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Continued Slow Growth Forecast for NJ [AUDIO]

A new economic forecast from Rutgers University contains both good and bad news for New Jersey.

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A ''Now Hiring'' sign
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The good news, according to the Rutgers Economic Advisory Service, is that the state will add more than 130,000 jobs in the next three years, and 234,000 in the next 10 years.

“The state is still adding jobs,” said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, who acknowledged the impact the tough winter had on the statewide job market. “It’s been slow, particularly in the past six months, but I think there’s a brighter outlook.”

Hughes said that out-migration to other states unfortunately continues to put a drag on some key development here at home. He also said, when you develop with stores and shopping centers and recreation venues, you need a growing and diverse population to make all of that work, and “we’re not getting that demographically-driven component of economic growth.”

Back on the plus side, Hughes said data centers, warehousing and rental housing activity are standouts.

“We do have some very hot economic sectors, and they are the three most prominent,” he said.

The forecast predicts New Jersey will retain its position as a high-income state. That’s good for trade and real estate, but not so good for companies seeking low-wage compensation.

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