Hughes said if federal immigrant deportations continue, home construction costs could soon rise even higher in the Garden State.
“The builders are heavily dependent on immigrant labor, particularly roofing, so they’re facing significant labor shortages,” he said.
He said tariffs could also cause housing price increases, depending on how they ultimately wind up.
“We import a lot of lumber, we import a lot of drywall, a lot of washing machines, appliances and the like,” Hughes said.
Office park space fell out of vogue even before COVID-19, said Jim Hughes, as talent flocked to urban centers.
“We saw the negative effects during the COVID pandemic when supply chains melted. We were overly dependent on China and other nations for critical components. So, having independence on certain sectors of the economy, with internal supply chains, would be desirable. However, the critical question is: “Will tariffs actually do that?” Hughes said.
“We may see the same thing in 2025” because of the impact of Trump’s tariffs, he said. “It almost seems like we’re in another panic.”
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.
“We’re facing the cliff, because those born in ’08 … they’re just entering their high school graduation years,” said James Hughes, Dean Emeritus
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.
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.
The state and private investors are pouring $4 billion into the New Jersey Health + Life Science Exchange, or HELIX, in New Brunswick. “That really will be a statewide hub, not a local hub,” Hughes said. “Hopefully it will evolve into a national hub. It’s bringing together a lot of the players.”
“We’re facing the cliff, because those born in ’08… they’re just entering their high school graduating years,” said James Hughes, Dean Emeritus of Rutgers University’s Edward J. Bloustein School of Planning and Public Policy.