The Federal Reserve Bank of Philadelphia reported Thursday that there has been improvements in manufacturing activity in August in the region that includes South Jersey.The Fed reported in its Monthly Manufacturing Business Outlook Survey that its indicator for current general activity fell slightly negative for the month, but continued to reflect growth.
Other indicators were also positive, with employment showing modest growth and work hours showing overall increases.
The survey’s index for general activity increased from its reading last month — which is now its highest reading in four month. Other indicators, like new orders and shipments, also increased from their July readings.
The prices index found that prices paid and prices received landed in the positive. Manufactured goods prices also showed an increase this month.
Finally, the Fed said the index of future activity predicted a continuation of growth over the next six months.
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Latest Trump remarks prompt Campbell’s Morrison, JJ’s Gorsky to reverse course, quit CEO panel
Just two days after saying she would remain a part of President Donald Trump’s manufacturing council, Campbell Soup Co. CEO and President Denise Morrison announced Wednesday that she will quit the panel after all.
Just two days after saying she would remain a part of President Donald Trump’s manufacturing council, Campbell Soup Co. CEO and President Denise Morrison announced Wednesday that she will quit the panel after all. Johnson & Johnson Chairman and CEO Alex Gorsky also changed his mind and dropped out.
Trump has been under fire for remarks he has made in the wake of clashes between white supremacists marching in Virginia and counterprotesters. One counterprotester was killed when a car plowed into a group of marchers, while two state troopers died in the line of duty when their observation helicopter crashed.
Trump first blamed “many sides” for the violence in Charlottesville over the weekend, then walked back his comments Monday, before seemingly doubling down on them again Tuesday.
On Monday, Camden-based Campbell’s had said in a statement: “We believe it continues to be important for Campbell to have a voice and provide input on matters that will affect our industry, our company and our employees in support of growth. Therefore, Ms. Morrison will remain on the president’s Manufacturing Jobs Initiative.”
Kenneth Frazier, CEO and president of Kenilworth-based Merck & Co., quit the panel Monday, the first in a string of departures.
On Wednesday, following Trump’s latest comments, Morrison had a change of heart and joined those departing the panel.
“Racism and murder are unequivocally reprehensible and are not morally equivalent to anything else that happened in Charlottesville,” she said in a statement. “I believe the president should have been — and still needs to be — unambiguous on that point.
“Following yesterday’s remarks from the president, I cannot remain on the Manufacturing Jobs Initiative. I will continue to support all efforts to spur economic growth and advocate for the values that have always made America great.”
Gorsky also issued a statement through New Brunswick-based J&J that read in part: “Johnson & Johnson has a responsibility to remain engaged as important policy decisions are made. That hasn’t changed. The president’s most recent statements equating those who are motivated by race-based hate with those who stand up against hatred is unacceptable and has changed our decision to participate in the White House Manufacturing Advisory Council.”
Morrison’s departure brought to eight the number of executives quitting the manufacturing panel, according to reports. In addition, reports have said Trump is disbanding other advisory councils as CEOs have threatened to quit them, as well.
#CEODenise resigns from president’s manufacturing jobs initiative https://t.co/3R62gBOemD pic.twitter.com/B2FAmcCNyF
— Campbell Soup Co (@CampbellSoupCo) August 16, 2017
SNAP enrollees have better health management, report finds
A new report shows seniors who qualify for Medicaid and are enrolled in the Supplemental Nutrition Assistance Program, or SNAP, fare better with their health management than those who are not.“Although they qualify, 49 percent of seniors on Medicaid are not enrolled in SNAP,” according to the study, produced by a partnership of Robert Wood Johnson Foundation, Johns Hopkins University, Benefits Data Trust, The Hilltop Institute at the University of Maryland Baltimore County, Maryland Department of Health and Maryland Department of Human Services.
The study says that access to SNAP reduced a senior’s likelihood of admission into hospital by 14 percent and nursing home by 23 percent, and enrollment in SNAP saves about $2,100 in annual health care costs per senior.
Specifically, increasing the allotment of SNAP benefits by $10 per month, seniors enrolled in SNAP were less likely to be hospitalized or have an emergency room visit compared to their non-SNAP enrolled peers. This would then translate into a reduction of Medicaid costs on health care visits for the seniors.
On average, according to the study, giving SNAP to non-SNAP participants in a sample group from 2012 could have saved $34 million on nursing home spending and $19 million on inpatient hospital spending.
The study suggested that policyholders use the information to encourage greater investment into SNAP at the federal level.
On the state level, states can request federal waivers to reduce SNAP enrollment barriers, as well as create an entity to keep eligible seniors enrolled.
Two guys, a casino and a 500M gamble For N.J. developers Morris and Jingoli, turning the Trump Taj into the Hard Rock may be their biggest bet ever
A round corner table at Wolfgang’s Steakhouse Grill in Somerville is always reserved for Jack Morris. It should be.Morris not only developed the massive mixed-used facility on Main Street that helped transform a fading working-class town into a destination to live, work and shop that is coveted by millennials, retirees and everyone in between, he convinced a world-acclaimed brand to become an anchor tenant.
“When I built this steakhouse, people said, ‘You’re crazy. Do you really think that people are going to come to Somerville, New Jersey, and spend a hundred-plus dollars per person on a steak and a drink and a salad and a dessert?’” he asked.
“I said, ‘Yes, I do.’ I believed in it. Nobody else believed in it. I said, ‘I’m going to provide something that we don’t have.’
“The same thing is going to happen in Atlantic City.”
Morris, the CEO and president of Edgewood Properties, sits with Joe Jingoli, the CEO of Joseph Jingoli & Son Inc. The two have worked together to help revitalize many parts of the state.
They were eager to give an update on their latest effort, transforming the outdated Trump Taj Mahal into the Hard Rock Hotel & Casino Atlantic City.
“This is just going to be a game-changer,” Morris said. “Not just for Atlantic City, but for the people of New Jersey.
“We’re going to provide entertainment, and people love entertainment.”
First, however, they have to transform the building.
They said they are making steady progress in what figures to be a $500 million renovation.
There was the hiring of a respected industry veteran, Matt Harkness, to run the facility.
There was a public auction of what could be considered both Trump Taj memorabilia and useable everyday items — “One guy bought every set of sheets we had,” Morris said.
And, of course, there were some unexpected discoveries.
“(We) bought the building where is, as is, close in 30 days,” Jingoli said. “It’s almost 4.5 million square feet and it’s 35 years old.”
And when you do that, Morris said, you’re going to find “a lot of surprises” in the building.
Jingoli, however, said he was pleased to find something else: a building in workable order.
“It’s a very well-thought-out casino,” he said. “Hotel, retail, restaurants, entertainment, the theaters, 2,000 rooms.
“The original bones lay out well for what we want to do.”
One of the biggest initial upgrades will take place in the theater. Not only will it get a facelift, it will expand its seating capacity from approximately 5,500 to 7,000.
Morris and Jingoli feel the refurbished theatre — along with the international pull of the Hard Rock brand — will bring better entertainment all year long.
But that’s just one part of it.
Morris and Jingoli see great potential in conventions.
“The convention business is a huge business,” Morris said. “You’ve got New York City and Philadelphia. People can come to a convention in Atlantic City and have all the amenities that we’ll have.
“We’re very confident. We’re getting calls and inquiries already from people who want to book conventions.”
Jingoli said Atlantic City’s location, once considered a liability, can become a big asset.
“We have business all over the country and in the Caribbean (and we know) commercial travel is getting more and more difficult,” he said. “We think having a great venue within that geographic drive will enable us to attract people and hang on to them.”
Morris hopes the property will help attract another type of person: competitors.
“I welcome everybody,” he said. “I welcome each and every person that wants to come and invest in Atlantic City as long as they want to do a good job and they are truly going to make something beautiful.
“If they are just going to try to take advantage of an opportunity, I don’t know that that’s good for Atlantic City long-term. Short-term, this is going to take a while. It’s not going to happen overnight. But this is certainly a good shot in the you-know-what to get it going in the right direction.”
Morris said he’s been pleased by the reaction to the purchase.
“I can’t tell you how many impressions (we’ve gotten) from across the globe,” he said. “People have responded in a positive manner to Hard Rock and what we are doing in Atlantic City. We were really surprised in the amount of people who have come to us wanting to be part of the success of the Hard Rock in Atlantic City.
“Some, I don’t want to discuss because we don’t have signed agreements, are game-changers. The end result is a better product for the people of New York, New Jersey and Philadelphia. You’re going to get some people come from further out, I’m sure, but those are most of the people we’re going to get.”
Morris and Jingoli acknowledge there is still a long and difficult road ahead.
“When we decided we wanted to make a difference in Atlantic City, we knew we were taking on a large challenge,” Morris said. “What hurdles will we have to contend with? There’s going to be a lot of them. You can’t go into something this big and this complex without expecting there to be a lot of hurdles.”
Jingoli is eager to take them on.
“There’s a combination of getting our hands around what needs to be done and working with the Hard Rock (and globally acclaimed designer) Jeffrey Beers to turn it into an iconic destination.
“There’s a lot of work. Nothing we’re afraid of, but it’s going to take a lot of work.”
Morris, however, is confident he can make a change.
He only needs to look around Wolfgang’s to realize he can bring his visions to life.
It’s a good thing his table was held at the restaurant. On this night, a Wednesday during the peak of the Shore season, the place was packed.
Of course, having Wolfgang’s brings more than just money to Somerville. Morris laughs at the notoriety it is receiving, too.
“Wolfgang’s is known internationally,” he said. “Look at the menu, you’re going to see Tokyo, Beverly Hills, New York City, all these cities around the world, and then, Somerville, New Jersey.
“Who would have thought?”
It confirmed Morris’ belief that one property can have great impact.
“So many people have come up to me and said, ‘Thank you for bringing this here.’ Gov. Christie Todd Whitman (came up to me) and said, ‘I haven’t been in Somerville in years; I can’t believe what you did. The only reason I came here was because of this restaurant.’
“So, clearly, people who have never been to Somerville are now coming to Somerville. The same thing is going to happen in Atlantic City.”
And the state — and its residents — will benefit, Morris said.
“The entertainment and the experience is going to bring people there,” he said. “Being able to go to the beaches, being able to go to the boardwalks and do the things that people really love to do in New Jersey, things that makes New Jersey the great state that it is (is something we haven’t) had in Atlantic City in a long time. We can bring that back.”
For Morris and Jingoli, lifelong residents, it’s a point of pride.
“No disrespect to any of the people there, because they’ve kept their doors open and we’re so thankful to them, but they’re not New Jersey people,” he said. “They are there to make money. They have shareholders and stockholders, and they have issues all over the world that they have to contend with, and then they have to deal with what they have to contend with in Atlantic City.
“We are true New Jerseyans. We truly have our heart and our dollars in Atlantic City and in what we do. That will continue.
“That’s what I’ve done my whole career: I’ve taken on difficult projects, things that people quite frankly didn’t want to take on, and I’ve been able to accomplish most of them.”
Specialty food e-tailer adds CTO
Yummy Bazaar, a Cinnaminson-based e-commerce company, has named a former Quidsi executive as its new chief technology officer, it announced.Yummy Bazaar, a Cinnaminson-based e-commerce company, has named a former Quidsi executive as its new chief technology officer, it announced.
The company, which deals in specialty foods from around the world, said Weihua Yan was co-founder and CTO of Quidsi, the e-commerce firm best known for Diapers.com that was acquired by Amazon in 2011.
“I am excited to welcome Weihua to Yummy Bazaar,” Rebecca Chou, co-founder and CEO, said in a prepared statement. “With over 20 years in e-commerce and large enterprise systems, he brings a unique blend of experience spanning e-commerce, operations and online media. He is a well-rounded executive with an incredible background as well as operational expertise.”
Since the end of 2016, Yummy Bazaar has grown from its base in the founders’ house to a company with a fulfillment center in South Jersey and a selection of more than 1,500 international food products.
“I am thrilled to join Yummy Bazaar and believe Yummy Bazaar will revolutionize the shopping experience for specialty foods from around the world, while introducing top quality international brands as well as small-batch food artisans to the U.S. market,” Yan said in a statement.
Health insurance premiums expected to increase for New Jerseyans in 2018
Weeks after the collapse of the attempt to repeal and replace the Affordable Care Act, uncertainty around federal action is affecting premium rates and continues to unsettle the health insurance industry.“The continued uncertainty is making it very difficult for carriers,” said New Jersey Association of Health Plans president Ward Sanders.
In two recent reports, from the Kaiser Family Foundation and the Stop the Health Insurance Tax Coalition lobbying firm, premiums are estimated to increase by hundreds of dollars for New Jerseyans.
According to Stop the HIT, with the reintroduction of the premium fee:
- Individuals will see an increase of at least $178.
- Small group plans will increase by $209 for individuals and $556 for families.
- Large groups will see an increase of $207 for individuals and $615 for family.
- Seniors and disabled individuals in Medicare Advantage will see their premiums increase $516 per couple (or $248 for every individual).
- State Medicaid programs will incur an additional cost of $268 for each of their insured Medicaid enrollees in 2018.
“From what we’ve seen from other state filings (as highlighted in the KFF report), the cost sharing reduction payments, if they are not going to be there, it is going to have a significant impact on insurance premiums,” Sanders said.
Whether or not the individual mandate and federal subsidies are kept intact, plus the reintroduction of the premium fee on insurers — which alone will increase premiums by close to 3 percent — are forcing significant increases for 2018 plans.
If subsidies are cut off for marketplace enrollees and the individual mandate is removed, insurers are likely to see fewer (mostly healthy) enrollees and therefore need to increase premiums.
“(Insurers) can run their anticipated rates with different assumptions,” Sanders said.
But usually the known factor is the law.
“They don’t know what the law is,” he said. “They are still in a holding pattern.”
While the individual mandate is still in the books, how it is enforced by CMS impacts who buys health coverage and who doesn’t, which in turn affects the risk pool and the pricing of health insurance plans.
Which means insurers are guaranteed to price higher for the upcoming year.
If the federal government makes no changes.
“It’s a real game of chicken,” Sanders said.
Meadowlands YMCA proof that Super Bowl will benefit region for decades
The NYC Metro Region may have hosted Super Bowl XLVIII three years ago, but the new Meadowlands Area YMCA is proof that its legacy will benefit the region for generations to come.When the NFL chose the region to be the first cold-weather Super Bowl location, the economic and publicity implications from hosting the millions of visitors to the region were obvious. Equally important was the NFL’s Snowflake Foundation — an organization whose purpose is to leave a lasting legacy from the game through gifts to local charities and civic organizations, especially focusing on children.
The Meadowlands YMCA conceived of a central home — the first in its 97-year history – well before the Super Bowl in 2014, but plans for both began to take shape at about the same time. Through Snowflake, we were introduced to John Mara, President and Owner of the Giants, who immediately saw the value that a community campus would have right in view of the new MetLife Stadium. Mr. Mara and Allison Stangeby, Vice President Community & Corporate Relations NY Giants, who has been a long-time supporter of the Y, ultimately provided funding for the Mara Family Center for Early Childhood Learning, the first gift to kick off our fundraising campaign for the new facility.
The donation by Mr. Mara, The Giants and the NFL’s Snowflake Foundation symbolized so much more than the financial support, it gave credibility to our project in the eyes of leadership in the region, and encouraged other business leaders to follow suit. Could we have created a Meadowlands Area YMCA without the Super Bowl and Mr. Mara’s subsequent generosity? Maybe, but I would not like to try.
The Meadowlands Area YMCA is one of many projects and business partnerships that was born out of area leadership’s vision to host the Super Bowl in The Meadowlands. And just as our regional leaders including Jim Kirkos from the Meadowlands Regional Chamber, East Rutherford Mayor Jim Cassella and Wayne Hasenbalg, President of the New Jersey Sports and Exposition Authority anticipated, it was a threshold moment for The Meadowlands Region serving as a catalyst for tourism, business and civic organizations around North Jersey.
As the President and CEO of Axiom Communications, a small marketing firm in Secaucus, NJ, I benefited first hand as the firm that organized the Press Conference announcing the game at Redd’s with Governor Chris Christie, and helped the Meadowlands Liberty CVB raise the perception of the region through events and other promotions that helped to familiarize the world with North Jersey. 2014 was Axiom’s best year thanks to the Super Bowl and we continue to work with most of the businesses that we connected with thanks to the game.
Sure, the region had some challenges, including transportation issues that were particularly (and famously, through my appearance before the Assembly Transportation Committee) frustrating to me; that is to be expected the first time you do anything. Overall, hosting the first cold weather Super Bowl was an enormous success and if we learned one thing, it is that the NFL should come back soon because there are plenty of Community Organizations looking for trigger moments, and other businesses that would benefit from the Super Bowl coming back to North Jersey and the NYC Metro Area.
The Y will continue to run its off-site operations in more than 50 schools, churches and other locations throughout the 30 municipalities that we served. But we also have a brand new YMCA that serves the 280,000 people in the 14 municipalities of the Meadowlands, including our hometown of East Rutherford, where we’d love a shot at another game.
Ron Simoncini, President and CEO of Axiom Communications and Chairman of the Board of Directors for the new Meadowlands Area YMCA.
N.J. adds 4,200 jobs in July, ADP says
New Jersey added 4,200 private-sector jobs in July, according to human resources and payroll company ADP.New Jersey added 4,200 private-sector jobs in July, according to human resources and payroll company ADP.
July’s job total is just 700 less than June’s total of 4,900 jobs added.
According to the Roseland-based firm’s Regional Employment Report, the Garden State added 4,000 services jobs and 200 goods-producing positions.
Among industries, while professional and business services gained 1,000 jobs, and trade, transportation and utilities added 300, the gain of 300 positions in the natural resources/mining and construction was offset by a 100-job loss in the manufacturing industry.
New Jersey’s growth of 0.12 of a percent was greater than the gains made in neighboring New York and Pennsylvania, which saw employment grow at a 0.07 and 0.11 of a percent rate, respectively.
OceanFirst Bank names chief risk officer, EVP
Toms River-based OceanFirst Bank, the wholly-owned subsidiary of OceanFirst Financial Corp., announced Tuesday it has appointed Grace Vallacchi chief risk officer and executive vice president, effective Sept. 5.
Toms River-based OceanFirst Bank, the wholly-owned subsidiary of OceanFirst Financial Corp., announced Tuesday it has appointed Grace Vallacchi chief risk officer and executive vice president, effective Sept. 5.
Vallacchi has more than 25 years of experience in commercial banking and regulatory oversight. She will be responsible for managing credit risks and enterprise functions of the bank.
Currently, Vallacchi is an associate deputy comptroller in the Northeastern District of the Office of the Comptroller of the Currency. She began her career at First Fidelity Bank.
EDA approves 2M in annual incentives for trio of pharma firms
Three pharmaceutical manufacturers received nearly $2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Tuesday meeting, the EDA announced.Three pharmaceutical manufacturers received nearly $2 million in combined Grow New Jersey incentives from the state Economic Development Authority at its Tuesday meeting, the EDA announced.
“Manufacturers choose to locate in New Jersey for its convenient location and highly skilled labor pool, and the state is home to 13 out of 20 of the world’s largest pharmaceutical companies,” EDA CEO Melissa Orsen said in a prepared statement. “This ecosystem is a natural fit for these hybrid companies whose sweet spot falls where the two sectors meet.”
Geri-Care Pharmaceuticals Corp., a maker of over-the-counter generic drugs and supplements, asked for a $1.17 million annual incentive over 10 years — according to the EDA’s published agenda — to relocate from Brooklyn to Lakewood, as opposed to Gulfport, Mississippi.
Geri-Care said the move to New Jersey would bring more than 130 new jobs to the state, and include a $1.3 million expansion of manufacturing capacity. The company would lease 50,000 square feet in an existing facility if it chooses Ocean County.
Aptapharma Inc., an oral drug delivery technology company, applied for $452,210 annually over 10 years to expand and upgrade its existing Pennsauken manufacturing facility, rather than move to Bensalem, Pennsylvania.
Aptapharma would invest about $4.9 million in upgrading its current 29,000-square-foot site in Camden County to 43,000 square feet, and would create 35 new positions and retain 40 more in the state.
Eywa Pharma Inc., a subsidiary of a Singapore-based general drugmaker, requested $221,000 annually over 10 years to open its first U.S. operation in Cranbury Township, as opposed to Wayne, Pennsylvania.
If Eywa chooses New Jersey, the move would bring 34 jobs and an investment of more than $14.5 million to the state, the EDA said. It would occupy a 52,626-square-foot site in Middlesex County.
Other companies on the published agenda included:
- Sanofi U.S. Services Inc., which requested more than $3.99 million in annual incentives over 10 years to relocate to Bridgewater;
- Factor Systems Inc., dba Billtrust, which requested nearly $1.29 million in annual incentives over 10 years to move to Lawrenceville;
- Independent Chemical Corp., which requested $478,500 in annual incentives over 10 years to move to Paterson;
- Legacy Cold Storage LLC, which requested $357,400 in annual incentives over 10 years to relocate to Vineland.
Social media management skills bolster your resume #8212 and enhance your career
We live our lives — and do business — through social media. Over 2 billion social media users worldwide spend an average of two and a half hours per day on Facebook, Twitter, Instagram and YouTube. And they’re doing more than sharing vacation photos or following their favorite celebrities.
Research has found 74 percent of consumers rely on social media to make purchasing decisions. In turn, social media has become a powerful tool used by businesses to build brands, sell products and deliver services to customers.
As social media becomes woven into our lives, businesses are spending more resources than ever to reach consumers and customers in these digital spaces. According to a recent report by Statistia, social media advertising budgets have doubled worldwide between 2014 and 2016 —going from $16 billion to $31 billion. Social media spending in the U.S. alone is expected to reach $17.3 billion by 2019.
Employers are looking for people at all career levels – from entry-level positions to the C-suite, who understand how social media works and how to leverage this technology to build the bottom line. Recruiting site Indeed.com currently lists over 700 social media manager jobs in New Jersey, for Fortune 500 companies like Johnson & Johnson and Verizon as well as small businesses, advertising agencies and not-for-profit organizations. Social media specialists can earn from $46,000 to $71,000 annually, and social media marketing managers command salaries in the range of $115,000.
Social media skills are an important part of the manager’s tool kit. Older professionals in particular may feel the need to bolster their expertise and knowledge in this area. They may be familiar with Facebook and LinkedIn from personal use, but less conversant with platforms more popular with 20-somethings like WhatsApp and Snapchat. Understanding the ever expanding array of social media channels, the potential opportunities (and threats) they create for organizations, and knowing how to use social media to further business objectives are common concerns for managers across a range of industries and disciplines.
Building Social Media Expertise
How do older professionals build their fluency with how social media works as a business tool? “Reverse mentoring” is one option, particularly for senior executives, who can be partnered with a younger social media expert for one-to-one tutorials.
For most managers, the most expedient course is to explore adult learning programs that provide an overview of current and emerging technologies as well, as practical experience using social media in business applications.
While the chosen program depends on the student’s personal interests and career goals, a robust social media adult learning program should offer the following components:
- A thorough grounding in the principles of strategic marketing, advertising and data analytics. It is important to understand how social media tools fit with the overall marketing strategy of a company, and how to use these tools to build relationships with consumers and customers and gain insights into their wants and needs.
- A framework for evaluating new digital marketing tools. An academic program should provide students with a methodology and criteria or assessing the value a social media tool brings to an organization, for example, the level of customer engagement it allows.
- Hands on experience working with social media in a business environment. For example, Centenary University’s School for Professional Studies (SPS) in Parsippany offers a social media lab called #theVIBE modeled on modern, urban start-up work environments. In this interactive, digital workspace, students learn how to use “listening software” to monitor the voice of the world on social media, and how to collaborate to develop social media marketing solutions. Students also work with small businesses to audit their existing social media programs and tools and recommend improvements.
- Opportunities for students to learn from each other as well as from the instructors. Adult learning programs bring together diverse student bodies, including recent graduates, older professionals and senior executives. A director of marketing from a Fortune 500 company who works on big brands can be sitting next to a 25-year old marketing trainee who is just beginning her career. The marketing executive shares insights on how to build brands and manage advertising programs with the young professional, while she can relate her personal experience as a social media user.
- Professional certifications that bolster the student’s resume. Adult learners should seek courses that provide industry recognition such as Facebook certification in digital advertising or Google certification in analytics, as well a certificate from the university attesting to their completion of the full course of study in social media marketing.
The uses of social media as a business tool are rapidly evolving as new technologies and applications emerge and new players enter the scene. Staying current on developments in social media, and thinking about the impact of these changes on your organization and your career, will be key to your personal and professional success in a digital world.
Dr. Deirdre Christofalo is Centenary University’s Vice President for Adult, Corporate & Online Education. Tim Guella is the Director of Social Media for Centenary University’s Social Media Center of Expertise | #theVIBE.
New law renames NJEDA HQ in honor of Caren Franzini
New legislation to rename the New Jersey Economic Development Authority headquarters in Trenton to the “Caren Franzini Memorial Building” was signed into law Monday by Gov. Chris Christie.New legislation to rename the New Jersey Economic Development Authority headquarters in Trenton to the “Caren Franzini Memorial Building” was signed into law Monday by Gov. Chris Christie.
Franzini led the EDA for nearly two decades and has made significant contributions toward improving the Garden State’s business climate, the New Jersey Business & Industry Association said.
“I can think of no better way to honor her legacy,” said NJBIA CEO and President Michele Siekerka. “Caren’s leadership at EDA made a lasting impact, and the State of New Jersey is a better place because of her vision and leadership.”
Franzini joined the EDA in 1991 as its deputy director, and became head of the agency from 1994 to 2012 before founding her own firm, Franzini Consulting LLC in Lambertville.
Franzini died on January 25.
“Throughout the nearly 20 years I knew Caren, I found her to be a warm, caring person who took her responsibilities on behalf of business very seriously,” Siekerka said. “She was a tireless cheerleader for small business, and her advice as a member of NJBIA’s board was invaluable.”
Franzini also helped found Great Trenton last year, a nonprofit dedicated to economic development in the state’s capital.
“Caren’s commitment to New Jersey business was unwavering and this new law renaming EDA’s headquarters in her honor will ensure that commitment will be forever remembered,” Siekerka said.
Franzini was named to the NJBIZ Hall of Fame in 2015 for her work in the state, which also included serving in government and on board of organizations, such as PlanSmart NJ, the Chamber of Commerce Southern New Jersey, New Jersey Manufacturers Insurance Group, NJBIA, Horizon Blue Cross New Jersey Foundation board, New Jersey Community Development Corp., New Jersey Future and the New Jersey Alliance for Action. She also serves as a visiting associate at Rutgers University’s Eagleton Institute of Politics.