New Jersey Loses Over 7,000 Jobs as Companies Flee State
A recent study by Focus NJ Center for Economic Research & Workforce Solutions found that eight large companies have reduced their operations in New Jersey or are moving out of the state, resulting in a loss of over 7,000 jobs since the start of 2025.
The study estimated that this job loss carries an annual payroll impact of nearly $675 million and about $27.3 million in income tax revenue for the state. Additionally, New Jersey will lose out on more than $6.7 million in annual sales tax revenue based on money that would have been spent by those employees.
The companies involved include Samsung Electronics, Bristol Myers Squibb, Johnson & Johnson, Eos Energy Enterprise, Hertz Global Holdings, Verizon, Honeywell, and Walmart. Among them, Samsung is moving its headquarters to Texas, resulting in 739 layoffs, according to a Worker Adjustment and Retraining Notification Act notice filed in July.
The study found that other companies, such as Bristol Myers Squibb, Johnson & Johnson, and Eos Energy Enterprise, have also shifted positions out of New Jersey, with an estimated $8.4 million, $2.7 million, and $4.3 million in income tax impacts respectively.