It’s Amazon pandemonium: the tech giant continues to grab headlines (and the country’s collective attention) as the search for HQ2 heats up. The official numbers are in, and Amazon received proposals from 238 cities and regions.

One of the possible frontrunners may just be our home state of New Jersey, which proposed up to $7 billion in tax incentives – what many are calling the largest tax incentive plan put forward by any state. As a recent piece in Fortune put it, “Amazon had asked for tax incentives. Newark delivered.”

In the meantime, many are pondering the potential impact of HQ2, for better or for worse. While city leaders champion the fact that HQ2 would bring thousands of jobs, some residents worry that the new Amazon headquarters could have negative implications, including increased traffic and gentrification.

Will the benefits far outweigh the challenges? It will likely be several years before we’re able to gauge the broader impact. One thing is for sure – it’s definitely exciting to watch as this unwinds.