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Jobs: three large manufacturers in South Jersey announced they would shut down
In a span of only a few months, three large manufacturers in South Jersey announced they would shut down, shedding more than 500 jobs and leaving almost 1 million square feet of factory space idle.
It is, in part, a reflection of a sharp decline in consumer spending.
But the closures also are part of a trend toward companies growing still leaner and meaner, jettisoning property and personnel to cut costs.
“People are buying less, so manufacturers are not producing as much,” says Philip Kirschner, CEO of the New Jersey Business and Industry Association, a Trenton-based trade group representing 22,000 state businesses. “We also know that companies are looking for cheaper places to operate and in New Jersey real estate and labor are more expensive.” (Smith, Gannett)