The Philly Fed released the economic activity indexes for New Jersey yesterday. That data can be found here:
NEW JERSEY LEADING ECONOMIC INDEX
The leading index for New Jersey, constructed by the Federal Reserve Bank of Philadelphia, was 2.4 in January. The leading index’s positive readings in recent months have been supported by strong trend growth in the state’s coincident index, which has increased 1.1 percent since September. Initial unemployment claims increased in January, though December’s value was a two-year low for the statistic. Housing permits fell slightly, and the index of vendor delivery times in January from the Philadelphia Fed’s Business Outlook Survey was negative. January’s reading of New Jersey’s leading index suggests moderate growth into the fourth quarter of 2007.
The coincident index for New Jersey increased 0.3 percent in January. This rate of growth is above the monthly average for 2006. The unemployment rate decreased for the second month in a row, and payroll employment increased. Average hours worked in manufacturing decreased marginally. New Jersey’s economic activity as measured by the coincident index is up 3.1 percent over the past 12 months.
From the Record:
Honeywell plant selling land, shutting down in Teterboro
Honeywell International Inc.’s plant in Teterboro, a key aircraft parts manufacturing site during World War II, is shutting its doors, leaving many of its 425 workers without jobs.
Honeywell informed employees Tuesday morning that it is selling the former Bendix plant, which at its peak employed 13,000 workers, to a Denver-based company that specializes in mixed-use development.
A few folks I know are impacted by housing prices, in particular condos. One is not buying, but has moved back home to wait. Another would not do well in a stagnant job market and could be forced to take a loss if moving.
I was thinking about the early 90’s condo/TH trend in NJ.
Besides the opinion some folks have that this type of housing will fall faster and go lower than single family residences, were there any distinct implications for rents that might still hold?
Do condos make up a greater percentage of residences in 2007 than 25 years ago?
If it’s true that the NJ economy is based on a greater share of lower-paid, service jobs, then will a condo downturn now have more of an implication for a greater share of NJ residents?
I’m thinking that during the next five years, more young people and lower-earning families will move in with parents and others, creating a higher per household income, but a lower median price, permitting more wage stagnation than then.
But this would depend on demographics I don’t have, as well as the relative percentage of housing types.
With yesterday’s housing construction up 9%,and New Jersey’s economy picking up steam (http://www.app.com/apps/pbcs.dll/article?AID=/20070321/BUSINESS/703210397/1003) it appears N.J has dodged the bullet again .
Sally,
Would you explain to the readers what “housing construction up 9%” means?
You still didn’t send me an email (jamesbednar at gmail dot com). I’ve asked you 3 times to email me. Oh yeah, what brokerage do you work for again?
Thanks
In your own words, please.
jb
I’ll help you out. The actual data behind your statement can be found here:
http://www.census.gov/indicator/www/newresconst.pdf
Since this is regional data, lets look at the Northeast region. We are talking about the NJ economy here, not the national economy. Unfortunately, we don’t have the data by state, so we’ll need to settle for a look at the Northeast.
Permits
Monthly – Down 26%
Yearly – Down 30.7%
Authorized
Monthly – Down 5%
Yearly – Down 20%
Started
Monthly – Down 29.7%
Yearly – Down 27.4%
Under Construction
Monthly – No change
Yearly – Down 6.7%
Completed
Monthly – Down 8.2%
Yearly – Down 24.3%
Where exactly do you see strength in these numbers?
jb
Sally
1. To rush out or leap forth suddenly.
2. To issue suddenly from a defensive or besieged position to attack an enemy.
3. To set out on a trip or excursion: sallied forth to see the world.
Bold emphasis added because I think #2 fits quite well.
Rich
Son of bitc… I didn’t close the ‘bold’ after the word position!
I tell you what,lets see where housing goes ,with interest rates comming down ,a strong economy,I like my chances better than your gloom and doom,of course when you live in trailer park things never look good do they? g’evening gent’s
of course when you live in trailer park things never look good do they?
From Fortune:
A $510 million trailer park cashes out
There are a lot of homeowners in Florida who are looking to sell and can’t get their asking price. The real estate boom they counted on to make them rich has passed them by. This story is not about them.
For the past few weeks, the 411 people who live at Briny Breezes, a 43-acre trailer park on the Atlantic about 60 miles north of Miami, have been facing the exact opposite situation.
In December a developer offered them much more than any of them paid – and much more than any of them ever expected to get – for their homes. On Jan. 10, a majority of residents voted to accept. Few of them, though, seem very happy about it.
The developer, Ocean Land Investments (OLI), bid $510 million. That means the owners of Briny Breezes’s 488 mobile homes (many of which could have been bought for less than $100,000 a few years ago) are now millionaires on paper.
sally,
Back it up.
Or did you attend the Fred Astaire school of dance?
Because you are really good at dancing around the questions, and not backing up what you say.
ok, enough said. Somebody give me some meat with my potatoes.
SAS