IMPACT OF ECONOMIC STIMULUS ON CONSTRUCTION JOBS IS STRONG
The economic impact of an additional $1 billion in non-residential construction stimulus investment in New Jersey is dramatically illustrated by the following figures.

-About $2.4 billion to the state’s Gross Domestic Product, $712 million to personal earnings and creating or sustaining 18,000 jobs. Of those jobs – all based in New Jersey – 6,100 would be on-site construction; 2,900 would be associated with construction supplies and services, and 9,000 would be created when construction, supplier and service providers spend their incomes.
-Overall non-residential construction employment in New Jersey was 242,000 jobs in 2007, based on spending of $32.5 billion --- or 7 percent of the state’s GDP. Average pay of all construction workers was $57,500 or 7.3 percent more than the average wages for all private sector employees.

State by State analysis was developed for the Associated General Contractors of America by its chief economist.

“These are impressive numbers, which show the direct impact that a federal stimulus package might have on New Jersey” stated Alliance for Action President Philip K. Beachem.

STAR –LEDGER URGES NEW JERSEY LAWMAKERS TO PUSH FOR NEW RAIL TUNNEL
In an editorial in the Star-Ledger, New Jersey’s Congressional Delegation was urged to fight to ensure that the ARC Trans-Hudson new rail tunnel “be at the top of the list for immediate action” in an economic stimulus program.

The state’s largest newspaper stressed that the tunnel project is “ready to go” with preliminary planning completed and a total of $5.7 billion secured by the Port Authority of New York and New Jersey and the state. It added: “If the feds pitch in their $3 billion share, construction can begin within months.”

Contrasting the tunnel with what is derided as pork-barrel schemes, the editorial commented: “Here is a project that offers the most concrete of benefits for real people who have real needs….This train is leaving the state and we’d better not miss it.”

MENENDEZ CALLS FOR ECONOMIC STIMULUS PACKAGE
U.S. Senator Robert Menendez, D-NJ, says there is a “pressing need” for a national economic stimulus package based on three criteria for projects --- spur jobs creation, address a critical community need and are ready to be started quickly.

Speaking before heading to Washington for the start of the 111th Congress, Menendez declared: “This crisis is taking away people’s jobs, their homes and their life savings.”

Among the projects mentioned by Menendez to stimulate the economy were:
-Restoration of the 76-year-old Pulaski Skyway and critical road, bridge and bypass restoration and construction.
-Mass transit projects, including the ARC rail tunnel across the Hudson River.
-School Construction and energy projects.

NEW JERSEY STATE COLLEGES HAVE $500 MILLION IN PROJECTS READY FOR ECONOMIC STIMULUS
New Jersey’s nine state colleges and universities have immediately ready $500 million in facilities improvements that could be part of emerging national and state economic stimulus packages. These projects, collectively, could create or help support about 10,000 new jobs in the region, according to the New Jersey Association of State Colleges and Universities (ASCU).

In mid-December, each state college/university president and ASCU’s executive director, Dr. Darryl G. Greer, joined 36 other higher education leaders from across the U.S. who signed an open letter to President-Elect Obama calling for allocation of $40-45 billion from the federal stimulus package. The $40-45 billion recommended by the heads of higher education institutions, associations and systems nationally would be a 5% share of the anticipated total federal stimulus package.

The projects that are ready to go include: academic building expansions, academic equipment/technology upgrades, safety enhancements, energy efficiency steps and other improvements reducing institutions’ carbon footprints. Groundbreaking could begin on any of these projects in six months or less, according to the Association.

ASCU is a nonprofit, nonpartisan advocacy organization created by the State of New Jersey in 1985. Its members are: The College of New Jersey, Kean University, Montclair State University, New Jersey City University, Ramapo College of New Jersey, Richard Stockton College, Rowan University, Thomas Edison State College and William Paterson University.

PRINCETON UNIVERSITY GENERATES ECONOMIC STIMULUS
Who says academia cannot be an integral part of efforts to provide economic stimulus in these hard times? Princeton University directly and indirectly accounted for $1.09 billion in economic activity and 10,655 full-time-equivalent jobs in New Jersey in Fiscal 2007.

Appleseed, an independent consulting firm with extensive experience in economic analysis, said that of those totals, Mercer county benefitted from $833 in economic activity and 8,951 full-time-equivalent jobs.

In FY 2007, Princeton’s payroll totaled some $358 million with an additional $113 million spent on employee benefits. The University spent $100 million in the year on capital construction and major maintenance projects with New Jersey contractors.

To enhance public revenues, Princeton withheld $14 million in state income taxes from its employees’ salaries and paid $1.35 million in energy taxes and fees. On the local level, the University also paid $105 million in taxes and fees to municipalities and school districts in the Princeton area and to Mercer County.

TWO NEW RAIL BRIDGES GET $1.3 BILLION FEDERAL OK TO REPLACE OLD PORTAL BRIDGE
In a significant action to improve rail service, the Federal Railroad Administration approved a $1.3 billion project to replace an old train bridge over the Hackensack River.

The two-track Portal Bridge, which has spanned the river between Secaucus and Kearny since 1910, poses problems because its lowest point is only 20 feet above the river. It pivots to allow boats and barges to pass, delaying train riders waiting in both directions. It carries all NJ Transit and Amtrak trains between New Jersey and New York.

NJ Transit and Amtrak can now begin designing two new bridges with a combined five tracks. That work is expected to take between 18 and 24 months. Construction could start around 2011 and would take some 5 ½ years to complete until about 2017. The two new bridges would be constructed one to the south and the other to the north of the existing bridge and would be 40 and 50 feet above the Hackensack River.

The Alliance for Action has testified in support of this project.

GOVERNOR APPOINTS REAL ESTATE ADVISORY PANEL
Governor Jon Corzine created a panel to advise him on real estate issues. The New Jersey Real Estate Advisory Board is chaired by Joseph Taylor, Chief Executive Officer of Matrix Development Group and includes among its 29 members:
Mitchell Hersh, of Mack-Cali, Zygi Wilf, New Jersey Home Builder and owner of football’s Minnesota Vikings; Jerrod Grasso of The New Jersey Association of Realtors; Carl Goldberg of Roseland Property Co.; Steve Pozycki of SJP Properties; Emanuel Stern of Hartz Mountain Industries, and Tim Touhey of the New Jersey Builders Association.

STATE AWARDS $78.75 MILLION IN LOCAL TRANSPORTATION GRANTS
New Jersey Department of Transportation grants totaling $78.75 million were awarded by Governor Corzine to 372 municipalities to fund street improvements and safety projects.

Corzine said: “This year’s municipal aid program will provide road improvement’s, property tax relief and economic growth” to municipalities that would have to devote local property tax revenues to such transportation projects.

GROUND BROKEN FOR JERSEY CITY RESIDENTIAL-RETAIL PROJECT
Jersey City announced that ground was broken for Monaco Towers, a $210 million residential and retail development at Washington Boulevard and Thomas Gamgeni Drive in the city’s financial district.

Scheduled for completion by 2011, the project is a joint venture between Roseland Property Co. of Short Hills and Jersey City-based Garden State Developers. Monaco Towers will include two 50-story-high buildings with 524 rental units and 11,000 square feet of retail space.

STATE AWARDS GRANTS FOR STUDIES OF WIND FARM EFFECTS
The State Board of Public Utilities awarded three $4 million grants to developers of wind farms aimed at construction of wind farms to generate energy off the New Jersey Coast within four years.

In October, the State approved an off-shore wind farm proposal by the Garden State Offshore Energy project, a joint venture between PSEG Renewable Generation and Deepwater Wind, a Hoboken company. The other two companies to win grants were Bluewater Wind and Fishermen’s Energy of New Jersey.

All grants will be used to conduct environmental studies on the effect of wind farms on marine and bird life and wind quality along the New Jersey shore.

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