Over the last few years, the economy has been struggling in New Jersey making it difficult for new businesses to get off the ground. With the struggling economy, people were less willing to hire employees and tackle business formation issues. However, new data suggests that the economy may be turning around in New Jersey.
According to the Department of Labor and Workforce Development New Jersey added more than 14,000 jobs during the month of May. Most of these jobs were from the private sector including jobs in the retail, and healthcare sectors. These gains in the private sector offset government layoffs of 3,800 jobs. With these gains in jobs, New Jersey’s unemployment rate has fallen to 8.6 percent — the current national unemployment rate stands at 7.6 percent. In January, the unemployment rate in New Jersey was at 9.5 percent.
If the economy stays on track, New Jersey is headed to having its best year for job growth since 2000 by adding an estimated 70,000 jobs. Many analysts say that these are all signs that the economy is recovering and is on solid ground.
This is good news for many people who may be considering starting or growing a business in New Jersey. Before opening its doors, businesses have a lot of decisions that need to be made. Some of these decisions, including what type of entity a business should become, can have a major effect on a business’s future. By consulting with the right people, business owners can make these decisions in the best way to give themselves a competitive edge in this recovering economy.
Source: The Star-Ledger, “New Jersey added 14,300 jobs in May, sending jobless rate lower,” Ed Beeson, June 20, 2013
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