Corrections or additions?
This column was prepared for the April 19, 2006 issue of U.S. 1
Newspaper. All rights reserved.
Between the Lines
In last week’s cover story, "New Jersey Economy: Half Full or…,"
James Hughes, dean of Rutgers Bloustein School, suggests that New
Jersey’s once vaunted economy is losing its edge. Hughes sees a glass
half empty. Since then, several more experts have weighed in on the
subject, and they see the glass half full.
The optimists are the Biotechnology Industry Organization (BIO), which
met in Chicago last week, and Battelle Memorial Institute, which
compiled a report entitled "Growing the Nation’s Bioscience Sector:
State Bioscience Initiatives 2006." The report covered the period from
2001 to 2004 and, according to Debbie Hart, president of the
Biotechnology Council of New Jersey, it shows that the biotechnology
industry in New Jersey continues to see significant advancements, such
as a rise in the number of employees working at biotechnology related
businesses. This rate is "significantly higher than the rate seen in
other areas of like size," says Hart.
New Jersey was the only state that specialized in all four bioscience
subsectors measured by the report.
Look at that list and names of companies pop to mind. Drugs and
pharmaceuticals? That’s easy. Start with Bristol-Myers Squibb and J&J.
Research testing and medical laboratories? We have plenty – 100 of
them listed in the U.S. 1 Business Directory this year. Medical
devices and equipment? Princeton has 20 companies, starting with
Integra Life Sciences. Agricultural feedstock and chemicals? FMC and
Fort Dodge Animal Health, for instance.
The New Jersey Commerce, Economic Growth and Tourism Commission is
delighted because the report praised such policies as investment in
stem cell research, innovation zones, venture capital funding, and
investment in academic research. Only three other states funded
stem-cell research, and only three other states increased academic
funding for technology transfer and commercialization activities.
Another "glass half full" optimist is Thomas Moor, CEO of Select
Greater Philadelphia, who speaks at the Nassau Club on Friday, April
21 (see page 8 of this issue). Moor flouts the commonly held view that
Princeton is expensive. He claims that Princeton and Mercer County are
part of the greater Philadelphia region, where average household
expenses are 50 percent lower than in New York, Boston, or San
Francisco. He says the Business Cost Index (which covers the costs of
labor, energy, taxes, and office space), shows business costs are
lower than in New York, San Francisco, or Boston.
With those statistics, who wouldn’t want to live and do business here?
NJBiz, on April 17, quoted a study by Moody’s Economy.com that
suggests New York will run short of office space and bring more Big
Apple companies to New Jersey. If so, some half empty buildings along
Route 1 could become closer to full.
Directory Day. The U.S. 1 Business Directory is scheduled to be
delivered to our parking lot as this issue of the newspaper goes to
press. Barring a last minute printing or trucking glitch, our
deliverers will carry both the newspapers and the directories this
If you are the person who should receive your company’s U.S. 1
Directory, check your company’s reception area when you read this.
After today, the directories are on sale for $18.95 plus shipping.
They will be available at the U.S. 1 office, as well as several area
bookstores, including Barnes & Noble at MarketFair and Micawber Books
on Nassau Street.
Corrections or additions?
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