NJ Economic Outlook Dim, Nearly Worst in Nation Report Finds

ARLINGTON, Va. -- A report released this week by a pro-business legislative group concluded that New Jersey has one of the worst economic outlooks in the nation.

The American Legislative Exchange Council, also known as ALEC, report titled “Rich States, Poor States, 9th Edition,” found the Garden State ranked 48th when it came to its economic outlook. 

The calculation weighed more than a dozen variables, ranging from the state’s minimum wage to property tax burden. According to the report, Utah had the best economic outlook for 2017 while New York had the worst. 

New Jersey's economic outlook ranked 48th in 2016 and 46th in 2015.

ALEC found that “generally speaking, states that spend less — especially on income transfer programs, and states that tax less — particularly on productive activities such as working or investing — experience higher growth rates than states that tax and spend more.”

ALEC is the smaller and more conservation of the two national associations addressing state legislative issues and policy. Originally founded in 1973 as the Conservative Caucus of State Legislators, ALEC tends to attract more Republican lawmakers while the National Conference of State Legislatures (NCSL) draws a larger audience from both sides of the aisle.     

Both groups address a variety of issues of interest to credit unions and other financial services providers. CUNA has a significant presence at their annual meetings each year and monitors the groups’ activities throughout the year.  

 

in Economic News