file photo Boyd Loving
Garden State in dismal state
GREG DAVID
JULY 6, 2014 12:01 A.M.
Chris Christie certainly has his troubles these days. A decline in tax revenue left him with a big hole in the budget for the just-ended fiscal year, which he closed by not making a big payment to the state’s beleaguered pension fund. His transportation-improvement fund is depleted, forcing him into maneuvers to grab Port Authority money to fix the Pulaski Skyway.
The list could go on, but the cause of all these woes is the same: a very poor economy. It’s why the governor doesn’t talk about the New Jersey miracle anymore.
The best way to compare economies these days is by their performance during the long and mostly painful recovery from the Great Recession. That’s what I have done for New Jersey, New York state and New York City in the chart accompanying this column. (The story would be the same if I compared Mr. Christie’s state with the country as a whole.)
New JerseyNew YorkNew York City
Jobs lost in recession257,900330,200140,800
As percentage of all jobs6.3%3.7%3.7%
Jobs regained100,300524,600374,900
Percentage of lost jobs regained39%159%266%
Jobless rate peak9.7%8.9%10.0%
Jobless rate now6.8%6.7%7.9%
GDP 2010$493.2 billion$1,182.9 billion$509.1 billion
GDP in 2013$509.1 billion$1,226.7 billion$626.1 billion
Gain in GDP3.2%3.7%7.0%
Personal income growth14.2%15.3%12.7%
Change in home price from peak-20.1%0.0%Not available
Jobs and unemployment numbers are from peak month to lowest month to May and are seasonally adjusted. State jobs and unemployment numbers are from the U.S. Bureau of Labor Statistics. New York City jobs numbers are from independent economist Barbara Byrne Denham; unemployment rates from state Labor Department regional data. State GDP and personal income numbers are from Bureau of Economic Analysis. NYC GDP from city comptroller’s office. City personal income numbers from Office of Management and Budget February financial plan. Housing index from Corelogic from peak prices to April.
It isn’t a pretty picture. New Jersey has regained only a little more than a third of the jobs lost in the recession, and its GDP and personal-income growth is subpar. Housing prices are a particular problem. Only the decline in unemployment is a positive sign.
https://www.crainsnewyork.com/article/20140706/BLOGS01/140709942/garden-state-in-dismal-state#