South Jersey's Economy Shows Signs of Recovery as 3,500 Jobs Benefit from USEDA Grant

Jun 08, 2009 (Congressional Documents and Publications/ContentWorks via COMTEX) -- CPB | Quote | Chart | News | PowerRating -- Today, June 5, Congressman Rob Andrews joined Camden County Freeholder Director Louis Cappelli to announce a recent grant of nearly $2.7 million for the County's Municipal Utilities Authority, which will ultimately create or preserve nearly 3,500 local jobs and aid the expansion of Campbell Soup Company's world headquarters in Camden City.

As Camden's oldest corporate tenant, Campbell's success has led to an overwhelming need to expand. However, due to several factors, such as the recent economic downturn and lack of funding, there was concern that Camden could not sustain the company's growth. Recognizing that Campbell's expansion is vital to the city's renewal, the city, county, state and federal government all worked together with Campbell's to secure a total of over $17 million for this effort, including this $2.7 million addition from the U.S. Economic Development Administration.

Specifically, this EDA investment will be used toward constructing the headquarters' sewer lines and developing an adjacent Gateway Office Park in Camden. Not only will this project serve as an anchor for the city's revitalization effort, but it will generate much-needed job growth at a time when our nation's unemployment rate is approaching 9%. This funding is anticipated to create 960 construction jobs and retain an additional 816 jobs. Additionally, by supporting the company's ability to keep its headquarters in Camden, over 1200 full-time Campbell's employees and 500 contractors will remain employed. Also, Campbell's expansion is expected to encompass only 40 percent of the planned office park, which opens up approximately 120,000 square feet of office space to new occupants who will reinvest in the city and generate fresh opportunities for Camden's future.

"While our region's economic recovery will not occur overnight, economic development projects like this will put South Jersey back on the course of long term growth," commented Rep. Andrews, who indicated that over 12,000 formerly unemployed individuals residing in Camden, Burlington and Gloucester Counties found work over the last three months. "As many as 26,000 more people in South Jersey had a job in January 2007 - when our economy was at it's peak, but our region's growth since March of this year shows that things are turning around in large part due to innovative projects like Campbell's expansion and Camden's revitalization."

"The Freeholders are excited that the improvements to the Campbell's Soup Office Park are moving forward," stated Camden County Freeholder Director Louis Cappelli, Jr. "We will continue to work with our Federal, State and Municipal leaders to retain businesses and create jobs in Camden County. This project will keep a Fortune 500 company in Camden City and create more than 900 new construction jobs."

Although our nation's employment and real estate markets have experienced recent signs of life after months of falling home prices and dried up credit markets, the economy still has a long way to go before our financial system is fully resorted and the American workforce reaches its full potential. Rep. Andrews continues to work with state, county and local government, along with the community, to ensure that South Jersey obtains the recourses needed to put our economy back on the course of long-term growth.

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