Jim Kirkos, President & CEO, Meadowlands Regional Chamber of Commerce

Invest: spoke with president and CEO of the Meadowlands Regional Chamber of Commerce, Jim Kirkos, to discuss the chamber’s initiatives to drive economic growth, tourism, and business development in New Jersey while addressing challenges such as rising costs, infrastructure needs, and regulatory barriers.

What have been some recent efforts by the chamber to promote economic growth in a dynamic community?

As you’d expect — and as we’ve done throughout our organization’s history — economic development and advocacy are at the heart of what we do. These efforts center on showcasing the region’s strengths, including its strategic geography and proximity to New York City.

Over the last five to 10 years, we’ve seen a growing focus on what we call the “destination economy.” A significant part of this has been the emergence of the American Dream retail and entertainment project, which is now fully operational and a major driver of the local economy. Located at the Meadowlands Sports Complex, this project complements other key facilities like MetLife Stadium and the Meadowlands Racetrack. Together, they have transformed the region into a dynamic economic hub.

Tourism has become a central part of our strategy. Events like Taylor Swift concerts or the internationally renowned Hambletonian race attract visitors from across the globe, driving hotel stays and bolstering the local hospitality and retail industries. Tourism isn’t just about visitors; it’s a major economic multiplier for the entire region.

One of our most significant ongoing efforts is the vision to build a state-of-the-art convention center at the Meadowlands Sports Complex. This would replace the old arena, which has been shuttered since the Devils and Nets moved out. We’ve launched a dedicated website, conventioncentermeadowlands.com, where you can view renderings of the proposed facility and learn about the economic impact it could have.

An economic impact study has shown that this convention center could generate $30 billion in economic benefits over 30 years. This project is not just about adding another facility; it’s about creating a sustainable engine for economic growth that complements the region’s existing assets, including MetLife Stadium, the racetrack, and the American Dream project.

What other opportunities do you see for businesses in New Jersey right now?

In addition to tourism, the Meadowlands region continues to be a prime destination for light industrial, warehouse, and logistics companies. This area’s proximity to over 10 million people in the greater metropolitan region makes it highly attractive for companies needing access to major markets.

For example, the Kingsland Redevelopment Project, spearheaded by Russo Development and Forsgate Industrial Partners, is currently under construction. This project includes nearly 3 million square feet of warehouse space spread across multiple buildings, all of which are already leased. Companies like Amazon, Walmart, and Wayfair are drawn to this region because of its infrastructure and access to a significant consumer base.

That said, this growth comes with its challenges. Rising property values and limited capacity have made it more difficult for new businesses to establish themselves here. Still, the combination of our growing destination economy and the region’s thriving logistics sector has positioned the Meadowlands as a commercial and economic powerhouse.

Do you still see the cost of capital for small businesses as a significant issue?

The cost of capital continues to be a challenge, especially for small businesses. Interest rates remain relatively high, and the Federal Reserve has been cautious about lowering them to avoid overheating the economy. Unfortunately, this makes it difficult for smaller businesses to secure the funding they need to grow.

As an organization, one of our primary roles is to provide “business intelligence” to help our members make informed decisions. This isn’t just about helping them navigate the challenges of 2025, it’s about preparing them for success through 2030 and beyond.

To support this effort, we established the Meadowlands 2040 Foundation, which raises awareness and conducts research to ensure sustained economic growth in the region through the year 2040. Through this foundation, we provide resources and guidance to help businesses plan for the future and overcome current challenges, including high borrowing costs.

What is the chamber’s role in supporting infrastructure funding and business growth in the region?

Infrastructure plays a critical role in supporting economic growth. Mobility is key. We need to ensure that people can get to work, goods can be transported efficiently, and visitors can easily travel to the region’s attractions.

To that end, we work closely with various entities, including the Port Authority, NJDOT, and NJ Transit. These partnerships allow us to address issues like highway bottlenecks and advocate for necessary reinvestments in transportation infrastructure.

We’re also focused on the regulatory process. While regulations are important, overly stringent or outdated rules can create unnecessary hurdles for businesses. We work with public policymakers to ensure that regulations are fair, practical, and supportive of economic growth without compromising oversight.

The corporate transit fee in New Jersey has been a topic of discussion within the business community. How is this tax influencing the business landscape?

We initially successfully fought against the introduction of the corporate transit fee, but I suspect it may resurface in the future. Lawmakers often look for ways to generate additional revenue, and unfortunately, taxes like this tend to target businesses at the wrong time.

Our philosophy is that economic growth should be driven by business expansion rather than increased taxation. When businesses grow, they create jobs, payroll taxes increase, and the economy benefits as a whole. This ripple effect generates revenue without the need for burdensome taxes. It’s a message we continually emphasize to public officials.

Have you noticed any significant shifts in membership over the past few years?

We haven’t seen major shifts in the types of businesses joining our chamber. Our membership remains diverse, ranging from small mom-and-pop shops to large corporations.

For example, Hackensack Meridian Health, one of New Jersey’s largest healthcare systems, is a member, and healthcare continues to be a significant driver of our economy. At the same time, we support smaller businesses, like local restaurants and print shops, that contribute to the fabric of our communities.

Despite national economic trends, the Meadowlands region has remained relatively stable. With continued support from state and local governments, I believe we’ll see even stronger growth in the coming years.

Could you share any notable partnerships between the chamber and local institutions?

Collaboration is critical to our success. For example, with the Convention Center project, we started by raising funds through our foundation to conduct a market analysis and economic impact study. Once we had the data, we approached the state for additional funding to complete a more detailed feasibility study.

So far, the state has allocated nearly $2.5 million toward this effort. These funds will allow us to finalize the business plan, conduct engineering studies, and determine the exact costs of the project. Our goal is to have a compelling proposal ready when a new governor takes office in 2026.

This type of partnership illustrates how advocacy and collaboration can drive meaningful progress on initiatives that benefit the entire region.

What is your outlook for the New Jersey economy over the next two to three years, and what are the chamber’s priorities?

I’m optimistic about New Jersey’s future. Gov. Phil Murphy’s initiatives, including the creation of an artificial intelligence council and the reinstatement of film tax credits, have positioned the state as a hub for innovation and creativity.

In our region, the destination economy will continue to grow, particularly with major events like the FIFA Club World Cup in 2025 and the World Cup in 2026. Hosting the World Cup Final at MetLife Stadium will bring global attention to New Jersey and create significant economic opportunities.

Our priority is to maximize the impact of these events by ensuring that visitors have positive experiences that drive spending in the region. Tourism development will remain a key focus as part of our broader economic strategy.

What factors make the Meadowlands prime for business growth?

Just two final points. First, our healthcare infrastructure is among the best in the country. This is a major advantage for businesses relocating to the region, as executives value access to high-quality healthcare for themselves and their families.

Second, the quality of our workforce is exceptional. Even in fields like logistics and warehousing, where automation plays a large role, workers need to operate advanced technology. This level of skill is a major draw for companies looking to relocate or expand here.

These factors — healthcare and workforce quality — are critical to our continued success and make the Meadowlands a prime location for business growth.