Like the booming national economy, the real estate market has continued to thrive, particularly in Hudson County, which boasts proximity to Manhattan with more reasonable prices.
Like the booming national economy, the real estate market has continued to thrive, particularly in Hudson County, which boasts proximity to Manhattan with more reasonable prices. People looking to move to the metro area are continuing to find the new luxury and moderate residential complexes along Hudson’s waterfront a better alternative to crowded, expensive Manhattan. And businesses are filling their waterfront office towers, especially in Jersey City.
The positive news hasn’t changed for some time, and most industry officials believe it may continue that way. Rutgers economist Joseph Seneca, the chairman of the New Jersey Council of Economic Review and Outlook, recently said in a report on the economic forecast for 2000-2001 to Gov. Christie Whitman, "These are indeed very, very good economic times – and more of the same lies ahead for our state."
The council’s document reported that in 1999, employment rose in the state by 65,000 jobs; personal incomes rose by 6 percent; new housing permits set a record high for the decade; vacancy rates for office space on the Hudson waterfront fell by 1 percent; tourism continued to be strong; and state business assistance programs had been utilized to ensure more of the same. Success in one area of the market has fed and bred success in all others.
The state has now entered its eighth consecutive year of economic expansion, and while the saying goes that all good things much come to an end, the end doesn’t appear to be on the horizon, and may not be so dramatic when it comes. Any vacant properties on the waterfront and in the interior of Hudson County are being sold and occupied quickly, even in areas that had previously lain undeveloped for years. Eventually, when there are no plots left, new development may slow. But the fruits of local businesses’ and residents’ economic success – beautiful buildings, diverse shops and facilities, street repairs and new parks – will continued to be enjoyed for some time.