R/ECON’s economic forecast for New Jersey as of June 2024 continues to show a slowing trajectory, though the decline in annual GDP growth is not as pronounced as in the prior forecast.
Topic
economy
Experts Respond To Biden’s Rent Cap Comments
“Biden et. al are finally taking the housing crisis seriously. Going on offense to increase supply AND cap rent increases is precisely the type of intervention we need to drastically improve housing affordability & stability.”
NJ unemployment rate 6th highest in the nation as health care, banking shed jobs
New Jersey’s unemployment rate has been nearly the same for almost a year — the sixth highest in the nation according to recent numbers — as nationwide the labor market shows signs of slowing down. New Jersey's latest unemployment rate is still a far cry from the...
How To Identify a Move-In-Ready House To Buy
“In the past, homebuyers focused primarily on their monthly mortgage payments. Now they’re thinking more about the larger financial picture,” Hughes says.
Barclays cutting 70 North Jersey jobs as more layoffs hit financial sector
Barclays bank is laying off 70 employees in Whippany, the latest job cuts in New Jersey’s financial services sector. According to a company spokesperson, the 70 roles in Whippany in Morris County have been “made redundant.” “We regularly review our operations to...
Federal Funding Secured for $16 Billion Hudson Tunnel Project
“It is critical for moving people up and down the corridor. The tunnel will allow for more mobility and convenience for commuters and is vitally, vitally important,” said James W. Hughes.
UBS latest bank to announce NJ job cuts as finance sector shrinks
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.
COVID was final blow to some NJ suburban office parks. Here’s what they’re morphing into
“Our suburban office inventory is overbuilt and under-demolished,” said economist James Hughes
BMW plans to sell off 20 acres of its North Jersey corporate headquarters
New Jersey’s suburbs have become ripe for this kind of redevelopment. They’ve been saturated with office parks stretching back to the 1980s, during an office-building boom, said James Hughes.
A new $16 billion rail tunnel will connect New Jersey and New York City
Hughes noted the specific impact of the number of jobs created and the amount of economic activity generated is always hard to predict, “but certainly it will be one of the largest infrastructure construction projects, perhaps ever.”