Mercer,
Middlesex, Monmouth,
Recent Employment Trends
From July 2007 to October 2007, total nonfarm employment in the five-county Central Region increased by 2,800 to reach a seasonally adjusted level of 1,284,300. The region mirrored the state’s growth (0.2%) during the three-month period.
The regions seasonally adjusted quarterly gain was the result of a rise in both components of total nonfarm employment: government (+1,700) and private-sector (+1,100). The region’s Trenton-Ewing Labor Area accounted for all of the private-sector gains while the Edison Labor Area was responsible for the entire increase in the government sector.
Since October 2006, the Central Region added an estimated 12,700 jobs, based on not seasonally adjusted data. The region experienced a growth rate of 1.0 percent, better than the state’s rate of 0.6 percent.
The region’s private sector employment picture was a mixture of gains and losses among the various industry supersectors. The largest private sector employment gains occurred in the other services (+4,500), education and health services (+3,800) and professional and business services (+3,400) supersectors.
Counterbalancing
these gains were declines in trade, transportation and utilities (-2,900),
manufacturing (-1,000) and construction (-600).
In trade, transportation and utilities, losses were evidenced in the
retail trade (-1,200), transportation, warehousing and utilities (-1,000) and
wholesale trade (-700) components. Also,
within financial activities, difficulties in the mortgage lending industry and
the housing market may have been responsible for the declines in the finance
and insurance (-1,000) component.
Government employment was up by 4,200 since October 2006, with the majority of the gain recorded at the local government level (+2,400) due mostly to increases in local education.
Outlook
The five-county Central Region can anticipate modest economic growth in the coming months. Due to a large population, there will be a need for more jobs in educational and health services and government, mainly at the local level.
Despite leisure and
hospitality and retail trade’s high turnover in employment, these
sectors should see a boost in the Edison Labor Area’s employment as the
open-air lifestyle center at the Freehold Raceway Mall (
Expansion of the Trenton Labor Area payrolls in trade,
transportation and utilities may be sluggish early in 2008 as most planned
openings are of smaller specialty retail stores such as apparel and
accessories. However, payrolls may
experience a greater increase later in the year as the Shoppes at Hamilton, a
50-tenant lifestyle center being developed along Route 130 in Hamilton, is
scheduled to open in the fall of 2008.
Also, jobholding may benefit as tenants occupy warehouses being
constructed in
Recent Economic Developments
v
Computer Associates
International
will transfer 100 jobs from
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Several new businesses
are coming to Route 130 in Hamilton Twp.
A Hilton Garden Inn opened in
September 2007, and a T.G.I. Friday’s
and Outback Steakhouse are due to
open by the end of 2007.
Monmouth,
Ocean, Middlesex, and
Employment Trends
In the Edison Labor area, total nonfarm wage and salary employment
increased by 1,700 or 0.2 percent from July 2007 to a seasonally adjusted total
1,036,200 in October 2007. In comparison,
statewide employment grew at the same rate of the labor area by 0.2 percent.
Over the quarter, seasonally adjusted employment gains were all in the
government sector (1,700). Local government in the labor area has seen steady
growth in employment over the last five years as the population continues to
increase, resulting in a corresponding demand for local services.
Over the year from October 2006 to October 2007, total nonfarm employment
in the Edison Labor Area grew by 8,900 based on unadjusted data. During this
period, jobholding in the area increased by 0.9 percent, faster than the
state’s rate of growth (0.6%). This year marked the tenth consecutive
October-to-October increase in employment in the labor area. The area’s gain
was the result of increases in the private service-providing sector (+7,100)
and government (+3,400), which were partially offset by losses in the
goods-producing sector (-1,600)
During this 12-month period, service providing sector payrolls moved
higher in other services (+3,900), government (+3,400), educational and health
services (+3,100), and professional and business
services (+2,600). Other services include automotive, consumer
electronics and office machine repair services, and personal care and laundry
services. Increased educational and
health services payrolls are a
reflection of the needs and demands of a growing and diverse population. The gain in professional and business
services was largely due to the growth in administrative and support
services/waste management/ remediation services (+1,800).
Over the same period, sectors that experienced job losses in the labor
area were retail trade (-1,400), transportation, warehousing, and utilities (-1,200), and manufacturing (-1,100). Automated
Distribution Systems in
Helping to counteract the decline in manufacturing employment was an
upturn in chemical manufacturing employment (+600). This increase was primarily
the result of the relocation of Eisai, a
The loss of employment in retail trade was concentrated in food and
beverage stores (-500) and is consistent for this time of year as local
businesses and attractions close for the summer season in Monmouth and
Outlook
The Edison Labor Area’s economic
growth should remain steady. Construction employment looks positive for the
remainder of 2007 with several large projects including residential and infrastructure.
Construction continues on the rehabilitation project of I-287 between
Retail trade should see a rebound
in employment as new shopping centers add jobs to the labor area. Projected to
open during the spring of 2008 in
The transportation, warehousing and utilities sector may see a boost in
payrolls as US Foodservice has signed a lease for 450,000-sq.ft. of space in the new
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Tiffany & Co., the upscale jeweler will open
an anchor store at the downtown Red Bank building in late November 2007 with 20
employees.
In
October 2007, total nonfarm employment in the Trenton-Ewing Labor Area reached
248,100, based on seasonally adjusted figures. Payroll growth in the area
between July 2007 and October 2007 was 1,100 jobs or 0.4 percent, and marks the
fourth consecutive year for area July-to-October quarter employment gains. Area job growth was concentrated in the
private sector while payrolls in government remained unchanged.
Private
sector gains were attributable in part to greater than seasonal hiring in
educational and health services and leisure and hospitality. Developments in educational and health
services that contributed to growth include an expansion at Robert Wood Johnson
University Hospital Hamilton and the opening of
Payrolls in the Trenton-Ewing Labor Area increased by 3,800
between October 2006 and October 2007, based on unadjusted data. Area job growth
(1.5%) occurred at a rate nearly three times that of the state (0.6%). Job gains were concentrated in the service
providing sector which increased at a rate of 1.6 percent while jobholding in
the good producing sector remained unchanged.
In comparison, statewide jobholding in the service providing sector
increased by 0.8 percent while jobholding in the goods producing sector
declined by 1.2 percent.
Employment in leisure and hospitality increased by 900 from
October 2006 to October 2007. In addition to the September 2007 opening of
a Hilton Garden Inn, positive developments that spurred job growth include the
opening of several restaurants throughout the labor area. New restaurant development includes chains
like Perkins (East Windsor) and Maggie Moo’s (
Professional
and business services added 800 jobs since October 2006. Notable developments include the opening of a
larger AAA headquarters in
Jobholding
in trade, transportation and utilities increased by 400 during the October
2006-October 2007 period with gains attributable to hiring in the retail trade
and transportation, warehousing and utilities components. Positive developments in retail trade include
the opening of Walgreen’s and Old Navy in Hamilton, and Filene’s Basement in
Despite
a job loss of 200 in financial activities, positive developments occurred in
the commercial banking component. Three
banks entered the Trenton-Ewing Labor Area market during the October
2006-October 2007 period. Two
newly-chartered banks, The Bank of Princeton (Princeton) and First Choice Bank
(Lawrence), each opened an initial branch, and Cranford-based Synergy Bank
opened a branch in
Outlook
Payroll
growth in the Trenton-Ewing Labor Area should continue near its present rate
through the first half of 2008 with several sectors contributing to employment
gains. Jobholding in leisure and
hospitality may increase as new restaurants and fitness centers open throughout
the area. In
Expansion
of area payrolls in trade, transportation and utilities may be sluggish early
in 2008 as most planned openings are of smaller specialty retail stores like
apparel and accessories. However,
payrolls may experience a greater increase later in the year as the Shoppes at
Hamilton, a 50-tenant lifestyle center being developed along Route 130 in
Hamilton, is scheduled to open in the fall of 2008. Also, jobholding may benefit as tenants
occupy warehouses being constructed in
Recent Employment Developments
v
v
In November 2007,
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Residents of