Amazon HQ2 has the potential to take the great growth and progressivism we've seen in Newark over the last few years and dial it up significantly. Newark has already seen significant real estate projects in downtown and the current administration has placed a strong focus on ensuring that residents get a share of that economic activity. We've seen that through local hiring and direct investments not just in the downtown but in all our neighborhoods. The location of HQ2 in our downtown in the center of the Northeast corridor will be a boon for our city and allow us to leverage existing and create new policy tools to ensure both Amazon and the city grow together stronger and equitably.
- 50,000 direct high paying jobs in Downtown Newark
- 70,000 to 110,000 indirect jobs in Newark and the region created by the demand of a large new business and significant number of new workers and residents in the region.
- Half of the indirect jobs will be middle-skilled, 22% are expected to be low-skilled and the rest high-skill allowing for a variety of job types.These jobs will span all industries with large concentrations in Management, Health Care, Professional Services, Retail, Real Estate, and Accommodation.
- We expect a residential building boom that will be subject to the city's inclusionary zoning ordinance allowing for a wide variety of rental and condo units at different ends of the income spectrum. In addition to multi-family buildings, we also expect significant rehabilitation and deed restriction of smaller one and two-family homes in the city's residential neighborhoods. There are currently over 11,000 residential units in the pipeline in the city. Expect that number to grow.
- The City of Newark has taken steps to greater enforce local source hiring rules for projects that receive city subsidy such as a tax abatement. The City will continue to do so in the future and will promote our payroll tax reduction for companies whose workforce is made up of at least 51% Newark residents.
- We're working with our university partners here to ensure there's a direct pipeline of local Newark students to fill these high tech high paying jobs. Rutgers and NJIT are excited and committed to working with Amazon and train the workforce of the future not just at the post-secondary level but also in our K-12 schools.
- The city will receive payments in lieu of taxes based on our negotiations with the developers. In addition, if half of the indirect jobs locate in Newark, the city could receive up to $23 million annually in payroll taxes.
- The state will realize it's investment back in roughly ten years and soon start collecting full taxes on the company which will be the largest employer in the state by far.