Based on the BEA data for 2022, New Jersey’s median personal income ranked 4th in the nation at $137,252, about 23% higher than the national median.
Topic
Will Irving
How does New Jersey benefit from tax incentives given to film, TV and AI industries?
“It’s simply because AI is such a hot topic right now, such a hot term, I’m not sure how this would necessarily differ from any of the targeted industries they already identify, which are mostly high-tech industries,” Irving said.
NJSPL – Industry Employment Growth in NJ
Since the end of December, total job growth has been relatively strong in the state, though data revisions have continued to blur the picture.
NJSPL – NJ Progress with Offshore Wind Projects
Offshore wind has the potential to contribute to the state’s decarbonization goals while generating approximately 20,000 new jobs for the state by 2030, but exactly how these economic benefits will be distributed remains to be seen
NJSPL – New Jersey’s 2025 Tax Revenue Projections
Adjusted appropriations for FY 2024 are nearly $1 billion higher than in the original budget, while FY 2024 revenues are projected to be about $500 million lower. As a result, the current projection would see the budget surplus drop from $10.7 billion at the outset of FY 2024 to $6.1 billion at the end of FY 2025.
NJSPL – Marc Pfeiffer On Fixing the Open Public Records Act
OPRA, the state’s Open Public Records Act is showing its age. Now 22 years old, this important public policy suffers, in part, from age, neglect, unintended consequences, and unexpected use cases. Efforts to repair OPRA must recognize that the law affects all levels of New Jersey government, not just municipal.
NJSPL – New Jersey Employment Concerns Revisited
As 2024 began with yet another surprisingly strong jobs report for the U.S., and with a full year’s worth of 2023 state-level employment data now available, it’s worth briefly revisiting some of the trends discussed in our early December post on New Jersey’s employment situation.
An uneven recovery? NAIOP panelists see different paths for different asset types in 2024
Rutgers professor Will Irving was less sanguine about the office market and the state’s economy. With respect to a hard or soft landing, he said, “it’s still a landing, and the landing that we’re seeing in New Jersey is a little ahead and a little harder than we’re seeing elsewhere.”
NAIOP New Jersey to host annual meeting, commercial real estate outlook on Jan. 25
Will Irving will present on the panel of industry experts discussing the connection between local economic trends and the state’s commercial real estate sector.
New Jersey’s rising unemployment makes economic future uncertain
New Jersey’s unemployment rose sharply in 2023, leaving economic experts wondering whether a rocky road is ahead in the new year. The state unemployment rate climbed from 3.4% in January to 4.7% in November, according to the U.S. Bureau of Labor Statistics. November’s...