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Economic development: what's ahead for '93.

Early 1992 found those of us in economic development increasingly optimistic about the New Jersey's improving economic health. At that time, prospect activity was up, residential real estate brisk, retail activity while spotty was tracking positively, and consumer confidence was beginning to move increasingly positive.

Since that time, this very stubborn "on-again/off-again" recession seems to have renewed itself. While generally our prospect activity remains well ahead of this time last year, confidence levels of consumers, as well as business executives, seem to be eroding.

In addition, unemployment figures continue to seem to be heading towards the double digit level. Recognizing these factors and in trying to be responsive in reacting to them, PSE&G recently implemented a series of five economic rate programs aimed at filling vacant buildings, creating employment, and inducing residential real estate activity by electric and gas rate discounts and grants.

Our Business Enhancement Program (BEP), aimed at retaining business in New Jersey, has become increasingly successful. To date, almost 200 firms have used the program and ha | problems addressed to their satisfaction.

As we move into 1993, these new creative approaches towards inducing business attraction and retention actively within our State will continue to be helpful. The Area Development Department is particularly hopeful that back-office relocation activity, prompted by a nominal recovery of the financial and investment businesses that Wall Street seems to be experiencing, should occur.

In addition, international business activity for the State will hopefully be assisted by the initiation of a new business attraction campaign on the part of PSE&G labelled "Tradelink: NJ" and aimed at Western European markets.
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Title Annotation:Review & Forecast, Section IV; forecast for economic conditions in New Jersey in 1993 based on economic development plan
Author:Kukan, Stephen J.
Publication:Real Estate Weekly
Date:Jan 27, 1993
Words:268
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