- January 15, 2013
New Jerseyans lost $1.1 billion in personal income in 2012 due to Hurricane Sandy, according to a new report from the Rutgers Economic Advisory Service (R/ECON). But with a full expenditure of restoration funds that trend can be reversed and actually see an increase in income of $300 million above the original baseline in 2013-2015.
To come up with its numbers, Rutgers created an economic model consisting of 30 business sectors and 250 time-series equations.
Similarly, the state lost 4,200 jobs in the last quarter of 2012 due to Sandy, but the report says employment can reverse and exceed the baseline by 2,000; 5,600; and 4,900 jobs in 2013, 2014, and 2015, respectively.