NJBIA President and CEO Michele Siekerka released the following statement regarding today’s announcement of Burlington Stores moving its U.S. headquarters from New Jersey to Philadelphia, amid the state’s challenged business climate. 

The $370 million investment is expected to bring 2,000 new jobs to the commonwealth over the next five years, according to Pennsylvania Gov. Josh Shapiro. 

"It is very sad that New Jersey is losing Burlington Stores, which is an iconic brand in our state named for one of our own municipalities, as well as another Fortune 500 company.

“While corporations make these decisions for a myriad of reasons, we cannot and should not ignore the impact our state’s tax policies and anti-business policies have on our overall competitiveness. Nor should we diminish the loss of executive presence in our state, the number of new jobs that New Jersey will not have, and the amount of property tax lost from a 441,000-foot facility.

“Obviously, New Jersey maintains the highest corporate tax rate in the nation at 11.5%, while Pennsylvania is on a course to lower its top rate down to 4.9%. We have often said that many businesses do have the opportunity to move just across the river for a more competitive business environment, and we can certainly assume that figured into the decision here.

“First, it is imperative that we make permanent the sunset of the 2.5% Corporate Transit Fee that is scheduled to expire on Dec. 31, 2028. The sooner we can make that commitment, the better off we will be.

"As stated in Focus New Jersey’s recent Missed Opportunities report, we must take heed of the loss of these large job creators and avoid damaging policies like the proposed Climate Superfund Act and the Independent Contractor rule and embrace policies like the sunset of the 2.5% Corporate Transit Fee and the pause, or new start, of DEP’s Land Use rules.”

“Without major changes, we will likely see our biggest job creators look to grow elsewhere.”