‘Shocking and Disappointing’: NJ Chamber CEO Tom Bracken Opens ReNew Summit With Honest Talk on Proposed State Budget
The ReNew Jersey Business Summit was created as a forum to support all of the good there is in the state – and it has done that in its first two years. But that doesn’t mean N.J. Chamber CEO Tom Bracken isn’t going to tell it like it is. In opening the third Summit Tuesday morning, Bracken addressed two key issues impacting the business community negatively: Gov. Murphy’s proposed 2025 state budget, and the recently released disparity study. Bracken told the crowd of approximately 900 that the proposed budget – with business tax increases – was "shocking and disappointing." Bracken, meanwhile, said the disparity study, showing that minority- and woman-owned businesses have been dramatically short-changed when it comes to government contracts, "requires a thoughtful, diligent and committed plan to begin to bring equity to the diverse groups affected." (ROI-NJ)
Summit Produces Candid Discussions About the State’s Business Climate – The Good and the Bad
Tom Bracken, Mike Egenton and the rest of the crew at the N.J. Chamber of Commerce endlessly advocate for the business community in New Jersey – it’s what they do. Their job, their goal, their mission gets easier when others join the chorus. That’s why Bracken said the comments from Johnson & Johnson CEO Joaquin Duato were the highlight of the two-day ReNew Jersey Business Summit & Expo, which concluded Wednesday morning in Atlantic City. "When he was asked what the state needs to do to make it better for business, he said the leaders need to provide more resources to business, which is what we have been advocating for decades," Bracken said. "When you hear that from the CEO of the most iconic company in the state, and from someone like Joaquin, who has such a great perspective on the state, it really means something." (ROI-NJ)
How to Make It Easier To Do Business in New Jersey
Chris Abruzzo, the vice president of business development at New Jersey American Water, got straight to the point. "No disrespect to lawyers or engineers, but you shouldn’t need to hire an engineering firm or a law firm to help you get a permit or license," he said. "It shouldn’t be that complicated." Abruzzo was speaking on the Summit's Day 2 panel called “The 2025 Gubernatorial Campaign: Issues Important to Business." This panel offered suggestions on how to make it easier to do business in N.J. (ROI-NJ)
Does State Need To Bring Back a Commissioner of Commerce? The Consensus: Yes
It was the question of the day at the Summit on Wednesday: Does the state need a commissioner of commerce – a cabinet-level official specifically appointed to oversee the business community? It’s a position the state has had before, but eliminated. The consensus among business leaders – and potential governors – was 'yes.' They just took different paths to the answer. (ROI-NJ)
Why ‘Investing’ in New Jersey Means Connecting to Opportunities That Are Second to None
Leaders from the FIFA World Cup Host Committee, Nokia Bell Labs and Bank of America were among the all-star executives at the ReNew Jersey Business Summit talking about what makes New Jersey appealing: It's the state's demographics, diversity, educated workforce, schools and location that make it an appealing selection for business community. (ROI-NJ)
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Gov Murphy to N.J. Chamber Summit Audience: I'll Be Leading an AI and Film Production Trade Mission to California
During his speech at the N.J. Chamber of Commerce’s Summit, Gov. Phil Murphy announced that next month he will lead a delegation to California to sell leaders on artificial intelligence and film production in the Garden State. The governor noted N.J.'s most-improved ranking in a recent CNBC business climate study, and he said such progress would not be possible without the vision and members of the N.J. Chamber of Commerce. "Now is not the time to stop and smell the roses because we still have more work to do," said Murphy. "A lot of work to do to take New Jersey’s comeback to the next level. And while we may have some differing viewpoints on how exactly to achieve that – the fact remains that no matter how you slice it, we are headed in the right direction." (NJBIZ)
Gov. Murphy Said the State Hopes To Cut the Ribbon This Summer on a Project That Will Bring Television and Film Production to Atlantic City
Gov. Murphy, during his address, said ACX1 Studios, which opened last summer as an entertainment venue on the former site of the Million Dollar Pier, aims to add television and film production capabilities. Murphy did not offer specific details, but previous reports indicated the four-story, 550,000-square-foot multiuse facility could have up to 150 sets, each of which could take advantage of South Jersey-specific tax credits. "We offer a 35% tax credit to companies filming in South Jersey, which means, for them, choosing a facility like ACX1 Studios is a no brainer," Murphy told the crowd. (ROI-NJ)
Jersey Mike’s CEO Peter Cancro Talks About How He Purchased His First Sub Shop When He Was 17, and the Importance of Giving Back
Jersey Mike’s Subs‘ annual Day of Giving – which took place yesterday – has raised more than $88 million since it became part of the company's legacy in 2011. It’s an incredible effort, one in which franchisees donate 100% of their sales all day. CEO Peter Cancro, one of the keynote speakers at the ReNew Jersey Business Summit, told the crowd that the company hoped to raise more than $2.5 million this year. Cancro, who detailed to the crowd how he came to buy the original store in Point Pleasant in 1975 as a 17-year-old high school senior, explained how community spirit became engrained in his company. (ROI-NJ)
ReNew Jersey Poll: Business Community Feels the State Will Benefit Greatly From World Cup
The 2026 World Cup is more than two years away – but the excitement around the event remains high. That was evident during an unscientific ROI-NJ poll at the ReNew Jersey Business Summit. Nearly two of three (64%) surveyed selected the news that New Jersey got the final as the biggest story of 2024 – easily outdistancing three other options: The proposed Corporate Transit Fee (18%), the court fight to end “the line” (12%) and first lady Tammy Murphy’s effort to earn a U.S. Senate seat (6%). (ROI-NJ)
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