Companies Moved 7K Jobs Out Of NJ, Costing State Millions In Tax Revenue, Study Says

When Samsung Electronics announced in June that it was moving its headquarters to Texas, it sparked an outcry from business and politicians about the business environment in New Jersey.

The move comes with 739 layoffs, according to a Worker Adjustment and Retraining Notification Act notice filed in July.

The job losses are only part of the impact on New Jersey, however, according to a study by Focus NJ Center for Economic Research & Workforce Solutions, a nonprofit that conducts economic and workforce research.

The study, titled Missed Opportunities, looked at eight large companies that have reduced their operations in New Jersey or are moving operations out of the state, along with ones expanding their operations in other states.

The study estimates New Jersey will be losing more than 7,000 jobs since the start of 2025 tied to the eight companies: Samsung, Bristol Myers Squibb, Johnson & Johnson, Eos Energy Enterprise, Hertz Global Holdings, Verizon, Honeywell and Walmart.

The job losses carry an estimated impact of nearly $675 million in annual payroll, and about $27.3 million in annual income tax revenue, the Focus NJ report said.

In addition, the study estimates New Jersey will lose out on more than $6.7 million in annual sales tax revenue based on money that would have been spent by those employees, along with potentially $20.9 million in property tax revenue "tied to office and manufacturing investments that instead occurred in other states."

The Samsung move in particular drew criticisms of the state's business climate, because the company is leaving Englewood Cliffs a year after moving to that site after years in Ridgefield Park.

"Samsung’s decision to relocate its U.S. corporate headquarters in Englewood Cliffs to Texas by the end of the year underscores New Jersey’s difficult tax and regulatory climate and serves as a clarion call for lawmakers and policymakers to change anti-business policies," the New Jersey Business and Industry Association said in June.

The study said: "Collectively, these findings underscore the broader economic consequences of business outmigration, illustrating not just the immediate loss of jobs, but the cascading fiscal impacts on state and local revenues. Without the revenue losses from departing businesses, millions of dollars could have been allocated to school districts and other budget line items that faced cuts, without deepening the structural deficit."

According to the study, Bristol Myers Squibb moved 1,700 jobs to Massachusetts in 2025, costing NJ an estimated $8.4 million in income tax.

Johnson & Johnson had an estimated 620 positions that were shifted to North Carolina and Pennsylvania, with an estimated $2.7 million income tax impact; Eos Energy Enterprise moved roughly 1,000 positions to Pennsylvania, with an estimated $4.3 million in lost income tax.

Hertz moved roughly 700 jobs to Florida, with $1.4 million in associated income tax revenue.

Verizon cut 1,319 positions in 2025 with many moving to Texas and New York City; the income tax revenue lost is estimated at $3.8 million.

Honeywell (200 jobs lost to North Carolina) and Walmart (481 jobs lost to Arkansas) have a combined income tax impact of about $2 million, according to the report.

It's not clear entirely how many positions Samsung is moving to Texas. The WARN notice stated 739 layoffs that take effect Sept. 30. The Focus NJ study cited 1,200 positions, but reports at the time cited 1,000 positions at the Englewood Cliffs facility.

The income tax revenue that will be lost through Samsung was estimated at $4.7 million.

Not every company is turning its back on New Jersey, however. Reckitt, the company that makes Lysol and Mucinex and a host of other brands, announced on Wednesday that it is relocating its commercial and research and development capabilities to Nutley, along with making plans for its largest over-the-counter (OTC) manufacturing facility in North Carolina.

The company recently moved its North American headquarters to New Jersey as well, the company said in a news release.

"As the next phase of development, the company will break ground on a new state-of-the-art science and innovation center with best-in-class capabilities in disinfection, microbiology, surface care, laundry care and personal care," Reckitt officials said. "This flagship germ protection hub within Reckitt’s global R&D network will be pivotal in advancing Reckitt’s portfolio, including Lysol. At the center of this transformation is a new model for innovation that brings together world-class R&D, advanced scientific capabilities, and commercial expertise to speed the path from concept to shelf."