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New Jersey Lags US in Economic Recovery

NEWARK-So said speakers at the Newark Regional Business Partnership Annual Real Estate market forecast.

By Debra Hazel | Updated on March 02, 2011

NEWARK-New Jersey is lagging the United States in crawling out of a very deep economic hole, so said speakers at the Newark Regional Business Partnership Annual Real Estate market forecast, held at the Best Western Robert Treat Hotel here. However, a number of state and local programs are encouraging some projects in Newark, and the New York City recovery may even encourage people to move to the city in search of affordable housing.  

Even so, the economic recovery is not exactly robust. “We really are on the road to recovery, but the bottom was so low, it’s going to be an inch-by-inch process,” said Rae D. Rosen, senior economist and assistant vice president, Federal Reserve Bank of New Jersey. “Things have bottomed out, and it’s picking up, but boy, is it weak.” Job growth is lagging–and the figures are deceptive. Unemployment figures are affected by the number of workers who’ve simply given up, Rosen noted. When the economy picks up enough, however, they may re-enter the search, slowing that recovery. “The decline in employment has stabilized but there has been no pickup,” Rosen said. “New Jersey lags the nation and New York City.”

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