The RegentAtlantic New Jersey Wealth Index recorded a 51 out of a possible 100 in the third quarter of 2015. Strong stock returns had been the biggest driver of wealth creation in New Jersey since 2009. The state is beginning to see a more balanced mix of growth, with home prices, employment and income all showing improvement. The economic recovery in New Jersey is getting broader.
Although New Jersey is improving in many key metrics, with home prices and employment both rising, we have lagged the rest of the country. New Jersey still stands 100,000 non-farm workers short of the all-time employment level high before the recession, while the rest of the country is hitting new peaks. Home prices have stabilized and increased recently, but the recovery in prices has lagged the rest of the U.S.
NJ had a major success recently in attracting over 1,000 jobs from JP Morgan, which will move offices to Jersey City for certain operations and technology professionals. This is an important win for New Jersey, which had witnessed other high profile employers departing for other states. New Jersey legislators need to do more to attract businesses and help the state make back the jobs deficit with real growth in quality jobs.
Source for the data for the employment, housing, personal income and New Jersey stock performance scores: Bloomberg.Related Articles: