Professor Will Irving spoke at the New Jersey State House on Monday, August 18th discussing the latest R/ECON economic forecast for the state of New Jersey and beyond. This event was hosted by the New Jersey State Policy Lab, the Bloustein School of Planning and Public Policy, and Rutgers Government Relations as part of the “Policy in Practice” speaker series.
“It’s difficult to talk about the economy or forecast the economy without acknowledging the current state of uncertainty of the broader landscape,” Will explained. R/ECON’s economic forecast for the Garden State as of mid-2025 continues to show a slowing trajectory, with annual GDP growth projected at just 0.5% for 2025, significantly lower than in prior forecasts and markedly below the national projected rate of 1.5%. Nationally, tariff increases are expected to put upward pressure on prices, and increases in immigrant deportations are likely to further impact the national employment outlook.
The Rutgers Economic Advisory Service (R/ECON) was created with the mission to improve the quality and accessibility of tools for economic forecasting and policy simulation. With the support of the New Jersey State Policy Lab (NJSPL), R/ECON employs a comprehensive set of tools to provide accurate and timely assessments of the New Jersey economy. This forecast is part of a larger economic report available to subscribers. If your organization would like to subscribe to the full economic forecast report, please contact Will Irving via email will.irving@rutgers.edu.
“Policy in Practice” is a new, ongoing speaker series organized in collaboration with the NJSPL, the Bloustein School, and Rutgers Government Relations, with the goal of deepening connections between researchers and policymakers at the local level. Interested attendees are encouraged to contact policylab@ejb.rutgers.edu to be notified of the next event.