New Houghtaling, Downey Legislation Would Spur Economic Development in New Jersey

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New legislation introduced by Monmouth County Assembly Members Eric Houghtaling and Joann Downey would provide a roadmap toward comprehensive economic development in New Jersey by directing the Secretary of State to develop and prepare a five-year “Comprehensive State Plan for Economic Development.” The plan would devise vision, goals, and strategies for reinvigorating economic development in New Jersey.

“Unemployment may be steadily falling, but New Jersey is still far too stagnant when it comes to overall economic development,” said Downey (D-Monmouth), “But we could see real, comprehensive growth if we take the time to plan and engage with women, veterans, minorities, and so many other invested parties.”

The bill (A-3933) would establish a five-year plan entitled the “Comprehensive State Plan for Economic Development.” The plan would identify business sectors with growth potential, and would identify potential partners for the implementation of strategies developed under the plan. Other components of the plan required under the bill include:

  • Strategies for talent development necessary to encourage economic growth in New Jersey

  • Strategies to engage women, veterans, and minorities in developing businesses

  • Strategies to improve and develop tourism

  • An analysis of current and projected economic indicators

“The success of tourism and many small businesses in New Jersey shows that we have the potential for huge growth in these areas,” said Houghtaling (D-Monmouth), “Particularly in Monmouth County, we want to nurture this development and keep these industries growing.”

The bill has been referred to the Assembly Commerce and Economic Development Committee and continues to move in the State House.

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