Tag: Garden State Initiative

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New Jersey Q1 GDP and Personal Income Continue to Trail the Nation

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  • Q1 real GDP growth at a 1.0% annual rate, half the US average of 2.0%
  • Personal income grew 5.8% fueled by a spurt in transfer payments, not growth of earnings.

 

the staff of the Ridgewood blog

Morristown NJ, On June 30th, the U.S. Bureau of Economic Analysis issued its report on the Gross Domestic Product by State and Personal Income by State, 1st Quarter 2023, covering the months of January through March 2023. Dr. Charles Steindel, the former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:

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The Impact of Steep Corporate Tax Rates, or Killing the Goose that Lays the Golden Egg

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The Real Cost to New Jersey of Being an Outlier: The Impact of Steep Corporate Tax Rates

  •  Over the last quarter century, New Jersey’s high business taxes have led to an outmigration of businesses, loss of income to other states and a stagnant economy and population relative to the U.S.
  • A step-down or elimination of Corporate Business Tax, paid for by closing loopholes and eliminating tax incentives, can restore New Jersey’s competitiveness & spur economic growth

 

the staff of the Ridgewood blog

Morristown NJ,  just a few decades ago New Jersey’s economy was the envy of the nation. In recent years the state has become an outlier, ranked at the bottom of most lists for its ability to attract and retain business in the Garden State, primarily driven by a high cost of doing business and tax burden. In a new report, the Garden State Initiative offers an alternative path to restore the state’s competitiveness through tax reform that allows New Jersey’s natural attributes to outweigh its crushing tax burden.

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October ’21 NJ Jobs Report: Job Recovery Continues as Unemployment Falls Further Behind the Nation

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October ’21 NJ Jobs Report: Job Recovery Continues as Unemployment Falls Further Behind the Nation

State adds 20,000 jobs, remains 200,000 below pre-pandemic level

NJ’s 7.0% Unemployment Rate is 2.4% higher than U.S. average, which fell .2% to 4.6%

Despite recent gains, Leisure & Hospitality remain 20% below pre-pandemic

Workforce remains 140,700 smaller than February ‘20

Distinct differences in jobs recovery among NJ’s regions

the staff of the Ridgewood blog

Morristown NJ,  On November 18th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for October 2021. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:

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Garden State Initiative Analysis: Personal Income Report – NJ Continues to Lag U.S. in Earnings

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Nation experiences personal income decline as pandemic relief programs end

NJ personal income declines -16.6% versus U.S. average of -21.8%

In critical net earnings category, NJ’s 7.4% growth well below 10.7% U.S. average

NJ’s income decline in line with most neighboring states

the staff of the Ridgewood blog

Morristown NJ,  on September 23rd, the United States Bureau of Economic Analysis issued its report on the Personal Income by State for the 2nd Quarter of 2021, covering April through June. Dr. Charles Steindel, former Chief Economist of the New Jersey Treasury, analyzed the report for GSI: 

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New Jersey Job Growth Anemic in April as Gap with National Unemployment Rate Remains Wide

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At April’s rate, a pre-COVID jobs recovery would take 7 years
Leisure & Hospitality sector continues slow recovery, adding 3,000 jobs
NJ unemployment rate remains significantly above US average

the staff of the Ridgewood blog

Morristown NJ, on May 20th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for April 2021. Dr. Charles Steindel, former Chief Economist of the State of New Jersey and current Resident Scholar, Anisfield School of Business at Ramapo College, analyzed the report for the Garden State Initiative:

Continue reading New Jersey Job Growth Anemic in April as Gap with National Unemployment Rate Remains Wide

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New Jersey Adds 20,800 jobs in March as state remains 300,000 below pre-pandemic level

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Morristown NJ ,on  April 15th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for March 2021. Dr. Charles Steindel, former Chief Economist of the State of New Jersey and current Resident Scholar, Anisfield School of Business at Ramapo College, analyzed the report for the Garden State Initiative:

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NJ’s Job Growth Rate Stalling

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the staff of the Ridgewood blog

Ridgewood  NJ,  New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for December 2020. Dr. Charles Steindel, former Chief Economist of the State of New Jersey and current Resident Scholar, Anisfield School of Business at Ramapo College, analyzed the report for the Garden State Initiative:

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Astonishing Collapse in Labor Participation Rate in New Jersey

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the staff of the Ridgewood blog

MORRISTOWN NJ,  On October 15th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for September 2020. Dr. Charles Steindel, former Chief Economist of the State of New Jersey and current Resident Scholar, Anisfield School of Business at Ramapo College, analyzed the report for the Garden State Initiative:

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Murphy Administration Has Failed to Deliver on Infrastructure Improvements Promised by the “Gas Tax”

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the staff of the Ridgewood blog

Morristown NJ,  As many of us are driving more lately, some utilizing public transportation again and some fortunate residents are just returning to work, observations regarding the continued state of disrepair of many roads and bridges in New Jersey have resurfaced. Along with those observations comes some questions the Garden StateInitiative (GSI) believes the public should be asking of our leaders in Trenton. What should we have expected to get from our Gas Tax money? And why would we keep paying more until we see better results?

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Governor Murphy Should Veto Toll Increases on Turnpike, Parkway & AC Expressway

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the staff of the Ridgewood blog

MORRISTOWN  NJ, Garden State Initiative’s president, Regina M. Egea, issued the following statement calling upon Governor Phil Murphy to veto the toll increase plans approved today by the New Jersey Turnpike Authority and South Jersey Transportation Authority:

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NJ Voters Want Benefits Reform, Government Savings not Tax Increases or Borrowing to Close State Deficit

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the staff of the Ridgewood blog

Ridgewood NJ,  As the effects of the COVID-19 pandemic on the State of New Jersey’s finances begin to emerge, residents of the state have a clear message to Governor Murphy and legislative leaders:

“Reform public employee benefits and reduce the cost of government

before you consider raising taxes”

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Garden State Initiative : NJ Reports Solid Growth, But Sustainability in Doubt

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Q3 GDP Report: NJ Reports Solid Growth, But Sustainability in Doubt

 

  • NJ’s reverses trend and reports 2.3%, leading region & slightly ahead of revised U.S. rate
  • Reported growth at best rate since early 2018
  • Questions regarding sustainability of growth in key industries raised

 

Analysis by Charles Steindel, Ph.D. for GSI

 

MORRISTOWN NJ,  The Commerce Department’s Bureau of Economic Analysis (BEA) today announced that New Jersey’s Gross Domestic Product (GDP)—a measure of the aggregate output of all goods and services produced within the state—grew at a rate of 2.3% in the third quarter of 2019, leading the Northeast region, and slightly ahead of the revised U.S. rate of 2.1% for the quarter. However, the strength of New Jersey’s economy in light of weak growth in recent quarters and a review of the underlying details of today’s report, is anything but assured.

 

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Thank Phil Murphy For New Jersey’s Pathetic Economic Growth Rate

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the staff of the Ridgewood blog

Ridgewood NJ , according to the Garden State Initiative New Jersey GDP growth is dismal ranking 48th in the US. New Jersey’s economic growth fell by more than half to .7% in the 2nd quarter of 2019. New Jersey is growing at less than half the rate of New York, Pennsylvania or Delaware.

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New Jersey Worst Economic Growth in the United States

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the staff of the Ridgewood blog

Trenton NJ, according to Garden State Initiative the GDP numbers are out for 1Q 2019 and it’s not pretty for New Jersey. We’re tied with Maryland for the worst economic growth on the US Mainland with an anemic 1.8% growth.

While the US economy is booming, New Jersey is being left behind.

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NJ State Employee Benefits Cost 50% more then Private Sector

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the staff of the Ridgewood blog

MORRISTOWN NJ , Garden State Initiative (GSI) today released “The Stark Gap Between Public and Private Employee Benefits”, an analysis of the latest employee compensation data from the U.S. Bureau of Labor Statistics which illustrates some dramatic differences in compensation costs between the public and private sectors. While it’s less surprising that government costs for retirement and medical benefits far exceed the private sector, the 50% differential in cost in New Jersey versus the rest of the US is startling.

The analysis was conducted by Charles Steindel, Ph.D., a former New Jersey State Chief Economist and current resident scholar at Ramapo College. It is available for download at: https://www.gardenstateinitiative.org/updates/publicemployeebenefits

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