State optimistic recovery will continue, provide foundation for budget

TRENTON – In his budget address today, Gov. Christie emphasized his expectations that the economy is on the rebound in New Jersey.

In an accompanying budget summary issued by the Treasury Department, the state points to what it feels are numerous optimistic signposts: job growth, business confidence, housing growth.

The state reports that “New Jersey’s economy began to build up momentum in 2011 with the private sector adding 39,400 jobs in the state over the 12 months ending in December 2011 for nearly 60,000 private sector jobs since Governor Christie took office.

2011 was the first year since 2007 to see the state’s job count rise over the course of the year. The increase in private jobs was the largest in both absolute and percentage terms since 2000.”

Among other things, the state points to the signs of job growth that developed last year.

“At the end of 2011, 60.2% of New Jersey’s population was employed, up from 59.5% a year earlier, and considerably higher than the national figure of 58.5%.”

“The outlook for 2012 and 2013 is favorable and looking positive as long as the state does not undo the hard work of the last two years. Consumer and business confidence is on the upswing, and both household and business spending are likely to continue to expand.

“The housing market is expected to make some gains. At the least, homeowners are expected to stop deferring renovations and improvements. In this environment, more jobs should be created as long as New Jersey continues to implement pro-growth policies that foster job creation and instill continued confidence that the New Jersey Comeback has begun.”

The outlook for projected income tax revenue in fiscal year 2013 shows that total growing to $11.8 billion from $11.1 billion in revised fiscal year 2012 figures. And that increase assumes that the governor’s 10 percent income tax cut is in the first year of its three-year enactment.

State optimistic recovery will continue, provide foundation for budget