From the Star Ledger:
Why paychecks in N.J. aren’t growing as fast as the rest of the U.S.
New Jersey hit near rock bottom in wage growth last year as compared to the rest of the country, according to new data released Saturday, raising fresh concerns about the strength of the state’s post-recession recovery, especially when it comes to workers.
The state’s average weekly paycheck grew 1.8 percent from 2016 to 2017, while wages grew 3.9 percent nationally, according to the Bureau of Labor Statistics. The slow growth placed the Garden State at 50th among all states and Washington, D.C., beating only Alaska.
“New Jersey’s been lagging over the post-recession period, but fiftieth is a little unexpected,” said James Hughes, professor of economics and former dean of the Edward J. Bloustein School at Rutgers University.
While the state’s wages remained relatively high — $1,262 on average, making it fifth in the nation — those wages are counterbalanced by its high cost of living. New Jersey has the fifth-highest rents and the fourth-highest home prices in the nation, according to Census data.
By comparison, New York was second in average wages and second in wage growth from 2016 to 2017. California, with the fourth-highest wages, had the fourth-highest wage growth as well, according to the Bureau of Labor Statistics.
Connecticut was most similar to New Jersey.
“New Jersey and Connecticut are both suburban economies, which are not the strongest nationally right now,” Hughes said. “Since the recession, the most favored places are the 24/7 work-play environments, while the weakest areas are dominated by suburban office buildings. … The places where wages are growing faster are where millennials want to live.”
Yet well-off, suburban Morris County in North Jersey actually matched the national average, with 3.9 percent wage growth. New, often cutting-edge industries have moved to that county in recent years, such as the re-opening of the Bell Labs complex.
Hudson, Monmouth, and Atlantic counties had the biggest increases after Morris. Mercer’s wages, in contrast, actually shrank slightly between 2016 and 2017 — the only county to do so.
Morris County also had the highest wages in the state, with Somerset County trailing close behind. Cape May and Ocean had the lowest wages, although the data included part-time and seasonal workers that may offset the wages of full-time residents.
New Jersey companies employed 4.1 million people in the last quarter of 2017, about half of the state’s population. But that number is likely an underestimation of New Jersey workers, since 14 percent of residents worked out of state in the 2012-2016 Census snapshot.
…
Passaic was last in employment growth, but every county tracked by the bureau had more workers in 2017 than in 2016. Yet with Baby Boomers retiring and being replaced by lower-wage millennials, the wage situation will probably remain well into the future, Hughes said.“The administration in Trenton has a tough road ahead,” he said.
Higher business taxes should spur wage growth in jersey and attract new businesses too.
Hattie b’s hot chicken in Nashville has the best fried chicken I’ve ever had. I only got the medium level of spice and it was very hot.
Nashville reminded me of Austin.
Pigeon Forge is like the jersey shore for southerners. Lots of tourist trap places.
Now I see what happens a few decades after hundreds of people knock up their cousins. I’m pretty sure if there was ever a Mr. pigeon forge contest me, pumps, and expat would come in the top 10 just by showing up. We might even sweep.
Hoping Gatlinburg is nicer. Maybe pigeon forge is like seaside and Gatlinburg is like ocean city. Will find out today.
Every car here is from the south except for 1 car from Ohio.
I keep thinking about that article someone posted here about people from the northeast retiring to Appalachia and not blending in. We go into rural towns in Texas all the time and we were surprised by how our fellow tourists look. Most look like extras from Deliverance or the dukes of hazard.
Felt the same about Branson, Missouri.
And hell, I was just passing through, not there on vacation.
By the way, it’s where Yakov Smirnoff went to die.
Why did Yakov hate himself so much?
We came here to go to the smoky moutains National Park. At least that should be good.
The bass pro shop in Memphis was amazing. It’s in a pyramid along the Mississippi. I think it used to be an arena. 535,000 sq ft. It has an artificial cypress swamp in it. The alligator tacos and Cajun catfish uncle bucks fish bowl served were delicious. For $10 you can take a 28 story elevator up to the top and walk out onto a glass floor observation deck that looks out over the Mississippi.
Speaking of Bass Pro – the founder (Johnny Morris) golf course Top of the Rock/Big Cedar Lodge) outside Branson is pretty amazing. It is decidedly the most non-Branson thing in Branson.
Grim
We actually might go there one day. It’s about 8 hours from us. The big cypress lodge looks great. I think there is an aquarium in the area too that just opened. The flagship bass pro that’s over 500k sq ft is in Missouri too. Maybe in Springfield? I remember that was a 7-8 hour drive, about the same drive as going to Memphis for us.
My sister down TN way recommends Smokies but says they are going to be a horror show with the holiday. Alternative can be Cumberlands (Jerky National Park IIRC). Also pet friendly unlike smokies.
Democratic response in NJ is going to be to use this as rationale to push the minimum wage to $15, just saying.
As well as additional corporate tax increases to fund public worker raises.
Port Authority minimum wages increase plan is a lock now, going from $10 an hour currently, to nearly $20 in the next 5 years, a massive increase.
BRT, re Newark from yesterday…
Don’t forget the Pru, from both a crime and development perspective. It’s really the only section of town that redeveloped, due to that facility and its ancillary businesses. It also decreased crime in that area as both the owners and the city understood any violence against fans and it’s over. Events are still policed tighter than a Presidential visit to downtown Baghdad.
Pru of course was private money, Chambers and Van derBeek. Chambers was one of the original parties moving LBOs from the backwaters to an institutional asset class, grew up and was schooled in Newark, and is a long time billionaire. VDB was a centimillionaire from Lehman (before the stock went to zero). Both committed very strongly to Newark, money and actions.
They both have put serious dollars, hundreds of millions, into actually turning that city around, not just in anchoring the Pru and NJPAC but other situations not so prominent.
Murphy needs to form a committee to study the feasibility to fund a new agency called the Unification Board in order to spur growth. That’s the problem; we need more leadership from those that really, really care about us.
Hattie B’s.yummm. I got a chicken leg there that was the size of a whole chicken. Took me two days to eat that beast.
Don’t forget that tourist trap, forgot its name.. selling donuts for $4 each. Amish donuts are still the best.
Speaking of food prices, I’m building a home in Sarasota County, FL right now. There are Amish stores there that sell food at ridiculously low prices, all fresh stuff. Swordfish for $8 lb, same for tuna. Halibut was $12/lb. Fresher than in NE. Not to mention the inexpensive fruits and veggies. Stores are always packed. killing the big chains.
We pick food ourselves from the U-Pick-it farms in NJ. Picked 15 lbs of raspberries from a Hunterdon County farm Monday. Picked 25lbs each of orange/red beets, pickling cukes, zucchinis, et al yesterday. Also stopped by a blueberry packing plant in Hammonton yesterday. Blueberry capital of the world. Bought 36 cartons.
I do alot of canning. What else in retirement? Well, Maybe taking care of my rentals, too. Either way, we have a big freezer and a Vitamix. Smoothies all year long. You get spoiled this way.
Now back to making raspberry/blueberry jam.
Blue,
Guy did a lot for Newark even though you refuse to acknowledge it.
“When I was elected in 2006, my team and I were determined to make our city safer, more prosperous, and more successful than ever before. We prioritized public safety, and put reducing crime and violence at the center of our efforts. In 2008, our city went 43 days without a murder, the longest streak in 48 years. Four years into my administration in 2010, the city of Newark had its first calendar month without a murder since 1966.
We worked to jumpstart Newark’s economy. Billions of dollars in new investments came into Newark, and these projects created jobs for local residents. For the first time in 50 years new residential high-rises broke ground downtown, for the first time in 40 years a new hotel opened in our city’s downtown, and for the first time in 20 years the city had new office towers and major supermarkets being built. By the 2010 Census, Newark’s population had grown instead of shrunk for the first time in 60 years.”
Yes, those accomplishments are nothing, especially since they took place during the Great Recession.
Should have done this like 5 years ago. You are older than me and must know how the Florida real estate market works by now. Boom hard, and bust hard.
“I’m building a home in Sarasota County, FL right now.”
Why are you such a hater? Do you know how bad Newark was? It’s amazing that a successful arena is in place now, but just write it off as a negative. Unreal.
leftwing says:
July 4, 2018 at 9:18 am
BRT, re Newark from yesterday…
Don’t forget the Pru, from both a crime and development perspective. It’s really the only section of town that redeveloped, due to that facility and its ancillary businesses. It also decreased crime in that area as both the owners and the city understood any violence against fans and it’s over. Events are still policed tighter than a Presidential visit to downtown Baghdad.
As to the opening article about wage growth and nj, it will come. If I have to say it a million times, I will. Nj is going through a major transition in its economy. It was the king of the suburbs for Christ’s sake. It is now changing and concentrating into an urban Mecca in north jersey. It’s happening right before our eyes. You guys can’t see this change? Are you that blind? The tech heads will be attracted to this setting and setup shop. It’s only a matter of time (maybe another 10 years) that nj starts to dominate at that national level again. Let the transition play out before you write nj off for dead.
Show me another part of the country that is becoming as densely populated as the ring(represented by rt 287) around north jersey. Nowhere else looks like this. It’s inevitable that this economy will become a juggernaut. It’s so obvious.
Pumpkin, I bought the Florida lot in 2010. Nadir point of RE prices was missed by just one month.Followed the price drops for a year. I bought the property off the bank, ie, foreclosure. Paid 1/5 of the price the sucker paid for in 2004.
No worries, Murphy just gave $75 million in tax credits to Hollywood millionaires.
He knows that to be president you’ve got to win over Hollywood.
https://www.nj.com/politics/index.ssf/2018/07/murphy_signs_snooki_law_to_revive_nj_film_tax_cred.html
Turns out, you are good if you are a Hollywood millionaire, bad if you are a New Jersey millionaire.
Similar to when Christie waived the 30 million trump owed to the nj tax payers?
How bout the free lunch Christie gave to Exxon?
grim says:
July 4, 2018 at 10:48 am
No worries, Murphy just gave $75 million in tax credits to Hollywood millionaires.
He knows that to be president you’ve got to win over Hollywood.
Turns out, it’s good if you are a Hollywood millionaire, bad if you are a New Jersey millionaire.
He’s just jealous I think… Jack had Marilyn, Murphy has Snooki.
Great move, now sell it! Lol
Xolepa says:
July 4, 2018 at 10:36 am
Pumpkin, I bought the Florida lot in 2010. Nadir point of RE prices was missed by just one month.Followed the price drops for a year. I bought the property off the bank, ie, foreclosure. Paid 1/5 of the price the sucker paid for in 2004.
Sorry, house is being built on it now. We’ll see if we can cut it as snow birds. Time (and money) will see.
Good luck with it.
Congrats on the “buy low” acquisition! You killed it.
I’m not a hater. I posted the actual statistic that proved your statement wrong on Booker. I thought facts matter.
Pretty sure he doesn’t want or need your validation.
Seen quite a few confederate flags. People here are fugly.
Maybe all the smart and good looking people left. Or meth is a heck of a drug.
Park is beautiful
Gatlinburg is much nicer than pigeon forge
Last time I checked, many of us spent a good two terms bitching about Christie.
The way the Florida market works is that if it’s going up in value, it’s a bubble. My parents moved there in 88 in a big time develope entire. Dropped 650k on a giant home in a gated community. Had a few neighbors who were on the newly created Orlando Magic. It recently resold a few years ago at 680k. So 30 years to break even on that purchase. My parents took a 180k loss when they sold it in 93.
Shout out to the Pru! Gave me my first job as work study intern in 1979. Commuted to Newark as a 17 year old from Staten Island, that was a 2 . 5 hour adventure each way. Got a car the next year!
Pumps – You’re an uneducated liar and you refuse to acknowledge it. When’s your next class reunion?
Guy did a lot for Newark even though you refuse to acknowledge it.
Three degrees, yet you’re the only person here who never mentions high school, college or what you majored in. You majored in failing and bullshit.
You were only able to buy Nana’s home under market because you were already a HS dropout with a full time job. Or did you get your mortgage from the bank of Nana?
@Slate
Scott Pruitt asked top aide to help his wife secure a $200,000 job at a conservative group
@Reuters
EPA’s Pruitt asked Trump to fire Sessions, name him attorney general
GOP ShitShow
Trump is a certified imbecile.
What are those grass like bushes you find on the beach called?
Walk a couple blocks past the Pru Centet and Newark is still bad!!
3b 7:27,
Feminist guidettes?
Armenian girls
What are those grass like bushes you find on the beach called?