From the Record:
Bergen County leads population growth trend, halts flow to other parts of N.J.
A decades-long population shift from northeastern New Jersey to other parts of the state has come to an abrupt halt, with Bergen and Hudson counties leading a new growth trend that has potentially broad financial, political and social implications.
New data released Thursday by the Census Bureau show that the number of people living in Bergen County rose almost 4 percent from 2010 to 2015, nearly double the overall rate in the state; Hudson County’s population led the state’s 21 counties, with an estimated growth of more than 6 percent.
Those figures follow decades in which Bergen and Hudson had relatively low increases compared with the rest of the state.
That growth, along with increases in Passaic County, helped nudge upward the proportion of state residents concentrated in the densely populated northeast region — the reverse of a pattern dating to the 1970s.
So far the shift is small: The percentage of New Jersey’s 8.96 million residents living in the five-county region of Bergen, Passaic, Hudson, Essex and Union ticked up from 38.2 percent in 2010 to 38.8 percent in 2015.
At the same time, other parts of New Jersey saw their portion of the population drop.
Overall, the state’s population has increased 1.9 percent since 2010.
That’s well behind the national growth rate of 4.1 percent.
But the New Jersey numbers reveal how a renewed interest in living and working in and around New York City is trumping a long period of ever-outward suburban sprawl, said Rutgers University demographer James Hughes.
“The defining element of New Jersey post-World War II was suburbanization, first with people and then jobs. That trend has stopped dead in its tracks,” said Hughes, noting that most of the Metropolitan area’s job growth since the late-2000s recession has been in New York City.
“It changes the entire logic of the state,” Hughes said.
So-called millennials, people who grew up around the turn of the century, increasingly prefer the “24/7, l-w-p — live-work-play — environments” of New York City and communities bordering the city, Hughes said.
“A common attitude is, ‘We don’t want to live in the sticks. We are out of here. We want to go to the Hudson River [communities] and Brooklyn,’” he added.
Counterbalancing Hudson, at the other end of the state spectrum, was Sussex County, where the population dropped 3.7 percent and a six-county southern region including Camden, Atlantic and Salem, where the number of residents dropped by about one-half of 1 percent.
From the Star Ledger:
N.J. lost thousands of jobs in February
New Jersey’s unemployment rate fell two-tenths of a percentage point in February, even as the state recorded a loss of more than 10,000 private-sector jobs.
The state also gained 1,600 public-sector jobs in February, bringing the total job losses to 8,600. But the February unemployment rate, 4.3 percent, is the lowest since pre-recession August 2007, according to the New Jersey Department of Labor and Workforce Development.
The drop in the jobless rate is likely due to regional job growth, said Patrick O’Keefe, director of economic research at CohnReznick, an accounting and consulting firm.
More New Jerseyans found jobs out of state, helping to lower the unemployment rate here. But New Jersey based-companies cut jobs.
“It just tells us that our local economy is not generating those jobs,” he said. “That observation is consistent with the state’s longer-term trend.”
Since January 2008, 96,300 more New Jersey residents have jobs, but New Jersey is down 44,100, he said.
It’s the second consecutive month New Jersey jobs have declined, marking a turnaround from strong job gains in 2015, when New Jersey employers reported adding more than 80,000 jobs. Combined with newly revised numbers for January — 15,700 jobs lost — the state is down 24,300 for the year.
4.3% unemployment?
Wow – combine this with the headline piece, and you’ve got a strong story for the next few years.
From the Record:
Port Authority rail tunnel plan includes direct ride for North Jersey commuters
The Port Authority on Thursday committed to building a connection as part of a new Hudson River rail tunnel that, for the first time, would give North Jersey commuters a direct train ride to New York City.
The bi-state agency’s commissioners authorized spending $35 million — to be matched by $35 million from Amtrak — to fund the preliminary planning and environmental review of a project, known as Gateway, to dig a new rail tunnel under the Hudson River.
As part of the resolution, the commissioners approved a rail connection known as the Bergen Loop — a proposed section of track that would connect NJ Transit’s Main-Bergen and Pascack Valley train lines directly to the Northeast Corridor and train tunnels to New York Penn Station, bypassing Secaucus Junction entirely.
That would mean no more ferry rides. No more stressful transfers in Hoboken or Secaucus. And no more griping from local elected leaders about lost revenue opportunities, because direct train service will increase the value of North Jersey real estate by billions of dollars, generating new tax revenue for local governments, development experts said.
“It’s big,” said Janna Chernetz, New Jersey policy director for the Tri-State Transportation Campaign, which promotes transit-oriented growth. “Property values will increase and allow for more vibrant downtowns and transit hubs.”
The idea has been proposed before, most recently as part of the ARC Tunnel to 34th Street, which Governor Christie canceled in 2010.
In the years since, however, elected leaders and officials at agencies including Amtrak, NJ Transit and the Port Authority have vacillated over whether to include the Bergen Loop in any new tunnel project.
“The Bergen Loop was never in Gateway. This is new,” said Joseph Clift of the Lackawanna Coalition, an advocacy group for train riders. “It’s a significant deal.”
It’s noteworthy because the last time New Jersey expanded direct train service to New York, in 1996, the result was an immediate economic boost.
Midtown Direct, a $70 million NJ Transit project that allowed trains on the Morris & Essex lines to travel to New York Penn Station with no transfer, increased the value of homes within a half-mile of train stations along the line by an average of $34,000, according to the Northeast Corridor Commission.
…
“Something like this has enormous economic potential,” said Martin E. Robins, founding director of the Alan M. Voorhees Transportation Center at Rutgers University.
Bus commuters not left out either. Also from the Record:
New Jersey commuters are getting their new Manhattan bus terminal
New Jersey commuters will get their new bus terminal in Manhattan and New York Governor Andrew Cuomo will get his new terminal at LaGuardia Airport.
But the battle to get the two projects approved exacted a toll on the Port Authority’s leaders during an acrimonious four-hour meeting Thursday, where the agency’s chairman and executive director went head to head and where board members argued about the legality of how the agency does business.
Despite the overt hostility between Degnan and Executive Director Pat Foye, a Cuomo appointee, the two men concurred afterwards that the meeting had been historic. In addition to the Manhattan bus terminal and LaGuardia terminal projects, commissioners also approved a $2.3-billion redevelopment plan for Newark Liberty Airport’s Terminal A and $35 million for the $23.9 billion Gateway project to double rail capacity under the Hudson River.
Where the money will come from remains unclear. The agency’s current 10-year capital plan, which is under review, is pegged at just $27.6 billion, including much-needed upgrades to existing bridges, tunnels, airports and seaports. Building a new Manhattan bus terminal has been estimated at about $10 billion.
Heading into Thursday’s meeting, the New York and New Jersey sides of the bi-state agency had been at loggerheads over two projects seen as crucial in each state.
Foye and New York’s commissioners pushed for the replacement of LaGuardia’s Terminal B, seen as a key legacy project for Cuomo.
New Jersey commissioners sought a new bus terminal in Manhattan and to put an end to speculation, raised by vice-chairman Scott Rechler, a Cuomo appointee, that the agency might build a second terminal in New Jersey.
In recent days Degnan ramped up the pressure on his New York colleagues, pressing staffers for research into historic costs that raised the Terminal B cost estimate from about $4 billion to $5.3 billion, and hinting that he might turn thumbs down.
The “horse trade,” as Rechler openly called it, was simple: New Jersey got its bus terminal in Manhattan as well as talk of a New Jersey terminal squashed. New York got its LaGuardia terminal.
Anyone have an OJ Simpson jersey I can borrow? Buffalo, not SF.
Long story, I lost a bet.
“Where the money will come from remains unclear. ” ….let me guess …
Why can’t Obama and the Feds pay for it? Shovel ready and all – you know – we didn’t build it.
I would disagree. I would take a connected private sector job any day of the week over a public sector job. You basically can’t lose your job, have great benefits, and the salary is unheard of in the public sector. You know how many politicians end up in sweet private sector jobs based on who they know? Why didn’t they stay in the public sector?
Problem with your thought process, you are comparing the avg private sector job, which means you are including a large population of the “common man” who regularly gets sh!t on by the upper level of the population. You are including a lot of low skilled individuals that are there for the sole purpose of being taken advantage of based on their position in society. You then use these stats to compare public sector jobs to private sector jobs and come up with the idea that the private sector jobs are worse off. Maybe for a low level job, the public sector is better, but for the upper level jobs, private sector destroys the public sector. If you have a degree and are skilled, you are much better off going the private sector route if you want the best jobs. Unless you are being a nj cop, fireman, or judge, I would stay far away from the public sector if you are skilled.
I do the books in corporate America. I’ve audit so many companies in my days at PWC. So I saw the compensation levels for the “good” jobs and it’s nice. I’ve seen perks like a Porsche as part of the compensation package. People work out some crazy deals in the private sector, but it’s not made public, so nobody knows. They really should make all compensation public. If everyone knew what everyone makes, it would be much fairer way of bargaining. Unfortunately, the private sector keeps compensation private for this exact reason. They don’t want people comparing their compensation with each other and realizing how much better some have it in the same company.
Anon E. Moose says:
March 25, 2016 at 1:40 am
Ben [65];
Its not just the salary – private sector has far less job security; far less generous benefits; doesn’t have two months off every year.
Meh.
Isn’t this expected? South jersey and north west jersey are pretty much middle America. Where are you going to find a job in these places? You need to be within commuting distance of nyc and philly, that’s all that matters. That’s where all the action is.
“New Jersey’s unemployment rate fell two-tenths of a percentage point in February, even as the state recorded a loss of more than 10,000 private-sector jobs.
The state also gained 1,600 public-sector jobs in February, bringing the total job losses to 8,600. But the February unemployment rate, 4.3 percent, is the lowest since pre-recession August 2007, according to the New Jersey Department of Labor and Workforce Development.
The drop in the jobless rate is likely due to regional job growth, said Patrick O’Keefe, director of economic research at CohnReznick, an accounting and consulting firm.
More New Jerseyans found jobs out of state, helping to lower the unemployment rate here. But New Jersey based-companies cut jobs.
“It just tells us that our local economy is not generating those jobs,” he said. “That observation is consistent with the state’s longer-term trend.””
8- An auditor jumped ship into my company. That company audits my company. He used his connections from his former company to pressure one of the people that used to work under him to provide the current compensation levels of employees at my company. He used this as a great bargaining tool. Unfortunately, he was fired and escorted out of my building. That employee became nervous and told his superiors that this individual was asking for that information.
Point being, they do not want employees knowing what everyone makes. He was fired from a vp position over this knowledge (really smart guy too). Why are they so afraid of compensation levels becoming public knowledge that they would fire someone immediately over this? Ask yourself that.
Huge for our area!! Area is about to get much wealthier with these infrastructure improvements! A good day for the nyc metro market and its citizens.
“As part of the resolution, the commissioners approved a rail connection known as the Bergen Loop — a proposed section of track that would connect NJ Transit’s Main-Bergen and Pascack Valley train lines directly to the Northeast Corridor and train tunnels to New York Penn Station, bypassing Secaucus Junction entirely.
That would mean no more ferry rides. No more stressful transfers in Hoboken or Secaucus. And no more griping from local elected leaders about lost revenue opportunities, because direct train service will increase the value of North Jersey real estate by billions of dollars, generating new tax revenue for local governments, development experts said.
“It’s big,” said Janna Chernetz, New Jersey policy director for the Tri-State Transportation Campaign, which promotes transit-oriented growth. “Property values will increase and allow for more vibrant downtowns and transit hubs.””
re# 11- One of our bean counters had a breakdown the other day and quit. Turns out the bean counter worked 7 days a week for the last month and had enough. I have a feeling our Pumpkin may have a breakdown one day too when he finally finds out the secretary to the assistant controller who only has a high school degree makes more than him.
Michael comp is not always about $$. Some of us like flexability over money for example, knowing the C Suite gets perks is nothing new. Publicly traded companies report it. Some middle management get perks as well but it isn’t NetJets and a limo ride everywhere.
I’ll skip the perks over the 80 hour weeks.
Punkin’ started getting nervous about his job when his manager told him one day that customers’ drinks would be self-serve from then on.
So why do you think the politicians/unions always trot out the line that we all know is b.s. that these people can get paid even more in the private sector?
Essex says:
March 25, 2016 at 4:04 am
62. Business is sbout verticals. In the rare event that people cross them i.e. Gerstner from cookies to IBM and succeed, they kore than often fail. Sculley at Apple.
So lets look at the average administrator, their vertical? You guessed it. Not for profit.
15
Forgot to add, thanks for your response cause it validates what I initially said.
#CruzSexScandal was trending at #2 nationally with 220K+ tweets at 9AM, Twitter bans the hashtag at 9:15AM aaaaand it’s gone!
15. ok. so education is an industry. your point.
people may or may not be able to go from managing schools to say managing a business? Managing other relationships to make more $$$. It’s much riskier in the private sector. You are on tighter time lines and stock market money can dry up. Still one would think that with the right contacts anything is possible. But I am still looking for the ‘Profit’ if any in schools.
just for the sake of defining terms here:
in·dus·try
ˈindəstrē/
noun
1.
economic activity concerned with the processing of raw materials and manufacture of goods in factories.
“the competitiveness of American industry”
synonyms: manufacturing, production; construction
“Canadian industry”
2.
hard work.
“the kitchen became a hive of industry”
synonyms: activity, busyness, energy, vigor, productiveness; More
Sorry, I should have been more clear. My initial comment was mocking the suggestion that is always trotted out which is ‘we have to pay them these very high salaries because they’ll leave for the private sector if we don’t’ … and you’re response was, no they mostly cannot because the skill sets are not the same.
Essex says:
March 25, 2016 at 11:44 am
15. ok. so education is an industry. your point.
people may or may not be able to go from managing schools to say managing a business? Managing other relationships to make more $$$. It’s much riskier in the private sector. You are on tighter time lines and stock market money can dry up. Still one would think that with the right contacts anything is possible. But I am still looking for the ‘Profit’ if any in schools.
Ergo, their only choice to remain (in my opinion) over-paid is to find other public entities willing to do so.
20. i think at some point if you are happy with someone of that caliber and who is as you say content to be in that industry, you get what you get. Not always encouraging.
21. sure, the system perpetuates itself and until someone decides there is a better, mote efficient way to organize these cost centers you’llbe on the hook gor more taxes.
Really hope this bet pays off
“The process of job creation in an industrial economy, Mandel said, is “a war,” with technology playing a dual role: technology-driven productivity gains squeeze out workers in existing industries, while innovations create new industries that demand higher-level skills. Since the 1990s, Mandel said, America has placed a bet that this job growth would come from biotechnology, genomics, and other advances in health — the U.S. government spends more on research and development in health than any other developed country, despite spending less on R&D overall — but that bet has yet to pay off. The result, he said, has been “an inexorable process… of squeezing.”
Mandel has some ideas on how to spur along innovation, such as applying a light regulatory hand to young industries like biotech. (He also has ideas for reducing the cost of higher education, and is the founder of a company that produces news and education videos designed to be used in online courses.) But his message is essentially one of patience and persistence, until the bet pays off. “Give me one blockbuster product,” he says, “and I’ll give you a much different labor market” — one that will reward workers with everything from an associate’s degree to a Ph.D.”
http://www.remappingdebate.org/print?content=node%2F414
17
I find it hard to believe there are five women willing to sleep with Ted Cruz.
#12 pumps: the area is about to get much wealthier? Why ?
Gourd [11];
8- An auditor jumped ship into my company. That company audits my company. He used his connections from his former company to pressure one of the people that used to work under him to provide the current compensation levels of employees at my company. He used this as a great bargaining tool. Unfortunately, he was fired and escorted out of my building. That employee became nervous and told his superiors that this individual was asking for that information.
Point being, they do not want employees knowing what everyone makes. He was fired from a vp position over this knowledge (really smart guy too). Why are they so afraid of compensation levels becoming public knowledge that they would fire someone immediately over this? Ask yourself that.
I thought you were trying to dispute my point about public sector employees (like teachers) having superior job security. Instead you made it for me. When is the last time a public employee was fired for cause before the indictment? Or conviction!? A VP walked out of the building? Maybe only if he admitted voting Republican — not for anything less.
I’m gonna start calling you lava lamp: You’re not too bright, but entertaining to look at.
In your naive mind, I guess I proved you right. Obviously, you have your mind made up and are unable to see it any other way.
Can you just do me a favor and answer my question; why do politicians resort to private sector employment as the icing on their cake in their career after they are done brown nosing their corporate bosses, why don’t they stay in govt if public job compensation is so much better?
Anon E. Moose says:
March 25, 2016 at 10:13 pm
Gourd [11];
8- An auditor jumped ship into my company. That company audits my company. He used his connections from his former company to pressure one of the people that used to work under him to provide the current compensation levels of employees at my company. He used this as a great bargaining tool. Unfortunately, he was fired and escorted out of my building. That employee became nervous and told his superiors that this individual was asking for that information.
Point being, they do not want employees knowing what everyone makes. He was fired from a vp position over this knowledge (really smart guy too). Why are they so afraid of compensation levels becoming public knowledge that they would fire someone immediately over this? Ask yourself that.
I thought you were trying to dispute my point about public sector employees (like teachers) having superior job security. Instead you made it for me. When is the last time a public employee was fired for cause before the indictment? Or conviction!? A VP walked out of the building? Maybe only if he admitted voting Republican — not for anything less.
I’m gonna start calling you lava lamp: You’re not too bright, but entertaining to look at.
Due to a major investment in infrastructure that should make this location the place to be when it’s all said and done. You think direct line access will lower property values?
3b says:
March 25, 2016 at 5:57 pm
#12 pumps: the area is about to get much wealthier? Why ?
28- Anon, do you understand why he was fired? I’ve worked in the private sector and have yet to see people fired for anything besides cost cutting measures or doing something illegal. You make it seem like they are firing people for any old mistake. How do you explain private sector compensation with a ceo that drives the company into the ground and gets a huge bonus to leave? You would flip out if they payed govt employees that did a horrible job millions of dollars in compensation to leave. You only see the world through hate of govt. You do not realize that the hate you have for govt is all because of corporations (private sector) buying out the govt for their needs. A govt can’t be corrupt, only the players. Govt is an institution and an institution cannot itself be corrupt. When big money comes bribing govt to get what it wants, there is your problem. So you are really pissed off at the corruption in the private sector, but fail to realize it. I’m praying one day that you do get it. I promise you, ordinary workers in the public sector are not to blame for anything. They didn’t do anything besides show up for work. Every aspect of their job is controlled. They have no influence over anything. You think our resident teacher (ben), is out to get the taxpayer? Come on, have a more realistic approach to how our system works.
Anon, who works for who? Corporations work for govt or govt work for corporations?
The property—purchased from a financially ailing Jackson in 2008 with a $23.5 million note from Thomas Barrack Jr.’s Colony Capital LLC—is located in Los Olivos, a town of around 1,100 residents located about 130 miles northeast of L.A. That’s pretty far from the proliferation of the highest-end homes. “Most of the homes in these price ranges are waterfront, or with ocean views, or they’re in the cities,” said DeSimone. “They’re concentrated in L.A., New York, San Francisco, and Miami.”
http://www.bloomberg.com/news/articles/2016-03-25/why-michael-jackson-s-neverland-ranch-still-isn-t-sold
If only the job creators were smart enough to give raises at the expense of profits in times of low growth. Too bad the greed blinds them from seeing how giving substantial raises in this type of low growth environment would pay dividends down the road with the growth you will achieve. (Remember, I’m not advocating for this type of behavior when the economy is experiencing inflation, I’m only advocating for raises at the expense of profits in a battle with low growth/deflationary measures)
“The U.S. economy grew in the fourth quarter at a faster pace than previously estimated, supported by stronger household spending that’s helping cushion the expansion from weakness overseas.”
http://www.bloomberg.com/news/articles/2016-03-25/u-s-economy-grew-1-4-in-fourth-quarter-supported-by-consumers