On the heels of another major corporation leaving the state of New Jersey, Focus NJ today released a new “Missed Opportunities” analysis detailing eight New Jersey companies that have chosen to downsize their operations in the state, expand outside the state or relocate operations outside the Garden State altogether.

The analysis, which is a snapshot of some examples of high-profile business decisions in the state and not a comprehensive total of all such moves, shows the compound impacts beyond the jobs lost.

As a result of just these selected business decisions, Focus NJ research shows that New Jersey lost more than 7,000 jobs, nearly $675 million in annual payroll and approximately $27.3 million in annual income tax revenue.

Additional downstream impacts include more than $6.7 million in lost annual sales tax revenue and $20.9 million in potential property tax revenue tied to office and manufacturing investments that occurred in other states.

“Often when companies leave or lessen their footprint, we tend to just look at the jobs lost,” explained Focus NJ Executive Director Althea D. Ford. "That's important, but it’s not the only metric we should be looking at.

“The cascading fiscal impacts on state and local revenues also bear heavily on school districts and other budget line items that are also critical to our way of life in New Jersey.

“As New Jersey’s business environment struggles to compete, the cumulative effect of missed opportunities that we see in this analysis pose a significant and ongoing threat to New Jersey’s long-term fiscal stability and economic vitality,” added Focus NJ Research Analyst Jack Ramirez.

The business decisions of eight New Jersey companies are observed in the Missed Opportunities analysis:

• Bristol Myers Squibb: Lost 1,700 jobs to Massachusetts

• Verizon: Lost 1,319 jobs to Texas and New York City

• Samsung: Lost 1,200 jobs to Texas

• Eos Energy Enterprise: Lost 1,000 jobs to Pennsylvania

• Hertz Global Holdings: Lost 700 jobs to Florida

• Walmart: Lost 481 jobs to Arkansas

• Johnson & Johnson: Lost 620 jobs to North Carolina and Pennsylvania

• Honeywell International: Lost 200 jobs to North Carolina

The loss of BMS jobs to Massachusetts in 2025 resulted in $190.4 million in payroll tax loss and $8.4 million in New Jersey income tax revenue. Additionally, New Jersey lost $2.4 million in property tax when BMS invested in 480,000 square feet of space.

With a pre-tax salary assumption of $112,000 for each employee and a 1% sales tax contribution per employee, the total sales tax from all employees not hired in New Jersey equals more than $1.9 million.

More recently, Samsung’s headquarters departure to Texas announced this month will result in $115.2 million in payroll tax loss and more than $4.7 million in income tax loss for New Jersey, with a base, pre-tax salary assumption of $96,000 per employee.

Another huge loss for New Jersey came with Johnson & Johnson, one of New Jersey’s leading employers still headquartered in the state, and its decision to grow office and manufacturing space in North Carolina (two facilities, 660,000 square feet) and Pennsylvania last year (2 million square feet).

Estimating a potential yearly tax revenue of $5 per square foot if those projects were in New Jersey, the Focus NJ report says the state could have instead gained $13.3 million with those facilities.

To see the full Focus NJ analysis, click here. The Focus NJ Center for Economic Research & Workforce Solutions, an independent nonprofit that conducts timely nonpartisan research on economic and workforce issues.