Corporate Exodus: New Jersey Loses 26,000 Jobs as Fortune 500 Giants Are Fleeing New Jersey
the staff of the Ridgewood blog
TRENTON, N.J. — New Jersey’s business climate is facing intense scrutiny following newly released state and federal economic data showing the Garden State lost nearly 26,000 jobs between June and July alone. The sharp decline comes alongside news that major corporate headquarters are trimming operations or leaving the state altogether.
Major Corporations Exiting the Garden State
Samsung Electronics America recently announced plans to relocate its U.S. headquarters from Englewood Cliffs, New Jersey, to Plano, Texas. The move impacts approximately 1,000 workers who face potential relocation or job losses.
Samsung’s exit follows ExxonMobil shareholders approving a proposal to move the company’s legal incorporation to Texas, severing ties spanning nearly 150 years.
Several iconic enterprise brands have reduced their state presence or relocated headquarters in recent years:
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ExxonMobil: Shifting legal incorporation to Texas after a 144-year history in the state.
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Samsung Electronics America: Relocating U.S. headquarters from Englewood Cliffs to Texas.
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Anheuser-Busch: Closing and selling its historic Newark brewery facility.
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Honeywell: Moved operations from Morris Plains to North Carolina.
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Mercedes-Benz USA: Relocated headquarters from Montvale to Georgia.
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Hertz & Sealed Air: Relocated operations to Florida and North Carolina, respectively.
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Maserati North America & Gerber Products: Scaling down or shuttering major state operational hubs.
Lawmakers & Industry Leaders Sound the Alarm
According to the New Jersey Business and Industry Association (NJBIA), the state’s total number of Fortune 500 headquarters dropped from 22 in 2018 down to 15 in 2025. NJBIA President and CEO Michele Siekerka pointed to decades of high operational costs and heavy regulatory burdens as key drivers.
“With New Jersey maintaining the highest corporate tax rate in the nation… we have seen our Fortune 500 companies go from 22 in 2018 to 15 in 2025,” Siekerka stated, noting that business leaders are watching upcoming policy decisions closely, including tax sunsets and land-use regulations.
Assemblyman John Azzariti (R-Bergen) emphasized the growing disparity with lower-cost states: “Texas didn’t win Samsung by accident. They won because they have spent years creating an environment where businesses want to invest, grow, and create jobs.”
Economic Path Ahead
Despite the losses, business leaders see potential for reform. Governor Mikie Sherrill has signaled an interest in addressing corporate tax burdens, cutting red tape, and improving the state’s overall economic competitiveness to prevent further job losses and attract long-term investment.
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