WASHINGTON, D.C. – July 9, 2013 – (RealEstateRama) — Assembly Republican Leader Jon Bramnick today lauded a recent report by Rutgers Economists James Hughes and Joseph Seneca that shows New Jersey’s job growth continues to gain momentum.
The report, “2013: The New Jersey Employment Expansion Gains Momentum,” shows that among the 50 states, from December 2011 to December 2012, New Jersey ranked a solid eighth in private sector job growth, surpassing most of its Northeast neighboring states (Massachusetts, 16th; Pennsylvania, 17th, and Connecticut, 37th).
“This report clearly indicates that our state’s economic recovery is real and the governor’s policies are working,” said Bramnick, R-Union, Morris and Somerset. “Our efforts to streamline government, reduce bureaucratic red tape and spend within our means have advanced our recovery timetable. As we move forward, New Jersey is well positioned as an attractive state for continued economic growth and job creation.”
The report noted that two years ago, it was estimated that the state’s recovery to full employment would take until 2017 to occur. The latest fiscal data has updated that estimate to late 2014 or early 2015. It also shows “The state has recovered its pre-recession levels of total real personal income and real Gross Domestic Product (GDP).” In addition, the housing market has experienced a solid recovery as sales and home prices have risen.
The two economists conclude, “The bottom line is that 2012 turned out to be a pretty good economic year as the New Jersey recovery gained further traction.”