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Second Annual Garden State Economic Forum Reviewed Progress of New Jersey’s Economic Recovery

Joseph Seneca of Rutgers offered a preview of the likely effects that Superstorm Sandy will have on the New Jersey economy.
  Leading economists and other experts offered their views on the state of New Jersey’s economy and the nation’s at the second annual Garden State Economic Forum on Nov. 13, 2012.

The forum was organized by Treasury’s Office of the Chief Economist with the theme of “Updating the Recovery” of New Jersey’s economy.

Tracye McDaniel, president and CEO of Choose New Jersey, opened the forum with an overview of the state’s economic development programs and Charles Steindel, Treasury’s Chief Economist, highlighted recent signs of strengthening in the New Jersey economy.

John Silvia, chief economist for Wells Fargo, and Joseph Seneca, University Professor of Economics for Rutgers University’s Edward J. Bloustein School of Policy and Planning, gave broad overviews of the current strengths and weaknesses of both the New Jersey and national economies.

Seneca also outlined the negative and positive economic effects Superstorm Sandy is likely to have on New Jersey.

Andrew Haughwout, vice president in the research and statistics group at the Federal Reserve Bank of New York, presented data on recent trends in accumulation and reduction of household debt and David Kotok, chief investment officer for Cumberland Advisors, an investment advisory firm with offices in Vineland and Sarasota, Fla., underlined the need for New Jersey to make its business climate more competitive in order to persuade businesses to locate and expand in the state.

 
Left to right: Charles Steindel, John Silvia and Joseph Seneca discuss the economic outlook for New Jersey and the nation.


Left to right: State Treasurer Andrew Sidamon-Eristoff, Rich Bagger, Joel Naroff and Steve Cochrane exchange views during a panel discussion.

  In addition, a panel moderated by State Treasurer Andrew Sidamon-Eristoff discussed the future prospects for New Jersey’s economic growth. Rich Bagger, senior vice president of corporate affairs and strategic market access for Celgene and former chief of staff for Gov. Chris Christie, talked about the way businesses make decisions on where to locate new facilities and employees.

Joel Naroff, of Naroff Economic Advisors, discussed the outlook for three of New Jersey’s most important industries, finance, life sciences and tourism, particularly in the Atlantic City area and Steve Cochrane, managing director for Moody’s Analytics, pointed to the speed with which backlogged foreclosures are cleared and how states implement the health exchange and expanded Medicaid coverage provisions of the Patient Protection as Affordable Care Act as key factors that could affect the ongoing economic recovery in New Jersey and other states.


The event was held in the New Jersey State Museum in Trenton. Links to the speakers’ presentations are below.

Garden State Economic Forum Presentations:
Charles Steindel adobe 1539 kb
John Silvia adobe 457 kb
Joseph Seneca adobe 376 kb
Andrew Haughwout adobe 715 kb
David Kotok adobe 475 kb

 


Rich Bagger answers a question from the audience.




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