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Subsidy Tracker Individual Entry

Company: Lord Abbett
Parent Company: Lord Abbett
Subsidy Source: state
Location: New Jersey
City: Jersey City
County: Hudson
Project Description: Relocation
Year: 1998
Major Industry of Parent: financial services
Specific Industry of Parent: investment management
Subsidy Value: $70,679,638
Subsidy Value in 2023 Dollars: $132,760,708
Program Name: Business Employment Incentive Program (BEIP)
Awarding Agency: Economic Development Authority
Type of Subsidy: 
MEGADEAL (Archived)

Number of Jobs or Training Slots: 693
Capital Investment: $87,663,000
Source of Data: All Information was taken from: "Executed BEIP Grants Activity," New Jersey Economic Development Authority, April 30, 2014. Online at: (click here)
Notes: In 1998 the New Jersey Economic Development Authority (NJEDA) approved a Business Employment Incentive Program award to investment management firm Lord Abbett estimated at $15.5 million, based on a projection that the company would create about 250 jobs. By 2014 the company actually created 693 jobs, so the amount of the subsidy jumped to more than $70 million. Overlap with main Subsidy Tracker data: there is a separate entry for the BEIP program containing the original $15.5 million estimate.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.