New Jersey's Postsuburban Economy
By James W. Hughes and Joseph Seneca
()
About this ebook
From the rural agricultural and natural resource based economy and lifestyle of the seventeenth century to today’s postindustrial, suburban-dominated, automobile-dependent economy, the economic drivers which were considered to be an asset are now viewed by many to be the state’s greatest disadvantage. On the brink of yet another transformation, this one driven by a new technology and an internet based global economy, New Jersey will have to adapt itself yet again—this time to a postsuburban digital economy.
Hughes and Seneca describe the forces that are now propelling the state into yet another economic era. They do this in the context of historical economic transformations of New Jersey, setting out the technological, demographic, and transportation shifts that defined and drove them.
James W. Hughes
I came across the idea for my first novel almost by accident. I was at home on summer break from school–I use the word “summer” lightly, as I’m from the north of England–when a news article caught my eye. It was titled “The First Person to Live to 1000 has Already Been Born.” A year (and several drafts) later I had a manuscript for my first novel: Uploaded. These days I live in Lancaster, a place equally as cold and wet, with seven of my friends. When I’m not writing (or procrastinating), I alternate my time between finishing off my degree in marketing, cooking, travelling, and running.
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New Jersey's Postsuburban Economy - James W. Hughes
Pinpoints is a series of concise books created to explore complex topics by explaining key theories, current scholarship, and important concepts in a brief, accessible style. Each Pinpoints book, in under 100 pages, enables readers to gain a working knowledge of essential topics quickly. Written by leading Rutgers University faculty, the books showcase preeminent scholars from the humanities, social sciences, or sciences. Pinpoints books provide readers with access to world-class teaching and research faculty and offer a window to a broad range of subjects, for a wide circle of scholars, students, and nonspecialist general readers. Rutgers University Press, through its groundbreaking Pinpoints series, brings affordable and quality educational opportunities to readers worldwide. When complete, the series will comprise the following five volumes:
Deborah Carr, Worried Sick: How Stress Hurts Us and How to Bounce Back
Nicole Fleetwood, On Racial Icons: Blackness and Public Imagination
James W. Hughes and Joseph J. Seneca, New Jersey’s Postsuburban Economy
Toby C. Jones, Running Dry: Essays on Water and Environmental Crisis
Charles Keeton, A Ray of Light in a Sea of Dark Matter
New Jersey’s Postsuburban Economy
James W. Hughes and Joseph J. Seneca
Rutgers University Press
New Brunswick, New Jersey, and London
Library of Congress Control Number: 2014939602
ISBN: 978-0-8135-7000-6 (ePub)
Copyright © 2014 by James W. Hughes and Joseph J. Seneca
All rights reserved
No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, or by any information storage and retrieval system, without written permission from the publisher. Please contact Rutgers University Press, 106 Somerset Street, New Brunswick, NJ 08901. The only exception to this prohibition is fair use
as defined by U.S. copyright law.
Visit our website: http://rutgerspress.rutgers.edu
Manufactured in the United States of America
Contents
List of Figures
List of Tables
Preface
1. Introduction and Overview
2. The Structure of the New Jersey Economy and the Business Cycle
3. The Broad Historical Evolution
4. Transportation and the Economy
5. The Wealth Belt
6. Demography, the Economy, and Housing
7. New Millennium, New Dynamics
Notes
Figures
2.1. U.S. Private-Sector Employment Change, 1980–2013
2.2. New Jersey Private-Sector Employment Change, 1980–2013
2.3. New Jersey’s Economic Roller Coaster
5.1. New Jersey Regions and the Wealth Belt
Tables
1.1. Total Personal Income: New Jersey and the United States, 1980–2012
2.1. Length of New Jersey Employment Downturns vs. National Recessions since World War II & Length of New Jersey Employment Upturns vs. National Expansions since World War II
2.2. New Jersey Employment Shares by Sector, 2013
2.3. Sector Employment, 2013: Percentage Distribution and New Jersey Share of United States
3.1. New Jersey and New York City Employment, 1950–2013
4.1. Employment Growth in New Jersey
5.1. Wealth Belt vs. Mature Core Metropolis: Summary Measures
5.2. Equalized Real Property Valuation and Percentage Distribution: New Jersey Regions and Counties, 1969–2000
5.3. Share of State Equalized Value by Region and County, 2000, 2003, 2012
5.4. Per Capita Equalized Valuation of Local Property and Rank in State: New Jersey Counties, 1969–2000
5.5. Per Capita Equalized Value: Percentage of State Level by Region and County, 2000, 2003, 2012
5.6. Total Personal Income by Region and County, 1969 and 2000
5.7. Share of State Personal Income by Region and County, 2000, 2003, 2012
5.8. Per Capita Personal Income by Geographic Location, 1969 and 2000
5.9. Per Capita Income: Percentage of State Level by Region and County, 2000, 2003, 2012
5.10. Wage and Salary Employment by Geographic Location, 1969 and 2000
5.11. Share of State Payroll Employment by Region and County, 2000, 2007, 2012
5.12. Total Population by Region and County, 1969 and 2000
5.13. Share of State Population by Region and County, 2000, 2003, 2012
6.1. Median Income by Household and Family Type, New Jersey, 2010
6.2. Median Income by Race/Ethnicity, New Jersey, 2010
7.1. New Jersey Employment Change: Jan. 1990 to Dec. 1999 vs. Dec. 1999 to Dec. 2009
Preface
The economy of New Jersey, from its colonial origins to the present day, has continuously confronted the challenges and uncertainties of technological and demographic change. And it has always responded successfully, placing itself at the forefront of each national and global economic era.
In the seventeenth and eighteenth centuries, New Jersey’s economy was largely rural agricultural and natural resources–based. By the late nineteenth and early twentieth centuries, the state had transformed itself into a leading-edge industrial behemoth, benefiting from its proximity to water and steam power, electricity, railroads, and urban manufacturing agglomeration. It adapted effectively to these new technology forces and successfully reinvented itself. As a result, New Jersey became a centerpiece of an urbanized, industrialized America.
By the late twentieth century, the state’s economy had once again been completely transformed. Its older manufacturing base was obsolete in the new global environment. Responding to this challenge, New Jersey became a leading-edge postindustrial dynamo, building on its strengths: suburban highway office corridors, advanced information technology, the Internet, and knowledge-based services. Again, the state adapted to new technological and economic forces and successfully reinvented itself. New Jersey positioned itself at the forefront of America’s suburbanized information-age, research-driven economy.
The emergence of the twentieth-century white-collar economy was underpinned by a key demographic that simultaneously transformed New Jersey from a predominantly urban state to a prominently suburban one: the huge postwar baby boom, the most suburban-centric generation in history. The locational preferences of this generation, along with key transportation investments, helped redefine the state’s economic geography and its corporate landscape; the end result was one of America’s strongest suburban economic agglomerations of automobile- dependent office employment, high-speed highways, and accompanying sprawling multidimensional residential suburbs.
But the baby boom will soon be yesterday’s workforce. Tomorrow’s workforce will be dominated by a new, expansive generation comprising echo boomers and millennials. Such young creatives—who came of age in the present-day, advanced digital-technology world—currently do not find the car-culture suburbs in which they grew up an attractive place to live, work, or play. Already, the locational preferences of corporate America are changing in parallel. Density, walkability, public transit, work-life balance, and urban amenities have grown significantly as quality-of-life locational attractions. Suddenly, New Jersey’s greatest core advantage in the late twentieth century—a suburban-dominated, automobile-dependent economy and lifestyle—is regarded as a disadvantage.
The state once again faces the challenges and uncertainties of change. New Jersey will have to adapt and reinvent itself yet again—this time to a postsuburban digital economy that is being shaped by increasingly sophisticated mobile information technology and the workforce that employs it.
The purpose of this book is to describe the forces that are now propelling the state into yet another economic era. It does this in the context of historical economic transformations of New Jersey, setting out the technological, demographic, and transportation shifts that defined and drove them.
This work is heavily based on our nearly three-decade-long Rutgers Regional Report series that has analyzed multiple facets of New Jersey’s economy, fiscal conditions, demography, business sectors, and housing markets vis-à-vis those of the nation and the broader region. That series is a microcosm of the transformation of New Jersey. It began in an era of writing manuscripts on typewriters and conducting ponderous data analysis on mainframe computers. It transitioned to exchanging floppy discs by getting in our cars and driving to meet colleagues midway between our homes so that we could continue to work on reports on the weekends. It moved to writing, researching, and exchanging draft reports by personal computer with high- powered Pentium chips, and has now evolved into producing an electronic book with intense but mostly virtual contact among writers, a research assistant, a senior production expert, and Rutgers University Press staff.
We are deeply grateful to Rutgers University for its support over the years of the Rutgers Regional Report series. We hope that the series has extended the recognition of the university throughout the policymaking community and to the larger, interested public.
We also thank the many individuals who have assisted us over this time in these reports and in the preparation of this book. Will Irving has provided careful and accurate research support for our work for nearly a decade. Arlene Pashman’s impeccable work as production and senior editor has been invaluable. Thea Berkhout and Marcia Hannigan have assisted us in numerous ways to get this manuscript finished on time.
Finally, we gratefully acknowledge the encouragement of Marlie Wasserman, the director of Rutgers University Press, who persisted gently, but steadily, to convince us to integrate and extend the Rutgers Regional Reports into a coherent and new text. All errors and misinterpretations of the data and trends are solely those of the authors.
James W. Hughes
Joseph J. Seneca
March 2014
1. Introduction and Overview
In an economy as dynamic and diverse as that of New Jersey, the only constant is change. In 1940, there were 1.3 million jobs in the state. By 2000, total employment had more than tripled to nearly four million jobs, but these were jobs of a much different nature.
An ever-expanding and evolving economy and sustained decade-by-decade job growth characterized the sixty-year period. But post-2000, a new dimension of change introduced itself. Unfortunately, it was negative change. By 2013, thirteen years later, total employment in the state had declined to 3.9 million jobs. The dynamics that