Are New Jerseyans finally going to get a break? Yes, according to the Rutgers Economic Advisory Service, which is predicting that personal income will go up 6 percent this year — it climbed just 3 percent last year. Also, real state gross product (the equivalent to the national GDP) is predicted by Rutgers to rise 2.3 percent, after years in the doldrums. Last year, state gross product rose only 0.04 percent. Rutgers expects a state expansion of about 2.4 percent a year until 2025.
Just as remarkable, the Rutgers forecast expects consumer prices to drop 0.1 percent this year — after a rise of 1.3 percent last year.
Rutgers expects the state will continue to have a population growth rate slightly below that of the rest of the nation, but that it will continue to have both higher income and higher productivity than other states.