Economy

Comptroller finds improved oversight of tax incentive programs

BY: - January 5, 2022

The state agency that administers New Jersey’s tax incentive programs has largely improved its oversight of companies that receive billions of dollars in state tax breaks since the state Comptroller’s Office identified deficiencies three years ago, a new comptroller’s report found. The New Jersey Economic Development Authority has made progress in verifying that businesses retain […]

Bill to protect dairy farms advances in N.J. Assembly

BY: - January 4, 2022

A New Jersey Assembly panel advanced a bill Monday intended to help the state’s struggling dairy farmers as they face sagging milk prices, soaring operating costs, and pandemic stresses. Under legislation approved by the Assembly Agriculture Committee, the New Jersey Department of Agriculture would reimburse dairy farmers for the annual premiums they pay to participate […]

Judge won’t immediately block Atlantic City casino aid law

BY: - December 22, 2021

A Superior Court judge in Atlantic County Wednesday declined to temporarily block new changes to tax agreements between Atlantic City and the gambling mecca’s casinos, changes forecasted to cost the city and county tens of millions of dollars annually. Judge Joseph Marczyk denied temporary restraints sought by Atlantic County, saying he did not want to […]

Feds will help modernize N.J. unemployment system under new pilot program

BY: - December 15, 2021

New Jersey will be one of the first states to benefit from a federal government project to improve 50 embattled unemployment programs. The Claimant Experience Pilot will aim to design a new system providing “equitable and timely access to unemployment benefits for eligible workers, will rooting out identity theft and other fraud issues that have […]

State program to tackle labor shortage has helped 60 N.J. businesses

BY: - November 24, 2021

About 3,700 businesses have reached out to the state about the “Return and Earn” program, which offers subsidies for businesses to train new workers and award them signing bonuses, according to the Department of Labor. Sixty contracts have been signed, committing nearly $500,000 to those businesses, the Labor Department said in a statement. Labor spokeswoman […]

New Jersey jobless rate now second highest in U.S.

BY: - November 23, 2021

New Jersey’s unemployment rate is now the second highest in the nation at 7%, compared to the national rate of 4.6%, according to federal data released Friday. And while 81% of jobs have been recovered nationwide, the Garden State lags at 71%. Yet the pace at which New Jersey is recovering is better when compared to previous […]

Reformers call for end to discriminatory pricing in N.J. car insurance

BY: - October 27, 2021

Most drivers might assume their car insurance rates are based on their driving history and safety record. Instead, many insurers use education, occupation, and consumer credit scores to determine rates, charging higher premiums for those least likely to afford them: poor and minority drivers. But a bill now before the Legislature could provide relief. The […]

Biden calls on Congress to pass infrastructure bill, touting new Portal Bridge construction

BY: - October 25, 2021

President Joe Biden kicked off the week in New Jersey with Gov. Phil Murphy and other state officials to celebrate the impending construction of the new Portal Bridge, with Biden using the trip to deliver remarks on the $1 trillion infrastructure bill and spending plan that are stalled in Congress. Speaking in front of three […]

22K new jobs in New Jersey in September, unemployment at 7.1%

BY: - October 22, 2021

New Jersey added 21,500 jobs in September, the ninth consecutive month of gains, according to the latest job gains report from the U.S. Bureau of Labor Statistics. The latest gains mean New Jersey has recovered 68.1%, or 488,100, of the total 717,200 jobs lost statewide during the pandemic, the data shows. While that lags behind […]

Workers prepare for Gateway project as infrastructure bill remains stalled

BY: - October 21, 2021

Across a 61-acre expanse of dirt and weeds beside the New Jersey Turnpike in South Brunswick, workers toil on construction projects that will never be finished. Crane operators delicately drop hooks from 140 feet overhead into metal barrels. Bulldozer drivers plot proper water runoff by shaping slopes too subtle to see with a glance. Trucks […]

State doesn’t have to pay for pandemic-related business failure, court rules

BY: - October 19, 2021

A Sussex County business owner who blamed the closure of her kickboxing gym on state-ordered pandemic regulations lost her bid for compensation from the state after an appellate court ruled against her Monday. Superior Court Judge Garry S. Rothstadt, writing for the three-judge appellate panel that heard the case, sided with Gov. Phil Murphy in […]

Does raising the minimum wage kill jobs?

BY: - October 18, 2021

For decades it was conventional wisdom in the field of economics that a higher minimum wage results in fewer jobs. In part, that’s because it’s based on the law of supply and demand, one of the most well-known ideas in economics. Despite it being called a “law,” it’s actually two theories that suggest if the […]