You probably haven’t heard of Newell Brands – but you definitely know what they make. They own some of the most well-known household and consumer product lines:
The Wall Street Journal has a nice recap of the move. And notes how Newell is moving its headquarters from Atlanta to Hoboken in part because they want to tap into the valuable east coast talent available in the area. Newell also received $27 million in tax incentives over 10 years from the NJ Economic Development Authority. It’s estimated that Newell will bring in $65 million dollars in economic revenue to the area. Along with 300 jobs paying a median salary of about $126,000.
We completely support tax incentives like this so long as the economic benefit exceeds the tax cost. Governments are competing not just internationally but interstate (and even intrastate) for jobs. Businesses will go wherever makes the most economic sense for them. So whatever Hoboken, New Jersey, or any government can do to remove red tape and make it more efficient for businesses to run is something we encourage.
Newell will be taking up the space in the 221 River Street. This building already houses Jet.com, and now will be fully occupied:
In the last year two companies worth more than a billion dollars each have moved into Hoboken. Not bad. Let’s keep it going.