STATE OF NEW JERSEY
219th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2020 SESSION
Sponsored by:
Senator SAMUEL D. THOMPSON
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
Establishes Office of Economic Research in Department of State.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act establishing an Office of Economic Research in the Department of State and supplementing Title 52 of the Revised Statutes
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The Department of State shall establish within the Business Action Center an Office of Economic Research.
b. The office shall create a system for the ongoing collection and maintenance of business and economic data. The office may employ a qualified private consultant to establish the format of the database and perform all or a portion of the data collection and analysis. Data and information shall be collected and compiled both by region and Statewide.
c. The office shall provide: an analysis of the economic, industrial, and demographic trends in the State; and data on business sectors within the State, including production, exports, and capital expenditures by the business sector. In addition, the office shall utilize the resources of the Department of Labor and Workforce Development to collect economic data, track demographic and workforce information to assist the needs of businesses proposing to move operations into, or expand operations within, the State by ensuring the availability of workers trained to meet the needs of existing and potential businesses and to prepare and maintain other data as may be recommended by the New Jersey Council of Economic Advisors established pursuant to section 2 of P.L.1993, c.149 (C.52:9H-35). The New Jersey Council of Economic Advisors shall assist the office in interpreting the data and information and in identifying important economic trends, problems, and economic development opportunities in the State.
d. The office shall identify key business and industry sectors and identify small businesses, minority-owned businesses, women-owned businesses, and micro-enterprises. Businesses shall be identified by type, in accordance with the North American Industry Classification System, by size, in terms of workforce or production, and by location, or any other factors deemed necessary.
e. The office shall also conduct a survey of the State's economic infrastructure, including transportation and distribution facilities, utilities, and the telecommunications infrastructure.
2. This act shall take effect immediately, but shall remain inoperative for 60 days following the date of enactment.
STATEMENT
This bill requires the Department of State to establish within the Business Action Center the Office of Economic Research (office) to create a system for the collection of business and economic data. The office will provide analyses of economic, industrial, and demographic trends in the State, and data on production, exports, and capital expenditures by various business sectors. The office will also use demographic and workforce information from the Department of Labor and Workforce Development to collect economic data, track demographic and workforce information to assist the needs of businesses proposing to move operations into, or expand operations within, the State by ensuring the availability of workers trained to meet the needs of existing and potential businesses. The Council of Economic Advisors will assist the office in interpreting the data and in identifying important economic trends, problems, and economic development opportunities in the State. The data collection system will identify key business and industry sectors, and small businesses, minority and women-owned businesses, and microenterprises. Further, the office will conduct a survey of the State's economic infrastructure, including transportation and distribution facilities, utilities, and telecommunications networks.