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New Jersey’s employment rate increased in June while the state’s unemployment levels fell to a historic low, according to new figures by the U.S. Bureau of Labor Statistics.
The state’s unemployment rate decreased by 0.3 percentage points to 3.5% — the lowest monthly figure since records began in 1976 — about 0.2% below the national unemployment rate of 3.7%.
Total nonfarm wage and salary employment increased by 10,200 in June, reaching a seasonally adjusted level of 4.2 million. Gains were seen in the private sector and the public sector of the state’s economy, up 9,600 and 900 respectively.
From June 2018 to June 2019, employment in the state increased by 47,600 jobs, with gains seen in both the private (+45,400) and public (+2,200) sectors. Since the lowest point of the last recession (February 2010), New Jersey’s private sector employers have added approximately 411,000 jobs.
In June, employment increases were seen in eight out of the nine top private sectors, including professional and business services (+3,000); trade, transportation and utilities (+2,600); manufacturing (+1,000); information (+800); education and health services (+800); construction (+700); leisure and hospitality (+600); and other services (+100). The financial services industry was the only sector that was unchanged over the month.
The Trenton college is launching its second doctoral program, a Doctor of Business Administration, starting in January.
For TESU, which serves nontraditional adult students, the online program aims to enable business students and professionals to advance their careers toward leadership or educational and consulting roles.
“This degree is at the core of what we do here at Thomas Edison,” President Merodie Hancock said in a prepared statement. “Professionals pursuing the DBA will be able to infuse their learning immediately into workplace situations: applying knowledge and leadership, and understanding the outcomes in real time. This applied scholarship and experiential learning are a powerful combination that will benefit today’s working professionals who seek to advance their careers and become leaders in their fields.”
The 48-credit program offers specializations in general management, organizational leadership and human resource management.
“Professionals earning the DBA degree will be prepared to fill or create their next occupational role,” School of Business and Management Dean Michael Williams said in a statement. “The intentionality, discipline and capabilities necessary to earn the DBA are powerful professional differentiators enabling a competitive advantage.”
The college expects to admit up to 20 applicants in its initial cohort, with classes beginning in January 2020.
The DBA is sometimes considered an “applied doctorate” or “professional doctorate,” and can be completed part-time, TESU noted.
TESU’s other doctoral program is in nursing practice, with a specialization in systems-level leadership.
On the hunt for a new apartment this summer? If rent is anything to consider, you may want to hold off. The national average rent has seen a spike as peak rental season is currently in full effect, according to a new study by RentCafe.com.
June brought rent increases consistent with the end of the second quarter, the study found. Nationally, the average rent was $1,465, a 3.2% annual increase, 0.8% monthly increase and $45 more expensive than one year ago.
In New Jersey, there has been a mid-year increase in average rent in almost all cities.
Of all the large cities in the state, the fastest growing rents in June were in Camden, up 5.1% over the year and 0.6% month-over-month. Edison saw the highest monthly increase, up by 1% or $15 more than last month. Conversely, the slowest increase was seen in Jersey City, up 1.5%, and rents in Trenton decreased by 0.3% month-over-month. Irvington saw the highest uptick, where the average rent increased by 5.3%, or $50, over the first half of the year.
Of the large cities analyzed, Jersey City is the state’s most expensive for renters, with an average of $2,932, followed by Clifton ($1,672). By contrast, Camden was the cheapest to rent ($961), even with its high annual increase in June.
Small and mid-size cities in New Jersey showed faster rent increases, with Irvington on top with a 10% year-over-year rent growth. North Plainfield saw a 3% month-over-month rent growth, the highest among smaller cities in the state, followed by Piscataway, where apartments now cost 2.8% higher than they did last month. Hoboken is the most expensive place to rent in terms of “small and mid-sized city”, coming in at $3,506 per month, followed by Edgewater ($3,194) and Weehawken, ($2,983).
The five highest average monthly rents in June:
Jersey City, $2,932;
Fort Lee, $2,591.
The five lowest:
The report was based on data from Yardi Matrix compiled from actual rents charged in market-rate apartment communities with 50 or more units.
Tru Kids said it entered into a joint venture with b8ta, a software-powered experiential retailer, to launch a new store experience that will deliver the top toy products and brands showcased in a highly-immersive but smaller space.
“With a 70 year heritage, the Toys R Us brand is beloved by kids and families around the world, and continues to play a leading role in the hearts and minds of today’s consumers,” Richard Barry, CEO of Tru Kids and interim co-CEO of the new Toys R Us joint venture, said. “We have an incredible opportunity to entirely reimagine the Toys”R”Us brand in the U.S. and are thrilled to partner with b8ta and key toy vendors to create a new, highly-engaging retail experience designed for kids, families and to better fit within today’s retail environment.”
The Toys R Us stores will be highly interactive with daily events and activities, Tru Kids said.
“As a kid, my memory of Toys R Us was running up and down the aisles kicking balls and playing with the coolest toys,” Phillip Raub, co-founder and president of b8ta and interim co-CEO of the Toys R Us joint venture, said. “As the retail landscape changes, so do consumer shopping habits. But what hasn’t changed is that kids want to touch everything and simply play. In partnership with Richard and his team, we are excited to bring back Toys R Us in an immersive way, focused on creating a fun and engaging experience for kids—and adults, too.”
Using b8ta’s experiential retail model, brands will be able to showcase products in an interactive environment, creating a new retail experience centered around product discovery and engagement, Tru Kids said. Brands will also be able to custom design experiences.
“We launched b8ta to change the fundamental infrastructure of retail, from the business model to the customer experience. b8ta is proud to bring Toys R Us stores back to the U.S. alongside our partner, Tru Kids, and with our Retail as a Service platform as its engine,” Vibhu Norby, CEO of b8ta, said. “The new Toys R Us stores will be the most progressive and advanced stores in its category in the world, and we hope to surprise and delight kids for generations to come.”
The two companies said they plan to open more locations in high-traffic retail markets throughout the U.S. over the next year and into 2020.
Newark-based Public Service Enterprise Group announced Thursday that Margaret “Peggy” Pego, senior vice president of human resources and chief human resources officer, will be retiring at the end of the year.
Sheila Rostiac, vice president total rewards and talent management, will succeed Pego on Sept. 2, PSEG said.
“I couldn’t be more grateful to Peggy for her 45 years of dedicated service to our company,” Ralph Izzo, chairman, CEO and president of PSEG, said. “Peggy will leave a lasting legacy of attracting, developing and retaining the high performing and diverse workforce that we have at PSEG today. Under her leadership, PSEG not only created its centralized Human Resources department, but also implemented culture-changing initiatives which have positively impacted countless employees and their families.”
Rostiac, who’s been with PSEG for 19 years, previously served as president of the PSEG Foundation. Before that, she held a variety of human resources, accounting and finance roles at the company. Outside of PSEG, she held global human resources roles at Schering-Plough Pharmaceuticals and financial roles at Jersey Central Power & Light and Arthur Andersen & Co.
“Sheila’s promotion is well deserved and I look forward to her continued leadership in enhancing the employee experience, building strong union relationships and guiding our company into a new era,” Izzo said, “all while ensuring the growth of PSEG’s most important asset, a diverse and inclusive workforce.”
ELLKAY LLC, an Elmwood Park-based health care connectivity solutions provider, announced Thursday it has acquired the assets of Tampa, Florida-based Legal Easy Inc.
Under the deal, ELLKAY will expand its health care footprint and help providers achieve a more cost-effective approach to promoting interoperability and better access to patient data.
“Between value-based care, financial incentives, and legislative measures, providers are increasingly trying to figure out how to achieve meaningful interoperability,” Lior Hod, president, ELLKAY, said. “We’re thrilled to welcome X-Link to our portfolio as one more step towards eliminating the complex information barriers that exist in healthcare, both clinical and financial, minimizing provider risk, and helping patients receive the best care possible.”
ELLKAY said it will also be acquiring Legal Easy’s X-Link solution, which integrates clinical and practice management systems and services.
“ELLKAY is the only HIT company that works seamlessly with all verticals in healthcare – including payers, hospitals, physician practices, labs and vendors. Our footprint and expertise, paired with our vendor agnostic approach, enable a stronger and more cost-effective level of interface development, data exchange, and interoperability. We take great pride in helping the healthcare market with its data connectivity challenges,” Hod said.
Valley Tent Rental was established in 2001 and offers tent rental and party rental packages for all occasions, including social and corporate events, wedding receptions, street fairs, festivals and private parties.
“Throughout this process, Michael Meyer and his team worked with me, clearly communicating every step of the way. Through Michael’s networking and contacts, he had secured a buyer for my business prior to listing the company publicly. I learned through this process the tremendous amount of details, variables, and circumstances that arise when selling a business. Through Michael’s hard work and persistence, we were fortunate enough to close on the business in less than 7 months of our first conversation. I would highly recommend Michael Meyer and the Benjamin Ross Group team to anyone interested in selling their business,” Sean Scheidle, former owner of Valley Tent Rental, said.
National Integrity Title Agency, a tile insurance and settlement company for commercial and residential real estate, announced Thursday it has relocated its corporate headquarters to Marlton.
The new site, located at 1 Holtec Drive, is a fully-renovated, 5,100-square-foot office.
The move, NITA said, represents a new chapter in the company’s more than 25 year history and coincides with the launch of its Closing Café, a high-tech shared work environment and meeting venue for realtors, lenders, attorneys and other professionals.
Set in the front 2,500-square-foot area of NITA’s new office space, the Closing Café is a combination of open work space and enclosed conference rooms. It provides guests with access to Wi-Fi, digital charges, food and beverages, arcade machines, and other office amenities.
“Closing Café is our answer to coffee house meetings and one in which clients can work remotely and meet with homeowners in a professional, comfortable setting,” George E. Duffield Sr., CEO and co-owner of National Integrity Title Agency, said. “In short, it’s a remote home base without the mad rush of a restaurant or the distractions in an office. Our realtor clients and other professionals in the real estate industry have been clamoring for somewhere they can go and get work done. Closing Café is just that place.”
CBRE announced Wednesday it has arranged the sale of a two-building industrial portfolio in Moorestown on behalf of an affiliate of Endurance Real Estate Group.
The property is located at 550 Glen Ave. and 600 Glen Court and is comprised of 187,569 square feet.
Michael Hines, Brad Ruppel and Brian Fiumara of CBRE represented Endurance and procured the buyer in the deal.
The buildings feature two infill warehouse/distribution buildings and are within close access to Interstate 295 and the New Jersey Turnpike.
“550 and 600 Glen represented seamless execution of infill light industrial repositioning by the Endurance team,” Brad Ruppel, senior vice president, CBRE, said. “Credit tenancy, labor abundance, bridge and interstate proximity and functional high-throughput design complemented positive econometric projections based on limited available I-95/I-295 corridor supply. The uniqueness of the opportunity resonated with a deep bench of institutional investors.”
The group, Certara said, was formed through the acquisition of Analytica Laser and BaseCase.
The entire Compass team is based in New Haven, Connecticut.
“Determining cost versus value for novel drug therapies is an economic and ethical issue impacting healthcare around the world, and it is at the heart of our expanded offering,” Roman Casciano, senior vice president of Certara Evidence & Access, said.
“The Compass team is highly experienced and brings new depth and capabilities to Certara Evidence & Access. Compass specializes in developing and executing strategies to achieve drug access and price objectives in the U.S. and global markets, including initial price setting, quantitative launch pricing, contracting strategies, and payer segmentation. Compass has also built a due diligence practice that can respond rapidly to deal demands, which will be of immediate benefit to our customers. Compass’ extensive analyses of early-stage clinical opportunities and market landscapes, and assessments of pipeline assets fit well with Certara’s Evidence & Access core strengths in building product value propositions and evidence to support health technology assessments,” Casciano said.
Under terms of the deal, Paul Gallagher, former Compass president, has been named Certara’s vice president of U.S. Access Strategy.
“Partnering with Certara, which has a vast global reach and expertise in regulatory science and drug development, provides a win-win situation for our clients who are referred to us because of our deep understanding of the complex and segmented U.S. health care delivery and payment systems,” Gallagher said. “One of our unique advantages, which allows us to identify and understand disruptive trends and initiatives in the marketplace, such as the recent Department of Health and Human Services safe harbor proposal related to certain reductions in drug pricing, is the Compass Expert Panel. This panel is comprised of vetted decision makers from health plans, pharmacy benefit managers, care delivery systems, specialty societies, and government organizations. Having access to this expertise is critically important as the industry grapples with payment options for complex and potentially curative new treatments, such as gene and cell therapies.”