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Positive signs of life in New Jersey.

The New Jersey economy has exhibited definite signs of improvement through the first quarter of 1993. To date, PSE&G has received 10,000 requests for information on the 'New Jersey in the 90's' campaign. In addition, actual prospects the Area Development Department has been receiving for 1993 are up over 6 percent from an equivalent period last year, with industrial prospect activity up an incredible 20 percent.

While unemployment problems persist, the State's new job retraining programs initiated by Commissioner Ray Bramucci of the New Jersey Department of Labor, have been both imaginative and timely in helping New Jersey's labor force meet the challenge of new skill requirements.

The New Jersey Economic Development Authority with its expanded role has been providing creative answers to financing problems companies have been experiencing regarding expansion or location in New Jersey.

Also in the first quarter results of operations for New Jersey's major lending institutions have generally all been very positive, leading us to feel traditional financing will become more available to developers and builders than in the recent past.

This year, 1993 is an election year in New Jersey and we feel that the New Jersey economy will benefit from the conclusion of the election process in a fashion similar to how the national economy benefitted from the election of a new president. Along with a perception of a "fresh start", there is a feeling of certainty regarding the direction in which the economy would be going.

Public sector spending (transportation, etc.) in New Jersey continues to outpace private sector investment. While it is desirable that private sector spending increase, the public sector expenditures in the area of infrastructure improvement for example will pay dividends in the State's future capability to support sew development activity.

Manufacturing initiatives such as the SAVE JOBS 2000 (State Alliance for a Vibrant Economy - JOBS 2000), which is a coalition of 12 organizations focused on balanced economic development, should bear fruit. The group with the help of a consultant is attempting to identify New Jersey incentive impediments to manufacturing industry renewal and implement corrective policies. Further, PSE&G's economic incentive rates and new Demand Side Management programs should drive directly towards bottom line improvement for New Jersey based companies.

In particular, the Area Development Department of PSE&G feels export related activity holds great potential for revitalization of the New Jersey economy. Current plans call for the implementation "in the Fall of 1993" of our new "TradeLink - NJ" program aimed at familiarizing small to medium size companies with export related opportunities in helping them in the process of realizing those opportunities.
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Title Annotation:Mid-Year Review & Forecast, Section IV; economy shows signs of improvement
Author:Kukan, Stephen J.
Publication:Real Estate Weekly
Article Type:Column
Date:Jun 23, 1993
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