© 2024 WBGO
Discover Jazz...Anywhere, Anytime, on Any Device.
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Consulting Group Suggests Ways To Improve NJ Economy

New Jersey Statehouse

Drawing on economic data and insights from business leaders, a consulting firm is suggesting ways New Jersey can improve its economy.

Steve van Kuiken is a senior partner at McKinsey and Company. He says helping high-growth biotech, cybersecurity, and warehousing and distribution businesses navigate regulations and increase their access to capital will help turbo-charge the state's economic growth.

"Net job creation is being driven by these young companies.  We need more companies that are 500 employees going to 2000. We also think that can be a key element of stemming the outflow of millennials from the state by creating opportunities to work in these new young and growing businesses."

Van Kuiken says New Jersey has a large supply of high and low skill workers but lacks middle skill workers for the jobs available in the state, and employers can help close the gap and build the workforce they need.

“Industry needs to work with the education system to inform standards and curricula and certificates. There’s interesting examples where other states have encouraged employers to upscale their workers and even build incentives around that.”

Van Kuiken says encouraging transit-oriented infrastructure development is a key element to driving economic growth.

"Some of those things could require more investment like shifting more transportation to rail in the future and upgrading rail capability. Some of those things don't require a bunch of investment like better commuter information and monitoring.  Essentially this is about reducing the frustration that we all feel on the roads."

Van Kuiken says optimizing the impact of the potential changes could put the state on the path to adding 250-thousand jobs and growing the economy by $150 billion over the next decade.