From the Record:
New Jersey will trail neighboring states in the time it takes to recover the jobs lost since the recession, a study released by global economic research company IHS says.
The study concludes that it will take New Jersey until 2014-15 to return to the pre-recession peak of January 2008. Most other Northeastern states will recover them by 2012-13, except Connecticut — 2016-17 — and Rhode Island, which will not see full recovery until at least 2017, says IHS, of Englewood, Colo.
Four states — Alaska, North Dakota, Texas and Louisiana — have already recovered their jobs, mainly due to the energy boom. And New York is within one percent of recovering its lost jobs, the study says.
The research firm predicts that nearly half the 50 states will regain their lost jobs by 2013, earlier than New Jersey. The Garden State lost about 250,000 jobs during the recession, and is still about 177,000 off its pre-recession peak.
Jim Diffley, chief regional economist, said one reason for New Jersey’s struggling performance is the weakness of the pharmaceutical industry.
Another is the still “sluggish” housing market, he said.
“The real estate bubble in New Jersey is still not resolved yet,” he said.