New Jersey’s business community continues to evolve with a wave of new initiatives, investments, and corporate developments. From expanded state programs aimed at helping small businesses thrive, to efforts to strengthen the state’s role in national defense, to major moves by some of New Jersey’s most recognizable companies, the landscape is shifting in ways that could have lasting impact across industries.
Small businesses remain at the heart of New Jersey’s economy, and the state has rolled out new measures to support their growth. On September 3, 2025, the New Jersey Economic Development Authority (NJEDA) unveiled a series of grant programs designed to provide critical financial support. Businesses can now apply for reimbursement of up to $50,000 in closing costs when purchasing commercial property, giving owners a chance to build long-term stability. For those leasing new spaces, the NJEDA is offering coverage of up to 20 percent of lease payments for the first two years, easing one of the biggest early burdens on small companies. Another program provides up to $50,000 for building improvements, equipment, and new furnishings, helping businesses modernize and compete more effectively. In addition, the NJEDA is offering eligible restaurants, retail shops, and personal care businesses up to $11,400 in free e-commerce and digital marketing consulting, an effort that directly targets one of the most critical needs for small businesses in today’s digital-first economy.
At the statewide level, Governor Phil Murphy announced the creation of the Office of Strategic Defense Investment earlier this month. Operating under the NJEDA, this office is focused on strengthening New Jersey’s defense industry—a sector that is already vital to the state thanks to installations like Joint Base McGuire-Dix-Lakehurst and an active network of defense contractors. The new office will work to attract defense-related missions, ensuring that New Jersey remains a competitive player in an industry that supports thousands of jobs and generates billions in economic activity. Alongside this, the state is also embracing artificial intelligence in the permitting process. The New Jersey Office of Innovation has rolled out AI-powered tools designed to help businesses obtain permits faster and access critical regulatory information more efficiently, cutting through red tape that has long been a challenge for entrepreneurs.
Economic indicators continue to present a mixed picture. In August, CNBC’s “Top States for Business” rankings placed New Jersey at 30th overall and near the bottom—49th—in business friendliness. The New Jersey Chamber of Commerce called the ranking “alarming,” pointing to ongoing concerns about affordability and the state’s ability to attract new investment. At the same time, tax collections have risen, bolstered by levies on sectors such as online gambling and sports betting. Despite these increases, polling shows that many New Jersey residents remain skeptical about the direction of the state’s economy, underscoring the challenges ahead.
Meanwhile, real estate development continues to be a bright spot. Construction plans for new luxury apartments, including Providence Place and The Vail in West Caldwell, are moving forward with groundbreakings expected in early 2026. These projects highlight continued demand in the residential market, particularly for high-end living spaces in desirable communities.
Several New Jersey-based companies also made headlines this week. Campbell Soup Company, headquartered in Camden, announced it will eliminate artificial dyes from its snacks and beverages by 2026, part of a growing trend toward cleaner labels in the food and beverage industry. Johnson & Johnson, based in New Brunswick, added retired Sherwin-Williams CEO John Morikis to its board of directors, signaling a push to bring fresh leadership experience to its operations. CoreWeave Ventures, a cloud platform founded in New Jersey, launched a new fund dedicated to backing AI startups with both capital and strategic expertise—an important move given the state’s ambitions to be a hub for technology and innovation.
Other corporate updates include leadership appointments that signal growth and transformation. Cygnus Compliance announced Sanjay Agarwal as its new Chief Financial & Operating Officer, strengthening its executive team as the firm advances its rebrand and expands the Open Compliance Suite platform. AppWork appointed MJ Oommen as Senior Vice President of Client Success, a move aimed at elevating the company’s commitment to delivering high-level client experiences within the multifamily housing sector.
Together, these developments highlight both the opportunities and the challenges facing New Jersey’s business community. State programs are expanding to give small businesses the resources they need, the defense sector is gaining renewed attention, and corporate leaders are making moves to position their companies for growth in a competitive environment. As these changes unfold, they will play a key role in shaping the state’s economy for years to come.
For more stories on business growth and innovation across the Garden State, visit Explore New Jersey’s business section.
