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The basics:

• Focus NJ analyzes 8 major corporate moves
• Report estimates 7,200+ jobs shifted from NJ
• Lost payroll impact estimated at $675M annually
• Samsung, J&J, Bristol Myers Squibb among companies cited

A Focus NJ analysis titled “Missed Opportunities” examines eight corporate decisions that reduced in-state employment, expanded operations elsewhere or relocated jobs from the Garden State.

The report comes as recent headlines point to high-profile relocations, expansions and redomiciling out of New Jersey. The latest moves include companies such as Samsung and ExxonMobil heading to Texas.

Along with Samsung, “Missed Opportunities” also includes Bristol Myers Squibb, Eos Energy Enterprise, Hertz Global Holdings, Honeywell International, Johnson & Johnson, Verizon and Walmart.

Across these eight cases, the report estimates more than 7,200 jobs shifted out of New Jersey or were created in other states — along with roughly $675 million in annual payroll tied to those positions.

Reported job shifts by company:

• Bristol Myers Squibb – 1,700 jobs moved to Massachusetts
• Eos Energy Enterprise – 1,000 jobs moved to Pennsylvania
• Hertz Global Holdings – 700 jobs moved to Florida
• Honeywell International – 200 jobs moved to North Carolina
• Johnson & Johnson – 620 jobs moved to North Carolina and Pennsylvania
• Samsung – 1,200 jobs moved to Texas
• Verizon – 1,319 jobs moved to Texas and New York City
• Walmart – 481 jobs moved to Arkansas

It further estimates about $27.3 million in unrealized annual state income tax revenue. Additional impacts include $6.7 million in lost sales tax revenue and more than $20.9 million in potential property tax revenue associated with commercial and industrial facilities built elsewhere.

The breakdown

The report highlights several examples of what those shifts translate into beyond employment numbers.

In the case of Bristol Myers Squibb, the movement of 1,700 jobs to Massachusetts is associated with roughly $190.4 million in payroll impact and about $8.4 million in lost state income tax revenue. The analysis also links the BMS shift to an estimated $2.4 million in foregone property tax tied to 480,000 square feet of development that occurred outside New Jersey.

For Johnson & Johnson, the report notes the expansion of facilities in North Carolina and Pennsylvania totaling more than 2.6 million square feet combined. It estimates the space could have generated about $13.3 million annually in property tax revenue if located in New Jersey.

For Samsung, the relocation of roughly 1,200 jobs to Texas is tied to more than $115 million in payroll impact and over $4.7 million in estimated annual income tax loss for New Jersey.

‘Not the only metric’

Across all eight cases, the report also estimates additional ripple effects.

The analysis cites issues such as reduced household spending linked to lower payroll activity and the resulting decline in sales tax collections, along with lost long-term tax base growth from large-scale corporate facilities built in other states.

“Often when companies leave or lessen their footprint, we tend to just look at the jobs lost,” said Focus NJ Executive Director Althea Ford. “That’s important, but it’s not the only metric we should be looking at.

“The cascading fiscal impacts on state and local revenues also bear heavily on school districts and other budget line items that are also critical to our way of life in New Jersey.”

Research analyst Jack Ramirez said, “As New Jersey’s business environment struggles to compete, the cumulative effect of missed opportunities that we see in this analysis pose a significant and ongoing threat to New Jersey’s long-term fiscal stability and economic vitality.”

The full report can be found here.