New Jersey’s business landscape is shifting rapidly this fall, with a mix of state-led initiatives, corporate expansions, and high-profile entrepreneurial stories capturing attention across the Garden State. The New Jersey Economic Development Authority (NJEDA) is set to open applications tomorrow, September 25, for the Next New Jersey Manufacturing Program, a new initiative offering up to $500 million in tax credits designed to stimulate growth in the state’s manufacturing sector. The program underscores New Jersey’s commitment to fostering domestic production and supporting local manufacturers as global supply chains evolve.
In banking news, OceanFirst Bank announced it is cutting 114 jobs as part of a strategic pivot away from residential loan origination toward a stronger commercial banking focus. The move reflects broader industry trends, with regional banks adjusting their portfolios to meet evolving market demands.
The real estate sector also sees major consolidation. Compass and Anywhere Real Estate are merging to form a $10 billion enterprise, combining 340,000 agents and nationally recognized brands under one umbrella. The merger signals a drive toward operational scale and a stronger competitive position in the U.S. housing market.
Health care continues to expand in New Jersey, with RWJBarnabas Health opening a new 72,000-square-foot ambulatory care center in Old Bridge. The facility will provide multispecialty outpatient services and represents a significant investment in accessible, community-based care. Meanwhile, commercial real estate transactions remain active: Cushman & Wakefield brokered a $5.7 million sale of a 29,898-square-foot office building in Montvale, fully leased to Swiss coffee machine company JURA Inc., highlighting continued interest in fully stabilized office assets.
Wellness and lifestyle ventures are gaining traction, too. Perspire Sauna Studio plans to open four additional locations across Monmouth, Union, Bergen, and Hudson counties, expanding its network of full-spectrum infrared and red-light therapy studios. Since its New Jersey debut in Wyckoff two years ago, the California-based franchise has added a Montvale location and sees the upcoming Middletown studio, franchised by local entrepreneurs Jen Marin and Ronald “RJ” Vitta, as a hub for wellness and community engagement.
In corporate leadership moves, Pxt, a clean transportation and energy infrastructure company, appointed Ahuja as chief growth and operations officer, signaling new growth initiatives in the energy and clean mobility sectors. TD Bank has also realigned its post-pandemic footprint by relocating its headquarters from Cherry Hill, a strategic move reflecting broader industry trends in office space utilization. Transportation and sustainability projects are also underway, exemplified by the new Summit Bike Depot at the NJ Transit train station, offering secure key-fob access for bike storage and encouraging eco-friendly commuting.
Global businesses are finding a home in New Jersey as well. Irish contact center testing solution provider Klearcom opened its first U.S. office in Boonton, planning to hire 20 team members to support its growing North American operations. The move emphasizes New Jersey’s continuing attractiveness as a hub for international business expansion.
Public media and policy developments intersect with the business environment. NJ PBS is set to cease operations in July 2026 following WNET’s decision to withdraw due to budget cuts and reduced federal funding, representing a significant shift in the state’s media landscape. Meanwhile, debates around state sales tax and workforce shortages remain top-of-mind for business leaders, with companies grappling with demographic challenges and difficulties filling critical positions, particularly in manufacturing.
Among New Jersey’s entrepreneurial and cultural highlights, Bobbi Brown’s continued influence resonates statewide. The Montclair-based beauty mogul, bestselling author, and entrepreneur recently released her memoir, Still Bobbi, chronicling her decades-long career and personal journey. Brown’s business footprint remains deeply rooted in New Jersey through ventures such as her flagship Jones Road Beauty store, the boutique hotel The George, and 18 Label Studios, her film and television enterprise. With a focus on authenticity, wellness, and community engagement, Brown’s story exemplifies the intersection of personal brand building and local business impact, reflecting the Garden State’s dynamic entrepreneurial ecosystem.
From state-led manufacturing incentives and healthcare expansion to high-profile mergers, franchise growth, and entrepreneurial stories, New Jersey’s business landscape continues to evolve. For more detailed updates, business developments, and local market news, visit Explore New Jersey’s Business section.
