ECONOMIC OPPORTUNITY FOR ALL
Building an Economy that Works for Everyone
ECONOMIC OPPORTUNITY FOR ALL
The Garden State Initiative works to advocate for economic policies that serve all New Jerseyans by expanding equal opportunity to all corners of our state. We believe that all of our residents benefit from policies that grow our economy and spur investment and job creation in our diverse communities.
STAY IN THE LOOP WITH NEW JERSEY ECONOMIC OPPORTUNITY FOR ALL
4.2%
Unemployment Rate
Above 3.8% United States average.
65.5%
Labor Participation Rate
Against 62.8% United States average.
5.8%
Personal Income Growth
Against 5.1% United States average (34th).
$85,245
Median Household Income
Against $64,994 US average (3rd highest).
FEATURED POST
Businesses will leave NJ if they face more corporate taxes — even to bail out NJ Transit
April 16, 2024
Not long after he proposed a new state budget that would retroactively increase the state’s Corporate Business Tax, Gov. Phil Murphy promised the increase would only be temporary. I wish we could believe him. Unfortunately, Murphy said the same exact thing the last time he raised business taxes and then changed course at the 11th hour: a move that blindsided business…
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THE LATEST WORK ON ECONOMIC OPPORTUNITY FOR ALL
Businesses will leave NJ if they face more corporate taxes — even to bail out NJ Transit
April 16, 2024
Not long after he proposed a new state budget that would retroactively increase the state’s Corporate Business Tax, Gov. Phil Murphy…
PODCAST: An Unfair Tax on South Jersey
April 12, 2024
Welcome to the GSI Briefing podcast – hosted by Regina Egea, President of the Garden State Initiative. In this series, GSI traveled to…
NJ adds 12K jobs in December, nearly 70K total in 2023
January 19, 2024
The New Jersey Department of Labor and Workforce Development released its December 2023 jobs report Thursday, showing the state gained…
GSI’s EGEA: Combination of Declining Revenues & Rising Unemployment Spell Trouble for New Jersey
November 17, 2023
Governor Murphy and the State Legislature need to confront the reality of declining revenue and propose solutions to reduce spending…
GSI’s EGEA: The Federal Reserve Bank of Philadelphia coincident indexes report is, “is another indication that New Jersey’s economic outlook is bleak.”
October 25, 2023
Garden State Initiative’s president, Regina M. Egea, issued the following statement on the The Federal Reserve Bank of Philadelphia September…
GSI’s EGEA: September ‘23 Jobs Report
October 19, 2023
Garden State Initiative’s president, Regina M. Egea, issued the following statement on the September ‘23 Jobs Report: “Today’s report forecasts…
PODCAST: New Jersey’s Economic Growth Priorities
October 4, 2023
Welcome to the GSI Briefing podcast – hosted by Regina Egea, President of the Garden State Initiative. As listeners have…
GSI’s Egea: “Let’s call this budget what it is: A fiscal calamity”
June 30, 2023
Garden State Initiative’s president, Regina M. Egea, issued the following statement on the passage of New Jersey’s Fiscal Year 2024…
New Jersey’s small businesses need more support from Trenton. This is why | Opinion
June 16, 2023
It’s a fact that small businesses are the backbone of New Jersey’s economy. According to data from the U.S. Small…
2023 Annual William E. Simon Economic Policy Forum
April 27, 2023
GSI's Annual William E. Simon Economic Policy Forum was held on Wednesday, May 3rd in New Brunswick. Click below to…
GSI Annual Economic Policy Forum: Unleashing New Jersey’s Potential
April 23, 2023
Since our founding in 2017, the Garden State Initiative has advocated for policies that will result in New Jersey reclaiming its position…
A Simple Plan to Get New Jersey Back on Track for Growth
April 13, 2023
How do you turn one of the most prosperous places in the world into an economic and fiscal basket case?…
NJ state budget: This is why Democrats ‘do not want drama’
March 7, 2023
With an address outlining his proposed budget for New Jersey's fiscal year 2024, Gov. Phil Murphy has handed off the…
Regina Egea talks New Jersey’s budget with Joe Piscopo
March 1, 2023
GSI's president Regina Egea joined AM 970 morning host Joe Piscopo to discuss Gov. Phil Murphy's budget address and some…
GSI’s Regina Egea Talks Business & Economy on “New Jersey Politics”
January 24, 2023
GSI's Regina Egea appeared on the January 22nd edition of "New Jersey Politics with Laura Jones" for a wide ranging…
New Jersey receives some good economic holiday news
December 27, 2022
The Garden State received some solid economic news heading into the holiday season and the new year. The U.S. Bureau…
GSI’s Egea Talks NJ Taxes & Economy on The Dawn Stensland Show
November 18, 2022
GSI's Regina Egea joined The Dawn Stensland Show on 1210 WPHT in Philadelphia to discuss New Jersey's economy and her…
2022 WILLIAM E. SIMON ECONOMIC POLICY FORUM
June 8, 2022
GSI's Annual William E. Simon Economic Policy Forum discussed Job Creation, our state's Energy Outlook and New Jersey in 2025…
Regina Egea Budget Testimony: Taxpayers are Speaking Clearly on Affordability, Taxes
March 28, 2022
On Tuesday, March 28th, GSI’s president, Regina M. Egea, offered the following testimony before the Senate Budget and Appropriations Committee:…
PODCAST: NJ’s Budget – The Inside Story You Need to Know
March 24, 2022
In this month’s edition of The GSI Briefing, Regina Egea is joined by former State Senator Diane Allen (R) &…
Real Clear Policy: 2022 Midterm Lessons from Jersey: It’s About The Economy. And Listening to Voters.
November 8, 2021
By Regina M. EgeaWhile the media dissect Glenn Youngkin’s upset victory in the Virginia governor’s race, more insights may be…
GSI’s Egea Talks NJ’s Economy & Fiscal Health on “Jersey Matters with Larry Mendte”
October 4, 2021
GSI’s president Regina Egea appeared on the October 2nd edition of Jersey Matters with Larry Mendte to discuss the details…
Fiscal Sustainability Press Conference
September 22, 2021
Virtual Press Conference - Toward a Fiscally Sustainable New Jersey: Analysis and Recommendations On September 22, 2021, former New Jersey…
PODCAST: Toward a Fiscally Responsible New Jersey
September 14, 2021
In this episode of The GSI Briefing, GSI’s president Regina Egea was joined by Tom Healey and Thad Calabrese to…
GSI’s Egea Talks FY 2022 Budget on New Jersey Now
June 29, 2021
GSI’s president Regina Egea appeared June 27th on My9’s New Jersey Now with Dianne Doctor, Vice President and Station Manager,…
ROI-NJ: Government spending has increased 35% in 4 years. Has your income?
June 28, 2021
By Regina M. EgeaAll the talk about inflation lately — whether it’s going to be “transitory” or “persistent” — got…
GSI Briefing: A Conversation with Author and Commentator Jason Riley
June 17, 2021
On June 17th, GSI hosted our latest GSI Briefing virtual forum featuring a conversation with Jason Riley, a senior fellow…
GSI/TapInto: Glen Rock and the Economy – Will We Be Able to Retire in Our Town?
June 11, 2021
Glen Rock and the Economy – Will We Be Able to Retire in Our Town? PRESENTED BY THE GARDEN STATE…
GSI’s Egea Talks 2021 New Jersey Economic Issues with Joe Piscopo
June 9, 2021
Wednesday morning GSI’s president Regina Egea appeared on AM970’s “The Joe Piscopo Show” to discuss the upcoming campaign for Governor…
GSI Briefing: A Conversation with Jason Riley (June 17th)
June 2, 2021
VIA ZOOM: THURSDAY, JUNE 17TH - 3:00-4:00 PM Click to read more about Mr. Riley’s biography of Thomas Sowell The…
‘Something’s out of whack’ – GSI’s Egea Talks NJ Finances on The Bond Buyer Podcast
May 5, 2021
'Something's out of whack' - that describes New Jersey’s finances in summary . For more detail, Regina Egea, president of…
NJ Spotlight: Funding to cover a McGreevey-era debt takes a hit. How state plans to cover the shortfall
May 3, 2021
By John ReitmeyerNew Jersey must come up with new funding out of the state budget to keep from defaulting on…
NJ Spotlight: Our self-inflicted fiscal crisis opens the door to statewide property tax
April 27, 2021
The following op-ed was published by NJ Spotlight News on April 27 and also on Real Clear Policy, part of…
Center Square NJ: New Jersey government carrying massive debt, with few options for paying it off, observers say
April 20, 2021
By Kim Jarrett(The Center Square) – New Jersey is a state swimming in cash, but is still facing struggles as…
Center Square NJ: New Jersey firms would pay a combined corporate tax rate of 36.3% under Biden plan, highest in U.S.
April 14, 2021
The combined state and federal corporate tax rate in New Jersey would reach 36.3 percent under President Biden’s infrastructure plan,…
NJ Spotlight: NJ’s big borrowing deal comes under fire
April 8, 2021
By John ReitmeyerDuring testimony before lawmakers Tuesday, Gov. Phil Murphy’s treasurer repeatedly defended a decision to issue nearly $4 billion…
NJ.com: Will Gov. Murphy honor his pledge to pay back billions he borrowed now that N.J. is flush with cash?
April 6, 2021
By Samantha MarcusGov. Phil Murphy’s multi-billion dollar borrowing pitch always came with a disclaimer.If New Jersey somehow, someway borrowed more money…
NJ Spotlight: NJ fiscal picture $430M better, analysts say
April 6, 2021
By John ReitmeyerDespite the ongoing pandemic, New Jersey will close out its fiscal year in a few months with even…
Sales Tax Holiday
April 1, 2021
GSI’s Regina Egea Appears on My9’s New Jersey Now to Discuss Sales Tax Holiday for Leisure & Hospitality Industries How…
Bond Buyer: Murphy’s New Jersey budget prompts second-guessing
March 19, 2021
By Paul BurtonNew Jersey’s proposed budget features an odd mix of dynamics that include a pandemic, an election year, massive…
ROI-NJ: N.J. now in lose-lose position with stock exchanges
March 15, 2021
By Regina M. EgeaIn New Jersey, we’ve become accustomed to losing. We’re at or near the bottom of every list…
GSI’s Egea Appears on Business Beat to discuss NJ’s economic recovery
March 13, 2021
GSI’s president Regina Egea appeared on NJ Spotlight News’ Business Beat with Rhonda Schaffler to discuss ideas to get New…
Press of Atlantic City: With top court’s help, Murphy borrows billions, plans spending spree
March 8, 2021
Last year, the Murphy administration made an exaggerated estimate of how much revenue New Jersey government would lose due to…
ROI-NJ: GSI panel: Legacy issues hurt N.J.’s ability to compete moving forward
March 4, 2021
By Tom BergeronAssemblyman John Burzichelli summed it up in a way that left everyone nodding their head in agreement.“You would…
GSI Briefing: New Jersey’s Business Climate in 2021 – What will it take for NJ to win?
March 4, 2021
The business climate in New Jersey is undeniably challenging. Behind the dour headlines and low rankings, there are opportunities –…
GSI’s Egea: “Make No Mistake New Jersey, Your Taxes Just Went Up”
February 23, 2021
Garden State Initiative’s president, Regina M. Egea, issued the following statement on Governor Phil Murphy’s Budget Address: “Incorporating billions in…
NJ.com: N.J. budget could be surprisingly flush with cash. What will Murphy do with all that money?
February 22, 2021
By Samantha MarcusBudget season in New Jersey typically conjures two unpopular questions.Which taxes are going up?And by how much?But this…
NJ Spotlight: Pandemic tax windfall for NJ: Receipts from house sales and liquor boost state revenues
February 11, 2021
By John ReitmeyerAt first the coronavirus pandemic slowed New Jersey’s real estate market, but a huge rebound followed, even as…
NJ101.5: Average NJ property tax bill now $9,111 – How your town compares
January 31, 2021
By Michael SymonsTRENTON — Property taxes went up by $158 for the average New Jersey homeowner last year, according to…
NJ.com: Murphy’s dire predictions on how coronavirus would wreck N.J. finances far from what’s actually happened so far
December 14, 2020
By Samantha MarcusThe dire warnings began when New Jersey was most vulnerable.Starting in March and continuing over the turbulent weeks that…
Bloomberg: Goldman Plots Florida Base for Asset Management in a Blow to New York
December 7, 2020
By Sridhar NatarajanGoldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions,…
Press of Atlantic City: Consolidate municipal courts to start seriously cutting property taxes
December 6, 2020
Great news for suffering taxpayers. A strong proposal to combine all the municipal courts in Atlantic County into one system…
NY Post: This ‘soak the rich’ tax would destroy economies of New York and New Jersey
November 22, 2020
By the New York Post Editorial BoardLawmakers in New York and New Jersey just won’t be happy until they drive Wall…
GSI Briefing: A Conversation with Attorneys General John Degnan and Chris Porrino
November 17, 2020
On November 17th, GSI hosted our latest GSI Briefing virtual forum featuring former New Jersey Attorneys General John Degnan and…
GSI’s Egea Discusses National Voting Trends on Economic Issues at Eagleton Forum
November 16, 2020
What could election results in California, Arizona, Colorado & Illinois mean for 2021 statewide elections in New Jersey? Voters in…
NJ Spotlight: In major hit to NJ’s credit rating, Wall Street agency lowers state’s bond grade
November 6, 2020
By John ReitmeyerNew Jersey’s credit rating has taken a significant hit from a major Wall Street rating agency as the…
Press of Atlantic City: Income tax hike a missed chance for NJ fiscal responsibility
October 9, 2020
The Legislature has finally given Gov. Phil Murphy the so-called millionaire’s tax he’s sought his whole time in office.Twice before,…
Center Square NJ: New Jersey gets a failing grade, ranks last in financial study of states’ fiscal health
October 1, 2020
By Dave Fidlin(The Center Square) – New Jersey’s pre-pandemic balance sheet was described as being in “dire fiscal health” in…
Center Square NJ: ‘Most of this was stimulus’: Promising economic data for New Jersey linked to federal checks
September 29, 2020
By Kim Jarrett(The Center Square) – Amid months of dismal economic news, New Jersey has received what appears to be…
ROI-NJ: Keep it simple, New Jersey: Make budget serve residents
September 23, 2020
By Regina M. Egea and Lawrence J. Mone Sometimes, the simpler a problem is made, the clearer the solution becomes.…
ROI-NJ: Keep it simple, New Jersey: Make budget serve residents
September 23, 2020
By Regina M. Egea and Lawrence J. Mone Sometimes, the simpler a problem is made, the clearer the solution becomes.…
Wall Street Journal: New Jersey Does It Again
September 18, 2020
By The Wall Street Journal Editorial BoardConnecticut Gov. Ned Lamont’s yacht is coming in. New York City’s descent into disorder…
Bond Buyer: Rise in New Jersey gas tax could deter out-of-state consumption, analysts say
September 2, 2020
By Andrew CoenA trend toward lower fuel consumption, driven in part by the COVID-19 pandemic, prompted New Jersey to raise…
GSI’s Egea: Legislators Will Have to Explain Support for More Borrowing, Spending & Taxes
August 25, 2020
“New Jersey deserves leadership that aspires to living within the reality of today while delivering a plan for a better…
Center Square NJ: New Jersey tax receipts numbers leads critics to question whether Gov. Murphy needs $10 billion borrowing authority
August 17, 2020
By Kim Jarrett(The Center Square) – New Jersey’s tax revenues are down just 0.6 percent over the past 13 months when…
GSI’s Egea: Collaboration and Tough Choices Now Will Determine New Jersey’s Future Economic Health
August 12, 2020
GSI’s president, Regina M. Egea, issued the following statement on the decision of the New Jersey Supreme Court in the…
NJ Spotlight: Why Gov. Murphy Should Rule Out an Increase in Gas Tax and Even Go Further
August 11, 2020
By Regina M. EgeaYou can’t blame New Jersey residents for being a little jaded, especially when it comes to taxes,…
Center Square NJ: The win-win for New Jersey and the federal government
August 10, 2020
By Regina M. EgeaAs Congress considers a sequel to the CARES Act economic stimulus bill, the pleas for budgetary relief…
APP.com: The win-win for New Jersey and the federal government
August 7, 2020
By Regina EgeaAs Congress considers a sequel to the CARES Act economic stimulus bill, the pleas for budgetary relief from…
NJ.com: Borrowing $10B is unconstitutional and hopefully the court will say so
August 6, 2020
By Thomas J. Healey and Jay WebberGov. Phil Murphy signed a law last week authorizing the State of New Jersey…
Press of Atlantic City: Cut NJ spending, get public approval before massive borrowing, new tax
August 3, 2020
Democrats in the state Legislature approved and Gov. Phil Murphy signed a law they believe lets them borrow $10 billion…
Bond Buyer: New Jersey bill would let municipalities borrow to ease coronavirus revenue woes
July 31, 2020
By Andrew CoenA municipal bonding bill approved by New Jersey lawmakers Thursday that would enable local governments to borrow to…
NJ.com: N.J. may allow your town and county to borrow to avoid public worker layoffs and cuts to services
July 29, 2020
By Samantha MarcusGov. Phil Murphy signed a bill earlier this month authorizing the state to borrow as much as $9.9 billion to offset revenue…
NJTV News: Suspend the Gas Tax until New Jersey Delivers Promised Infrastructure Improvements
July 21, 2020
GSI’s president Regina Egea appeared with business correspondent Rhonda Schaffler on NJTV News to discuss our recent analysis that found…
City Journal: New Jersey’s Borrowing Addiction
July 20, 2020
By Steven MalangaIn 2004, with New Jersey facing a revenue shortfall, then-governor Jim McGreevey’s administration borrowed—in defiance of the state’s…
Center Square NJ: New Jersey Democrat proposes tax on stock trades to bolster New Jersey’s ailing budget
July 15, 2020
By Kim Jarrett(The Center Square) – Republicans and Democrats agree that New Jersey is facing some difficult financial decisions because of…
Center Square NJ: New Jersey’s GDP took big hit in first quarter, but not as bad as some neighbors
July 14, 2020
By Ben Kahn(The Center Square) – Data made public recently by the federal Bureau of Economic Analysis revealed that staggering despite…
Center Square NJ: Senate Democrats, Gov. Murphy agree to deal to borrow billions to plug budget hole; Republicans blast plan
July 13, 2020
(The Center Square) – The New Jersey Senate Budget Committee will vote Tuesday on a proposal that will allow Gov.…
Bloomberg: Governor Says New Jersey Will Need ‘Revenue Raisers’ to Balance Budget
July 10, 2020
By Elise Young and David WestinNew Jersey Governor Phil Murphy hinted at tax increases for next fiscal year, saying the…
Bond Buyer: New Jersey lawmakers put off decisions with stopgap budget
July 8, 2020
By Andrew CoenNew Jersey bought some time with its three-month stopgap budget, deferring significant expenses that push off challenging decisions…
City Journal: Fixing New Jersey’s Covid-19 Shortfall
June 29, 2020
New Jersey has an opportunity to turn a looming budget crisis into a necessary rehabilitation of its fiscal house—especially its…
Press of Atlantic City: Gov. Murphy didn’t heed fiscal warnings, now wolf is at New Jersey’s door
June 25, 2020
New Jersey state government had overtaxed and overspent itself into a deep hole before Gov. Phil Murphy took office at…
NJ Spotlight: Explainer: Checking the Math Behind Murphy’s $10B Budget-Shortfall Estimate
June 16, 2020
By John ReitmeyerIt’s an attention-grabbing number: $10 billion. That’s how much Gov. Phil Murphy says the state is short due…
NJ.com: Borrowing is not the solution to New Jersey’s $10 billion problem
June 15, 2020
By Regina Egea and Thomas J. HealeyNew Jersey is on the brink of a budgetary crisis that rivals the healthcare…
Bond Buyer: New Jersey Borrowing Bill Faces Senate Obstavles After Assembly Approval
June 9, 2020
by Andrew CoenA New Jersey proposal seeking authority to issue billions of general obligation bonds without voter approval easily cleared…
NJ Spotlight: Murphy, Lawmakers Have Only Weeks to Make Hard Budget Choices
May 26, 2020
By John ReitmeyerGov. Phil Murphy’s administration has laid out a series of spending cuts, deferrals and other budget adjustments to…
ROI-NJ: Poll: N.J. voters want state to close deficit through benefits reform, not taxes
May 19, 2020
By Emily BaderThe effects of COVID-19 have resulted in a financial deficit for New Jersey.To close it, residents are urging…
Center Square NJ: New Jersey residents may get property tax deadline extension, but not lower taxes
May 13, 2020
By Sarah Downey(The Center Square) – With unemployment rising and businesses in New Jersey still closed, an executive order that lets…
NJ Spotlight: Opinion – The COVID-19 Crisis’ Impact on NJ’s Finances — Questions for the Governor
April 30, 2020
By Andrew Sidamon-EristoffDear Gov. Murphy:Now is not the time for partisan politics. As our elected leader during an unprecedented time…
Bond Buyer: Coronavirus brings New Jersey finances into danger zone
April 27, 2020
By Andrew CoenNew Jersey's financial future, already fragile before the COVID-19 pandemic, is now at a potential breaking point.The state…
APP.com: NJ Needs New Economic Priorities in the wake of COVID-19
April 27, 2020
The following op-ed appeared in the print edition of the Asbury Park Press on April 26th and online at APP.com.by…
‘This is the opportunity to fix some of the inherent flaws the state has’ – GSI’s Egea in ROI-NJ
April 21, 2020
by Tom Bergeron Gov. Phil Murphy makes an almost daily plea for direct state aid — otherwise known as a…
ROI-NJ: ‘This is the opportunity to fix some of the inherent flaws the state has’
April 21, 2020
by Tom Bergeron Gov. Phil Murphy makes an almost daily plea for direct state aid — otherwise known as a…
Bond Buyer: New Jersey governor willing to accept Fed’s offer to buy municipal debt
April 20, 2020
by Andrew CoenNew Jersey Gov. Phil Murphy wants to take advantage of the Fed's new powers to purchase municipal debt.With…
Center Square NJ: New Jersey poised for dramatic increase in gas tax tied to decreased gas prices, empty roads
April 15, 2020
by Joe Chen(The Center Square) – A recent Garden State Initiative analysis suggests that the lower gas prices and empty…
NJ Spotlight: Murphy to Sign Bill for July 15 Tax Filing, Moody’s Downgrades NJ’s Rating Outlook
April 14, 2020
by John ReitmeyerGov. Phil Murphy is planning to sign into law today legislation that will officially delay New Jersey’s income-tax…
GSI’s Regina Egea Talks Tolls & Gas Tax With Joe Piscopo on AM970
April 6, 2020
THIS MORNING GSI’S PRESIDENT REGINA EGEA APPEARED ON AM970’S “THE JOE PISCOPO SHOW” TO DISCUSS THE POSSIBILITY OF HIGHER GAS…
Center Square NJ: Federal support, ‘hospitable business environment’ seen as key to fixing New Jersey’s budget after coronavirus wanes
March 23, 2020
by Joe Chen(The Center Square) – The coronavirus outbreak is forcing New Jersey leaders to respond to new fiscal challenges, such…
Press of Atlantic City: Murphy proposes to tax and spend like there’s no tomorrow
March 2, 2020
Gov. Phil Murphy raised taxes dramatically in his first two years in office and, with help from a Legislature controlled…
NorthJersey.com: How does New Jersey’s ‘value proposition’ stack up?
February 28, 2020
by Regina M. EgeaWith every consumer purchase, we ask ourselves “Considering everything, am I getting a better value compared to…