As we head into the second half of 2022, what is the economic outlook for New Jersey? The state’s top economist said a number of variables are pulling us in many directions. Rutgers University economist James Hughes said inflation is embedded for the time being, with...
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Higher inflation and interest rates? No problem so far for New Jersey’s job market
The monthly jobs report, compiled by the U.S. Bureau of Labor Statistics, is made up of a survey of employers to measure the number of jobs and a survey of households to measure the unemployment rate. April's report showed the state's job market continues to rapidly...
A big interest rake hike is coming: What it means for NJ residents
The Federal Reserve is expected to announce a half a point interest rate increase on Wednesday afternoon, which will send mortgage and credit card rates higher, and increase the cost of getting a home equity loan. According to Rutgers University economist James...
N.J. tax revenues are shockingly high as we’re slammed by inflation. Here’s what’s behind it all.
New Jersey tax revenues have taken a wild ride over the past two years, and collections for the state’s major taxes are reaching historic highs. Gov. Phil Murphy’s administration says it expects to collect nearly $47 billion in taxes for the current fiscal year that...
Generational shift: Hudson County population dropped 20,000 in first year of pandemic
Essex County saw the second-largest population change, with about 7,000 residents leaving. James W. Hughes, a professor at Rutgers University’s Edward J. Bloustein School of Planning and Public Policy, said Hudson County is going through a generational shift. He said...
NJ has regained nearly 90% of jobs lost to pandemic, and pay is rising too
February's jobs report was the strongest since last July and showed that New Jersey is making up ground. Through February, New Jersey recovered 89.9% of the jobs it lost in March and April of 2020, while the U.S. recovered 90.4%, according to Rutgers University...
How New Jersey Averted a Pandemic Financial Calamity
James W. Hughes, the former dean of the Edward J. Bloustein School of Planning and Public Policy of Rutgers University, said the state’s decision to turn to borrowing made sense at the time. “It’s so overused, but whatever the term is — unprecedented, uncharted waters...
COVID what’s next: Can NJ unemployment handle second-wave shutdown?
The Bergen Record reports on the impact on New Jersey with a second wave of unemployment quoting James W. Hughes. (subscriber access required) Bergen Record, August 11, 2020
COVID-19 is giving many New Jersey suburbs a big boost
Most sectors of the commercial real estate market in New Jersey have been badly hurt by the COVID-19 pandemic, but that’s not the case with residential real estate. It turns out home sales in many parts of the Garden State are doing great. According to Rutgers...
A long road back from the devastation of COVID-19
The recession caused by COVID-19 and the various actions taken to help mitigate the spread of the infectious virus has been devastating to the nation’s economy, and many economists are calling it the worst economic downturn since the Great Depression. The numbers bear...
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VirtualOn July 17, 2023, the New Jersey Department of Environmental Protection (NJDEP) adopted its Inland Flood Protection Rule which, among other actions, establishes a new Design Flood Elevation (DFE) standard […]
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