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Optimism, But No Easy Solutions for NJ

NEW BRUNSWICK, NJ- The gubernatorial transition has heightened expectations for help from the statehouse, but many key issues still need to be addressed.

By Alyson Grala | Updated on February 12, 2010

NEW BRUNSWICK, NJ-There is optimism and expectation related to a new administration in Trenton, but key issues remain to be addressed with no easy solutions in sight. That was the general message expressed by commercial real estate industry leaders at NAIOP New Jersey’s recent “Roundtables with Industry Experts and Gubernatorial Transition Update” program.

“It is not going to be ‘business as usual’ in Trenton,” said Michael G. McGuinness, CEO of NAIOP NJ, leading off the update portion of the program. “Incoming Gov. Chris Christie has made it very clear that his administration will be cutting expenses and not looking on the revenue side to balance the budget.”

And that’s going to be quite the balancing act. On Thursday, Gov. Christie declared a state of fiscal emergency, which came as little surprise since the state is grappling with a $2.2 billion budget gap. This figure could balloon to $11 billion in 2011, according to the Governor’s speech, and he cautioned that there could be even deeper cuts next year, calling the state “on the edge of bankruptcy.”

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