Economic Overview
Introduction:
While the southern New Jersey experienced some setbacks in 2006 it appears that it still remains in a growth mode. The closure of the Sands Casino Hotel and general downsizing at other gaming properties had affected the labor market. In addition, residential construction showed signs of weakness that had adverse affect on the region as a whole. However, strength in nonresidential was impressive which is a leading indicator of economic conditions particularly in the job market. It is evident that the southern New Jersey region has faired better than the State as a whole and represents a greater share of New Jersey economic activity.
Conclusion:
The southern New Jersey region has faired well in the face of a rising interest rate environment, turmoil in the national housing market and increased competition in the gaming market. Statistics show a relatively stable economy that exhibit signs of future growth. It is evident there is a need for a concerted effort to improve infrastructure to assure that southern New Jersey remains an economic engine for the entire State.