact from 60 Company Projects in 2025

Nonprofit business advocate Choose New Jersey generated $1 billion in economic impact last year by assisting 60 companies with relocations or expansions in the state, creating or retaining more than 2,500 jobs, according to the organization’s 2025 Annual Report.

The milestone marks the 15th year of operations for Choose New Jersey, which was founded in 2010. Since its inception, the organization has delivered $13.8 billion in capital investment, helped create and retain 41,500 jobs, and assisted 536 companies in expanding operations across New Jersey, according to the report. As detailed in a previous report, Choose New Jersey marks 15th anniversary with $1 billion economic impact, underscoring the organization’s sustained commitment to driving economic development in the state.

“Choose New Jersey continues to help drive New Jersey’s economic growth, create jobs, scale businesses, and support the state’s business community,” said Ralph LaRossa, chair of Choose New Jersey and chair, president and chief executive officer of PSEG. “Fifteen years marks a significant milestone for our organization, and I am proud of the impact Choose New Jersey continues to make by bringing business to our state and through expansion efforts around the world.”

Several high-profile business developments highlighted the organization’s 2025 efforts. Jersey City-based biopharmaceutical company Celltrion expanded its domestic presence by acquiring Eli Lilly’s pharmaceutical manufacturing site in Branchburg, strengthening New Jersey’s biopharmaceutical and advanced manufacturing base, according to the report.

CoreWeave, a cloud computing company in Livingston, priced its initial public offering at $40 per share in one of the largest tech listings in recent years, according to Choose New Jersey. The company also acquired property at the Northeast Science and technology Center in Kenilworth, supporting growth in New Jersey’s technology and artificial intelligence ecosystem.

The entertainment industry also saw significant investment, with film studio and distributor Paramount Global signing a 10-year lease at 1888 Studios in Bayonne, further establishing New Jersey’s position as a hub for film and television production, the report states.

Choose New Jersey expanded its international outreach in 2025 through governor-led economic missions to the Gulf Arab States, India, Mexico and California. These missions resulted in the signing of 20 memoranda of understanding and strengthened cultural, economic, and educational partnerships while securing new investment and job opportunities for state residents, according to the organization.

“Over the past year, Choose New Jersey strengthened its global reach and delivered meaningful results for businesses across the state,” said Jen Lenhardt, interim president and CEO and chief administrative officer of Choose New Jersey. “By leveraging international partnerships and expanding our strategic outreach, we are creating new opportunities for companies, workers, and communities to succeed in New Jersey.”

The organization focused heavily on elevating New Jersey’s profile through strategic campaigns and online initiatives. Choose New Jersey built a digital asset library showcasing business leaders who live, work, and invest in New Jersey for use in advertisements and digital imagery. The group also advanced its “This is New Jersey” advertising campaign by targeting decision-makers in key industries with industry-specific messaging, according to the report.

Looking ahead, Choose New Jersey plans to leverage the global spotlight of the FIFA World Cup 2026 soccer tournament to position New Jersey as a premier destination for business expansion and investment. The organization will partner with Gov. Sherrill’s administration to turn heightened global visibility into new opportunities while expanding marketing initiatives and elevating New Jersey’s presence internationally.

LaRossa expressed optimism about future collaboration with state leadership. “We look forward to working in partnership with Gov. Sherrill and her administration to advance the state’s economic priorities in the years ahead,” he said.

The report demonstrates Choose New Jersey’s continued role in attracting businesses across multiple sectors, from biopharmaceuticals and technology to entertainment and manufacturing, while positioning the state for future economic growth opportunities.