New Jersey - Profile and Business Opportunities

Jan. 9, 2011 - PRLog -- The governor visited Honeywell International Inc. in Morris Township to announce the administration's efforts to strengthen the state's business incentive offerings, including proposing the program change.

"I'm pleased to sign this legislation today that follows through on my proposal to reform and improve this business tax credit, thereby strengthening my administration's business and retention efforts," Christie said. "This bill means real jobs for New Jersey, both now and in the future.

Employers in the U.S. added fewer jobs than forecast in December, confirming Federal Reserve Chairman Ben S. Bernanke’s view that it will take years for the labor market to heal.

Over the past two years, the federal government has spent about $3.5 trillion in bailouts, stimulus and quantitative easing. In 2010, after almost two consecutive years of job losses, the economy generated about 1.1 million jobs. That means each job that year cost taxpayers $3.2 million.

Going forward, estimates are that the economy will produce a total of 2.8 million jobs in 2010 and 2011.

Separate reports on the nation's job market showed increased hiring by companies last month and fewer layoffs, painting a picture of a strengthening employment recovery at the end of 2010. The private sector created 297,000 jobs from November to December, according a report from ADP that was the highest number the payroll firm has ever reported.

Manufacturing saw a gain of 23,000 jobs while construction was unchanged. Large businesses saw the fewest gains, with 36,000 jobs, while medium-sized businesses, with between 50 and 499 workers, created 144,000 positions.

One dynamic star on the U.S. business scene is The ACFN ATM Franchise Business, headquartered in San Jose, California, where the company was ranked by the Business Journal as the 43rd Fastest Growing Private Company in Silicon Valley for 2007 - 2009.

Entrepreneur Magazine's Franchise 500 listing for 2010 ranks ACFN, the only ATM franchise business in the US, #1 in category "Miscellaneous Financial Services".

ACFN the innovative ATM Franchise Business based in Silicon Valley, is North Americas only ATM franchise focused on providing ATM services to hotels and other travel and entertainment based businesses

“ACFN is a U.S. company with operations in all 50 States and Canada, however by utilizing our franchise business model we maintain the operating efficiencies of a local company”, says Jeff Kerr, Founder and President of ACFN.

“ ACFN's ATM franchise equips you with the tools and the know how to manage the business". Avi Blankroth, Excecutive Vice President of ACFN says. "The process begins with each franchisee purchasing ATMs, while ACFN locates and contracts lucrative placement locations"

The Bureau of Economic Analysis estimates that New Jersey's total state product in 2006 was $434 billion.

Its Per Capita personal income in 2008 was $54,699, 2nd in the U.S. and above the national average of $46,588. Its per-capita income is the third highest in the nation with $51,358. The state also has the highest percentage of millionaire households. It is ranked 2nd in the nation by the number of places with per capita incomes above national average with 76.4%. Nine of New Jersey's counties are in the wealthiest 100 of the country.

New Jersey has seven tax brackets for determining income tax rates. The rates range from 1.4 to 8.97%. The standard sales tax rate is 7%, applicable to all retail sales unless specifically exempt by law. Exemptions include most food items for at-home preparation, medicines, clothing (except fur items), footwear, and disposable paper products for use in the home. Approximately 30 New Jersey municipalities are designated as Urban Enterprise Zones and shoppers are charged a 3½% tax rate, half of the rate charged outside the UEZs. Sections of Elizabeth and Jersey City are examples of communities that are subject to the lower sales tax rate. All real property located in the state is subject to property tax unless specifically exempted by statute. New Jersey does not assess an intangible personal property tax, but it does impose an inheritance tax.

New Jersey's economy is centered on the pharmaceutical industry, chemical development, telecommunications, food processing, electric equipment, printing and publishing, and tourism. New Jersey's agricultural outputs are nursery stock, horses, vegetables, fruits and nuts, seafood, and dairy products. New Jersey ranks second among states in blueberry production, third in cranberries and spinach and fourth in bell peppers, peaches and head lettuce.

Although New Jersey is home to many energy-intensive industries, its energy consumption is only 2.7% of the U.S. total, and its carbon dioxide emissions are only 0.8% of the U.S. total. Its comparatively low greenhouse gas emissions can be attributed to nuclear power.

According to the Energy Information Administration, nuclear power dominates New Jersey’s electricity market, typically supplying more than one-half of State generation. New Jersey has three nuclear power plants.

New Jersey has a strong scientific economy. New Jersey is home to major pharmaceutical firms such as Johnson and Johnson, Sanofi-Aventis, Novartis, Pfizer, Merck, Wyeth, Hoffman-LaRoche, Bristol-Myers Squibb, and Schering-Plough. New Jersey is home to major telecommunications firms such as Verizon Wireless, Avaya, Alcatel-Lucent and AT&T Communications.

Furthermore, New Jersey draws upon its large and well-educated labor pool which also supports the myriad of industries that exist today.

Shipping is a strong industry in New Jersey because of the state's strategic location, the Port of New York and New Jersey the busiest on the East Coast. The Port Newark-Elizabeth Marine Terminal was the world's first container port and is one of the world's largest container ports. New Jersey also has a strong presence in chemical development, refining and food processing operations.

New Jersey hosts several business headquarters, including twenty-four Fortune 500 companies. Paramus is noted for having one of the highest retail sales per person ratios in the nation. Several New Jersey counties such as Somerset  , Morris, Hunterdon, Bergen, Monmouth  counties are ranked among the highest-income counties in the United States. Four others are also in the top 100.

As of January 2010, the states unemployment rate is 9.9%.

"‘Back to Work NJ' has been about putting the economy front-and-center, where it belongs," Senate President Stephen M. Sweeney (D-Gloucester) said Friday. "Residents need good jobs, seniors need the ability to stay in their homes and keep their local economies rebound and businesses need a good place to locate. There's no reason New Jersey can't move to the top of the list of great places to be."

"These initiatives are a great step toward retooling New Jersey as an economic force primed to lead the pack in the economic recovery," Assembly Speaker Sheila Y. Oliver (D-Essex) said. "We're creating jobs for residents, easing outdated burdens on businesses and sparking economic growth throughout the state by encouraging investment. It's a plan that benefits everyone."

Through all of 2010, the nation added 1.1 million jobs, or an average of 94,000 jobs a month.

Economists expect hiring will ramp up this year, with some predicting double last year's total of jobs or more. A tax cut package that goes into effect this month should boost consumer and business spending.

About  ACFN

http://www.youtube.com/watch?v=y2DuNabUgNA



Find out how you can benefit from ACFN to help deliver return on investment, positive cash flow and improved revenue.

More information is available at:

http://www.acfnfranchised.com/

American Consumer Financial Network (ACFN)
111 W. St. John St
Sixth Floor
San Jose, CA 95113

Tel: 888-794-2236

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ACFN is North Americas only ATM franchise focused on providing ATM services to hotels and other travel and entertainment based businesses. Providing ATM services since 1996, franchised in 2003 with 170 franchises, 1400 ATM Machines in the US and Canada.