“Today that office inventory is between 44 and 34 years of age. All the stuff built then was before the internet, before mobile technology,” Hughes said. “A lot of it was cheaply built. So now we have the aging, obsolete suburban inventory that we have to deal with today.”
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James W. Hughes
New Jersey is gearing up to dispatch a new round of ANCHOR property tax relief money to homeowners and renters
Hughes said, “They’re living on the edge right now, they’re really stretched,” he said. “We’re in a higher inflation era both now with high energy costs and for what may be coming, because of the [Trump administration] tariffs, any benefit they can receive will be helpful.”
Can Trump tariffs, state aid spur NJ manufacturing resurgence? There are many hurdles
By 1943, over half of the jobs in New Jersey were manufacturing, said James Hughes, an economist at Rutgers University in New Brunswick.
The Housing Market Was Built for a Baby Boom. What Happens in a Baby Bust?
“Housing, I think, in terms of facing contraction, is still pretty far off,” says Hughes. But while demand might hold, it will likely be for a different kind of housing entirely.
JPMorgan Chase plans fourth round of NJ layoffs in 2025
James Hughes, an economist at Rutgers University, previously told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.
Why are New Jersey housing costs continuing to rise — and who should pay for affordable housing?
Hughes said if federal immigrant deportations continue, home construction costs could soon rise even higher in the Garden State.
“The builders are heavily dependent on immigrant labor, particularly roofing, so they’re facing significant labor shortages,” he said.
He said tariffs could also cause housing price increases, depending on how they ultimately wind up.
“We import a lot of lumber, we import a lot of drywall, a lot of washing machines, appliances and the like,” Hughes said.
Local developer eyes housing for office building in Cedar Knolls near Interstate 287
Office park space fell out of vogue even before COVID-19, said Jim Hughes, as talent flocked to urban centers.
The Continuing Ups & Downs of the Trade Tariff War
“We saw the negative effects during the COVID pandemic when supply chains melted. We were overly dependent on China and other nations for critical components. So, having independence on certain sectors of the economy, with internal supply chains, would be desirable. However, the critical question is: “Will tariffs actually do that?” Hughes said.
NJ saw double the layoffs in first quarter vs last year, even before tariff fears
“We may see the same thing in 2025” because of the impact of Trump’s tariffs, he said. “It almost seems like we’re in another panic.”
Banking giant Barclays cutting 78 jobs in Whippany after earlier layoffs
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.