Tuesday, January 31, 2006

New Jersey Economy At Risk

From the Star Ledger:

Economists see shaky fiscal ground

New Jersey's economy is weaker than it looks, according to two Rutgers University economists who testified yesterday before a legislative committee.

While "at the surface level, the state is veryprosperous," a steady decline in high-tech jobs, unless slowed or reversed, could strand the state in aneconomic dead end, according to Joseph Seneca and James Hughes.

"New Jersey's economy is an economy at risk," Seneca said.

Seneca said New Jersey's national share of jobs in pharmaceuticals, computers, telecommunications and other technology-related industries was 5.2 percent in 1990. By 2004, that share had dropped to 4.1 percent. The decline accelerated after 2000, and one consequence is that the state is losing high-paid manufacturing and technical jobs while adding lower-paying jobs in government and the service industry.

...

Philip Kirschner, president of the New Jersey Business and Industry Association, which represents more than 23,000 businesses in the state, said a recent survey by Chief Executive Magazine ranked the state 46th out of 50 states and the District of Columbia as a place to do business -- down from 37th last year. He blamed corporate, income and other tax increases enacted in the past four years.

Caveat Emptor,
Grim

6 Comments:

Blogger RentinginNJ said...

25 basis point hike today and it looks like another one is one the way...

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-1/2 percent.

Although recent economic data have been uneven, the expansion in economic activity appears solid. Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures.

The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.

1/31/2006 02:17:00 PM  
Anonymous Anonymous said...

what a total waste of time. Should of done 2 .50 basis rises early on.
What's the difference some moron can fudge an satted income doc and get a loan. it is corrupt!
Avg income in North NJ is about $58,000. How are all these morons affording these $600k houses?

1/31/2006 03:27:00 PM  
Blogger Richie said...

FUNNY MONEY

That's how. Everyone thinks real estate is a game of monopoly where they are playing with pink & blue bills..

2/01/2006 05:36:00 AM  
Blogger ltjbukem said...

anyone have thoughts on the condo boom in hoboken and jersey city?

thanks

2/01/2006 02:57:00 PM  
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