by Tia Azzi and Michael Lahr, Rutgers Economic Advisory Service (R/Econ™) According to the latest Census count, New Jersey's population peaked above nine million for the first time in 2020. More precisely, it had 9,288,994 inhabitants in 2020, an adjustment of 400,968 from prior Census Bureau estimates for 2020. That is, Census estimates were [...]
Naheed Azhar and Michael L. Lahr, Rutgers Economic Advisory Service (R/Econ™) As the count of listings and asking prices flattened,[i] realtors and creditors predicted a rise in foreclosures and mortgage delinquencies as people were laid off and furloughed and as many small businesses failed.[ii] But things did not roll out as feared for housing markets. [...]
By Michael L. Lahr, Rutgers Economic Advisory Service (R/Econ™) Here we are in mid-March of 2022 and the average price of a gallon of regular grade gasoline in New Jersey is $4.335; a year ago it was $2.925.[1] That’s nearly a 50% increase in less than a year. How and why did it come to [...]
Maia de la Calle and Michael L. Lahr, Rutgers Economic Advisory Service (R/Econ™) The New Jersey State Policy Lab started operating when some of the first local-level data were released from the 2020 Census. It, therefore, seemed somewhat natural for the Lab to produce a census-based product that likely would appeal to governments within the [...]
Michael Lahr, R/Econ™ In terms of both crude oil and natural gas production, Russia is second only to the United States worldwide. Moreover, about 8% of U.S. petroleum imports are from Russia.[1] For Europe, that share is closer to 40%.[2] So, clearly the Russia-Ukraine crisis poses a severe risk to petroleum markets. The shutdown of all [...]
by Tia Azzi and Michael Lahr, R/Econ™ The latest report from R/Econ™ examines the migration trends across counties within New Jersey between 2018 and 2019. This report uses Internal Revenue Service (IRS) data, rather than that from than the U.S. Census, to report migration by county. This analysis divides New Jersey into five regions to [...]
By Michael L. Lahr, Director of Rutgers Economic Research Service (R/ECON™) What is the status of New Jersey housing markets? The bottom line has been more or less the same since June 2020: double-digit price growth prompted by low inventory and depressed interest rates. Have they peaked? That is a tougher call. For sure, the [...]
By Michael L. Lahr, R/ECON™ Housing markets are not just geographically separated, they are socially stratified too (in combination the two generate what is termed, “housing market segmentation”). Properties in a region can differ radically in price (e.g., range between $20,000 and $1,000,000 per acre). Moreover, the buyer base and housing availability for that particular [...]
Tia Azzi, R/ECON Not all bike lanes are created equal. New Jersey is trying to encourage bicycling as a main form of transportation by enhancing existing ways and expanding bike lanes. But only about 0.3% of New Jersey residents bike to work.[1] This contrasts with nationwide commuting behavior in countries like the Netherlands in which [...]
Tia Azzi For many years, New Jersey has lost population via net in- and out-migration. From 2011 through 2019, this has resulted in the state hemorrhaging a total of more than $23.6 billion in net adjusted gross income (AGI) according to U.S. Internal Revenue Service (IRS) 2021 data. While education plays a role, the migration [...]
