Business Report: Borrowing costs, job creation, Newark Symphony Hall renovation

Credit-rating firm notes that New Jersey’s recent financial performance has improved

New Jersey’s borrowing of more than $4 billion to close a budget shortfall will not impact the state’s credit rating, according to one Wall Street ratings agency. Fitch is maintaining its ‘A-‘ rating for New Jersey, noting that while COVID-19 has impacted the state finances, the state’s recent financial performance has improved. Credit ratings are important as they help to determine how much it costs to borrow.

RELATED: Wall Street looks on as NJ moves ahead with $4 billion borrowing plan

More signs of a recovery in the job market. The nation’s unemployment rate fell to 6.9% in October, which was better than forecasts. The unemployment rate for Black Americans remains significantly higher at 10.8%, but that rate is also coming down. The economy created 638,000 new jobs last month.

A big renovation project planned for Newark Symphony Hall will lead to jobs for the local community. CEO Taneshia Nash Laird hopes to raise at least $40 million, with some of the funds going toward workforce development. The state just awarded a $750,000 historic preservation grant to the nearly century-old Symphony Hall. The first phase of the renovation work is set to begin early next year.