According to newly released data from the New Jersey Economic Development Authority (NJEDA), there has been a record amount of investments and job creation due to the state’s partnership with Israel between 2021 and 2022.

Ahead of Israel’s 75th anniversary and 75 years of United States-Israel relations, the figures demonstrate how New Jersey is successfully leveraging its relationship with Israel to pair its innovation economy with its well-established national leadership attracting Israeli investment, the New Jersey-Israel Commission noted in a statement.

New and expanding Israeli companies into New Jersey, particularly from the high-tech sector, are reflected in the new data.

To increase and capitalize on this growth and expanded business development opportunities from Israel even further, the New Jersey-Israel Commission launched a grant in 2022 which was won by Choose New Jersey and established a new business attraction office in March of 2023, based in Tel Aviv.

New Jersey’s strength as a global logistics hub, strategic location, highly educated workforce, and advanced economy are key factors that connect these two internationally recognized sources of innovation.

Data from the U.S. Census Bureau’s Foreign Trade Division and FDI Markets shows a number of positive and key developments from 2021 to 2022:

· New Jersey-Israel total trade volume from 2021 to 2022 increased substantially by 11% from $1.55 billion to $1.72 billion.

This is well above the average trade between New Jersey and other countries which increased by 1.9% last year.

· New Jersey exports to Israel saw growth of 8.5% from $461 million to $500 million.

· Israeli imports to New Jersey increased by 12% from approximately $1.1 billion to $1.2 billion.

· The growth in exports to Israel was especially notable in a year in which there was an average decline of 6.3% in exports to other countries, due to a leveling off following record amounts of exports in 2021 resulting from the COVID-19 pandemic.

· New Jersey maintained its second place rank in attracting 25% of foreign direct investment (FDI) from Israel in the Northeast.

Additionally, 2022 showed another strong year-to-year increase in both trade and FDI between New Jersey and Israel. Metrics also show sustained growth in trade, investment, job creation, and state exports.

In 2022 there were two new projects which originated from Israel and were completed in New Jersey, valued at $41.9 million in capital expenditures with an estimated creation of 215 jobs.

This year’s economic statistics point to the continued trend of growth with Israel that has emerged since the beginning of the Murphy Administration in 2018:

· FDI from Israel multiplied more than five times during this period, worth an estimated $454 million, leading to the creation of 1,425 jobs, including through the entry of new Israeli companies into the State.

· Overall trade is up approximately $447 million from $311 million last year.

· Economic ties have grown approximately 36% with a 6.34% compound annual growth rate.

· Since FDI market records first started being kept in 2003, 82% of all recorded Israeli FDI and 74% of all Israeli FDI related job creation has come during the Murphy Administration.

· Exports to Israel from New Jersey have steadily increased by 49%.

The increases in overall trade along with sustained investment continue to demonstrate the strength of New Jersey-Israel economic relations and consistent growth over the past five years despite economic turbulence.

Israeli investments into New Jersey prove that the Garden State is a key focal point for the Israeli business community and innovation entering the U.S.

Since the beginning of data being tracked in 2003, Israeli investment into New Jersey is valued at approximately $551 million which led to the creation of 1,900 jobs.

Despite the substantial increase in economic activity, the New Jersey-Israel Commission remains committed to promoting our state’s key relationship with Israel even further which is fostering innovation, investment, jobs, and business opportunities across critical industries, including through announcements made beyond the 2021-2022 data.

In 2019 Governor Phil Murphy and Secretary of State Way announced a renewal of the New Jersey-Israel Commission which supports trade; builds strategic partnerships in areas like cyber security, aerospace, food innovation, and life sciences; encourages tourism; facilitates academic partnerships; and more.

“New Jersey demonstrates yet again that it is a powerhouse for attracting investment and prominent companies from Israel, a key source of innovation in the world,” said Andrew H Gross, Executive Director of the New Jersey-Israel Commission.

“The Murphy Administration and this Commission remain dedicated to deepening economic ties with Israel and we are seeing the dividends being paid with these vast gains and successes.”