The good news on the New Jersey economy this spring? It could’ve been worse.
The bad news? Well ... it wasn’t good.
Largely due to the spread of the coronavirus, New Jersey took an economic loss at an annualized rate of 34.6% in the second quarter of the year, the period covering April to June, according to an analysis by StratoDem Analytics.
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StratoDem points out this doesn’t mean that 34.6% of the economy disappeared, but rather that’s how much would be gone if the conditions in Q2 persisted for a full year.
Heavy losses were seen across the state, but the biggest came in the county most dependent on the gaming industry. Atlantic County’s many casinos were closed for the entirety of the period covered by the analysis, shuttering on March 16 to slow the spread of COVID-19 before reopening in early July.
As a result, Atlantic County saw a 40% annualized drop in GDP, the highest in the Garden State and nearly as severe as the loss taken by Clark County, Nevada (42%), as the lights of the Las Vegas strip went dim for much of the quarter as well.
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Other counties particularly hard hit included Somerset and Gloucester, both at 37%.
StratoDem points out that some of the industries hit the hardest in the U.S., including cyclical manufacturing, tourism, and oil and gas, are not traditional huge earners for New Jersey, and so the state was spared an even more severe impact.
In terms of raw figures, Bergen County took the biggest loss at $6.2 billion, with Middlesex ($6.0 billion) trailing just slightly.
Hudson County, despite overall losses of $3.7 billion, saw a drop in annualized rate of just 29%, the lowest in the state and one of just seven counties to come in under the national average of 32.9%.
StratoDem projects the strongest recovery will occur in the counties closest to Manhattan, such as Hudson and Bergen, due to a shift in economic activity from the urban core out toward the suburbs.
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Nick Devlin is a reporter on the data & investigations team. He can be reached at ndevlin@njadvancemedia.com.
The Link LonkAugust 16, 2020 at 09:01PM
https://www.nj.com/coronavirus/2020/08/coronavirus-slammed-njs-economy-see-how-hard-your-county-was-hit.html
Coronavirus slammed N.J.‘s economy. See how hard your county was hit. - nj.com
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