I'd characterize the local economy as relatively strong over all. Commercial real estate, the securities industry, and thus personal income and tax revenues, and, to a lesser extent, the labor market are all showing signs of strengthening. The housing market has shown some signs of cooling recently, but remains pretty strong in terms of levels. |
It's not disastrous, but it suggests pretty sluggish growth. The state unemployment rate has pretty much trended upward since May. |
Once the population hits a certain point, it makes it worthwhile to have more businesses that cater to that population. |
The story of New Jersey is one of stability and modest growth. |