Trenton, NJ - Armed with data, NJBIA will work with policymakers to chart successful course. According to Joel L. Naroff, Chief Economic Advisor for NJBIA, "From afar, New Jersey seems to have it all. It is a wealthy state that ranks second in per capita personal income. It has a large economy whose state gross product ranks seventh, when adjusted for population size. It is a global economy, with international ports and airports. It is perfectly situated as a distribution center for the burgeoning Internet economy. Its extensive east/west and north/south highway system allows firms to reach customers throughout the Northeast, Mid-Atlantic, Midwest and North Central regions. And with nationally-ranked educational institutions, it should be an incubator for the research and technology that is critical to future growth.
With these accolades, we are poised for strong economic growth. However, our state’s economy is lagging and our competitive rankings are among the lowest. For nearly a decade, state product growth has been in the bottom 10 in the nation. Our unemployment rate is 14th highest in the nation and only 10 states had slower job gains in the past year. And the housing market remains weak. The 4.6 percent of homes in foreclosure – the highest in the nation – is nearly four times the national 1.2 percent rate. Under nearly every national ranking of state tax impact, New Jersey ranks near the bottom.
What has been holding us back and how do we fix it? Naroff Economic Advisors and EconsultSolutions were tasked by The New Jersey Business & Industry Association with determining, analyzing and benchmarking the state’s strengths and weaknesses. Given the size of the economy and the state’s wealth, it is clear we are doing a lot of things extremely well. But to the extent we are lagging, we need to identify the restraints that are keeping the business sector and the economy from reaching its full potential and analyze why those restraints are occurring, so that policies can be developed to improve New Jersey’s competitiveness.
For the full summary, click here: http://njbmagazine.com/monthly_articles/new-jersey-is-well-positioned-for-strong-future-economic-growth/?utm_source=MagnetMail&utm_medium=email&[email protected]&utm_content=12122015NJBIA%5FNJB%5FToday&utm_campaign=Report%3A%20NJ%20Ranks%2011th%20in%20Overall%20Residents%27%20Health
For the video, click here: https://www.youtube.com/watch?v=J6Ev0H7KQgU
What has been holding us back and how do we fix it? Naroff Economic Advisors and EconsultSolutions were tasked by The New Jersey Business & Industry Association with determining, analyzing and benchmarking the state’s strengths and weaknesses. Given the size of the economy and the state’s wealth, it is clear we are doing a lot of things extremely well. But to the extent we are lagging, we need to identify the restraints that are keeping the business sector and the economy from reaching its full potential and analyze why those restraints are occurring, so that policies can be developed to improve New Jersey’s competitiveness.
- New Jersey must be positioned to take advantage of the key economic trends that will likely dominate growth in the next decade. We believe that three factors will dominate the state’s future economic performance: 1) the technical innovation economy, which requires high levels of education/skills and advanced research capabilities; 2) the mobile and “on-demand” Internet-based economy, which requires extensive goods and services distribution capacity; and 3) the global economy, which requires the physical and financial infrastructure to trade with the world.
For the full summary, click here: http://njbmagazine.com/monthly_articles/new-jersey-is-well-positioned-for-strong-future-economic-growth/?utm_source=MagnetMail&utm_medium=email&[email protected]&utm_content=12122015NJBIA%5FNJB%5FToday&utm_campaign=Report%3A%20NJ%20Ranks%2011th%20in%20Overall%20Residents%27%20Health
For the video, click here: https://www.youtube.com/watch?v=J6Ev0H7KQgU
