From The Record
Corporate executives looking to cut costs in the wake of the recession are more likely than ever to flee or avoid New Jersey, according to Princeton firm that specializes in helping companies relocate.
The Boyd Co. Inc. on Monday released a study that found North Jersey is the fifth most expensive place to site a corporate headquarters, costing $27.9 million a year to operate.
New York City topped the list, followed by San Francisco, Stamford, Conn. and San Jose, Calif.
John Boyd Jr., a company vice president, who compiled the report, said New Jersey’s high costs have deterred companies from expanding in the state for years. But the recession has significantly heightened the competition between states, to the detriment of those with a high cost of doing business, he said.
“The corporate headquarters arena is the next big frontier for corporate cost cutting,” said Boyd. “And that’s big news for New Jersey.”
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