Navigating New Jersey's Economic Outlook: Insights with Will Irving

In our first episode of EJB Talks for 2025, Stuart Shapiro and Will Irving discuss his journey from Rutgers MPP student to faculty member and economic forecaster. Will talks about his current role with the Rutgers Economic Advisory Service (R/ECON), which uses a complex model of historical relationships among variables like employment and construction to predict economic trends for New Jersey. The latest forecast predicts a sharper economic slowdown in New Jersey compared to the national trend, citing factors like lagging employment growth, slowing GDP, and structural challenges like high taxes, cost of living, and an aging population. Will highlights the state's strengths, such as its strategic location and industry concentrations, but notes that future policies related to the new presidential administration, particularly around tariffs, immigration, and housing affordability, could significantly influence the state's economic trajectory.