Hundreds of jobs and millions in tax revenues are about to leave New Jersey.

New Jersey Governor Murphy handed the State of North Carolina a gift this week as a Fortune 100 company has announced it will be moving its headquarters out of New Jersey.  According to the North Carolina based News & Observer Honeywell will be moving it’s corporate headquarters from Morris Plains New Jersey to Charlotte North Carolina taking with it 700 to 800 jobs that pay median salaries of $85,000. The first 150 to 200 senior management positions will move to Charlotte between now and September 2019.   While Murphy was focused on minimum wage workers and illegal immigrants New Jersey just lost hundreds of jobs and millions in tax revenue.

In 2014 Governor Christie made keeping Honeywell in New Jersey a top priority with a tax-credit incentive from the New Jersey Economic Development Authority’s Grow New Jersey Assistance program.  I guess keeping revenue generators in New Jersey was not as important to Murphy.

Honeywell

State Senator Joseph Pennacchio who represents Morris Plains said in response to the announcement “My community is losing at least 750 good jobs.  New Jersey has a location that is second to none. We have a highly-educated and eager workforce. What we lack is leadership in the executive branch. It’s time for the governor to stop taxing and regulating businesses out of state”.

A North Carolina economic development representative said the company’s relocation decision was based on recognition that in order to incorporate the interconnected, digitally driven features of the business future, Honeywell needed to be located in places appealing to attracting a millennial workforce.

Wouldn’t it be nice if millennials could afford to stay in New Jersey and help New Jersey based companies innovate?

I have been saying since Murphy was elected that his vision is wrong for New Jersey and will chase businesses and revenue generators out of the state.  It has only just begun.

Are you mad yet New Jersey?