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

"Today's announcement from Samsung less than a year after it opened its new New Jersey headquarters, and on the heels of Exxon's recent corporate departure from the Garden State after 144 years, is not surprising, but it is no less sad.

"These are the results of decades of anti-business policies in the state. With New Jersey maintaining the highest corporate tax rate in the nation, by far, and its national reputation for business unfriendliness through regulation and other costs and burdens, we have seen our Fortune 500 companies go from 22 in 2018 to 15 in 2025.

"These are not accidents, nor are they coincidences. However, this is also an opportunity. Governor Sherrill has signaled the need and want to improve our business climate, to reduce costs, red tape and other permitting and regulatory burdens. We believe there is a reason to be optimistic.

"As we prepare to release a report on lost business opportunities in New Jersey, 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.

"By not taking prudent steps, New Jersey runs the risk of losing more of our job creators."