Atlantic City Digs Out after Lost Decade, Says Stockton's South Jersey Economic Review
More Diversified Jobs Needed to Attract Millennials to Live, Work in City
Galloway, N.J. - The South Jersey Economic Review, a biannual report released today in conjunction with the William J. Hughes Center for Public Policy at Stockton University, reports that after a lost decade with a housing crisis, a major recession and the closing of five casinos, Atlantic City's redevelopment appears to be gathering momentum.
Oliver Cooke, associate professor of Economics at Stockton, cites the decision of Hard Rock International to buy and reopen the closed Taj Mahal property, as well as the recent state-brokered settlement of a tax dispute between Borgata and the City of Atlantic City, as positive developments.
Other high-profile projects are underway, including Bart Blatstein's reopening of the Showboat, Boraie Development's plans for a 250-unit apartment project, and the $220 million Atlantic City Gateway Project, a public-private partnership with a new residential campus for Stockton University, retail, parking and an office tower for South Jersey Gas.
The report's optimism is tempered, due to the size of the hole in which the city finds itself.
"The fact remains that Atlantic City's redevelopment will take many years," Cooke said. The Atlantic City metropolitan area lost 25,300 jobs, or 16.5 percent, in what he termed "the lost decade." The area's real Gross Domestic Product (GDP) declined by 21.4 percent - the largest such loss among the nation's 382 metropolitan areas tracked by the U.S. Bureau of Economic Analysis for the period 2006-2015. (Figures for 2016 will be released in September.)
"The impact of the local area economy's lost decade on its residents' welfare has been stark," Cooke said. "The metropolitan area's poverty rate climbed from 9.2 percent in 2006 to 14.3 percent in 2015, while the poverty rate for those younger than 18 years old rose to 22.3 percent from 13.2 percent."
However, Cooke sees ways in which the city could leverage redevelopment to diversify jobs and attract more millennials (those in their mid- to late-teens to mid- to late-30s) to live and work in the city, which would yield potentially the greatest economic results.
Based on national trends, more jobs in the sectors of education and health services, and professional and business services would attract millennials, in addition to jobs they would hold in the city's traditional hospitality and leisure sector. It is critical that they live and work in the city, Cooke said, as opposed to just visiting for entertainment.
If availability of the right jobs turns millennials into residents, "their spending power will in turn boost economic, population, labor force, and income growth over the long run," he said.
The educational services sector is positioned to grow with Stockton's 530-residence Atlantic City campus, the report noted, and the university's designation as an Anchor institution will encourage small business development to serve over 1,300 students, faculty and staff of Stockton and from South Jersey Gas.
"Anchor-based redevelopment projects like the Gateway Project can yield significant long-term positive multiplier effects for local communities," Cooke said.
View the South Jersey Economic Review here.
About the Hughes Center: The William J. Hughes Center for Public Policy (www.stockton.edu/hughescenter) at Stockton University serves as a catalyst for research, analysis and innovative policy solutions on the economic, social and cultural issues facing New Jersey, and promotes the civic life of New Jersey through engagement, education and research. The Center is named for William J. Hughes, whose distinguished career includes service in the U.S. House of Representatives, Ambassador to Panama and as a Distinguished Visiting Professor at Stockton. The Hughes Center can be found at www.facebook.com/StocktonHughesCenter and can be followed on Twitter at @hughescenter.
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The WTCGP is committed to helping our client companies access opportunities in major markets like Mexico - especially during this transitional time for global trade policy. The bottom line is: free and fair trade drives our economic growth and creates jobs in our region. Click here for Philadelphia Magazine story.
If you attended our Global Business Conference on March 1st, you will understand why it received such positive reviews. In short, there was no better time to hold a conference touching on the challenges and opportunities of trade. Again, many thanks to all of our expert speakers who delivered in-depth content, leaving our audience wanting to hear more. Read the summary in our newsletter and click on our photo gallery to learn more. Click here for photo gallery.
As Spring approaches, it also signals the time of year for our Annual World Trade Centers Day Awards and Celebration. After 9/11 the World Trade Centers Association, in cooperation with the United Nations, chartered a day in May for all World Trade Centers to celebrate "World Trade Centers Day," to honor global peace and prosperity through trade. On May 11th at the National Constitution Center, we will gather the international business community and once again honor a global business leader and two member companies for their global vision, achievement and contribution to making Greater Philadelphia a world-class region.
Throughout the year, we remain committed to providing you with informative and timely programs to support your global success. Please refer to our calendar of events and join us for our upcoming events on China, Mexico and Cuba, among others.
We also hope to hear more from you. Follow us on social media and if you aren't already a member of the WTCGP, please consider joining.
Linda Mysliwy Conlin
President, World Trade Center of Greater Philadelphia
This post updated Tue March 28 2017 11:08 AM EDT - Fitzpatrick title incorrectly stated as President and CEO.
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PHILADELPHIA, PA – Pennoni, an award-winning multidiscipline engineering, science, and design consulting firm, is pleased to announce the expansion and relocation of its corporate headquarters in the City of Philadelphia. The firm will relocate from its current 3001 Market Street location to a newly renovated space at 1900 Market Street, in Center City Philadelphia. The move is scheduled to take place in March of 2017.
“We are thrilled about the opportunity to remain in the City of Philadelphia,” said Pennoni’s President & CEO, Anthony S. Bartolomeo. “A lot of careful consideration was put into the selection process of our new home. We consulted with numerous clients and teaming partners, as well as the City of Philadelphia and the Philadelphia Industrial Development Corporation. While it is a difficult decision to leave our current location in University City, we are delighted about the opportunities presented by the move. Our new location will allow us to continue to grow our firm and continue to serve our clients in the Philadelphia area, as well as across the globe. We are excited to be part of the continued renaissance of the City.”
The relocation comes on the heels of the firm celebrating its 50th anniversary in 2016, with all 50 of those years spent headquartered in the City of Philadelphia. The new location on the southwest corner of 19th and Market Streets was recently renovated and allows Pennoni to continue to provide uninterrupted services to clients throughout the Greater Philadelphia region and beyond.
“Pennoni has always had strong roots in Philadelphia, beginning with the establishment of a small structural engineering firm in West Philadelphia in March of 1966”, said Pennoni Founder & Chairman C.R. “Chuck” Pennoni. “Over the last five decades, the firm has been involved in the planning, design, and construction of some of Philadelphia’s most iconic landmarks. As we look to the next 50 years in business, we reaffirm our commitment to the City of Philadelphia and relationships we have established with our local clients.”