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Jersey City's continuing renaissance is due as much to the proactive approach adopted by economic development agencies such as the Jersey City Economic Development Corporation as it is to the obvious economic advantages available.
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Today, state-of-the-art high rises in Newport and Exchange Place are now home to New York City Corporate expatriates, Fortune 500 corporations and multinational conglomerates. Since 1993, the FIRE Industry (Finance, Insurance and Real Estate) has grown by more than 500%. Amongst the State’s urban centers, Jersey City has accounted for more than 90% of the job growth. The best names of Wall Street — ABN AMRO; Brown Brothers Harriman & Co.;
Citco Fund Services; Fred Alger & Company; Goldman Sachs; Hold Brothers;
ICAP North America; Instinet Group; IXIS North America; Knight Equity
Markets; Lord, Abbett & Company; Lehman Brothers; JP Morgan Chase; Mellon
Financial Corporation; Merrill Lynch; Morgan Stanley; Pershing; Prebon
Yamane (USA); Societe Generale; TD Ameritrade Investor Services and the
TradeWeb Group — now have offices in Jersey City.
State and local incentives have played a major role in redevelopment efforts. Mitchell Hersh, CEO of Mack-Cali, and Victor Kinon, chair of the Urban Land Institute and partner at Scarini & Hollenbeck, commended the financial savings companies received from tax incentives, particularly the Urban Enterprise Zone, New Jersey Long Term Tax Abatement, Business Employment Incentive Program and Business Relocation Assistance Grant.
Operations costs are also cheaper in Jersey City: PSE&G utility rates are 38% less than Con Edison. There is no city income tax, no corporate income tax, no city payroll tax, no unincorporated business tax, and no commercial rent tax in Jersey City. New Jersey corporate income tax and personal goods tax in designated enterprise zones are 9% and 3% respectively. Moreover, per-square-foot office space rental rates ranges from $25 to $35 in Newport and $35 to $40 in Exchange Place.
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Everywhere one looks in Jersey City, from the waterfront area to further inland, abandoned buildings are being renovated, new buildings are being erected & neighborhoods are being revitalized. For businesses a well as residents, the building boom in Jersey City bodes well for the future. New companies moving into the area promise a steady stream of employment opportunities, while the increase in the housing market — both in new construction & renovated residences — ensure that those in Jersey City have a place to raise a family & build a future.
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