New Jersey’s Economy Remains Resilient as Leaders Look Ahead to 2026

(l-r) Roseanne Elcenko, NJ Dept. of Labor and Ferlanda Fox Nixon, NRBP

Newark, NJ — November 5, 2025 — The Newark Regional Business Partnership (NRBP) convened business, government, and community leaders for its annual Regional Economic Outlook program on October 30, 2025.  Held at NJIT, this program explored what’s trending and what’s on the horizon for business in 2026. In addition to providing an update on NJ’s economy overall, this year’s program spotlighted how arts, entertainment, sports, and hospitality are driving growth across New Jersey — with the Greater Newark region emerging as a premier destination for both visitors and investors. This year’s Regional Economic Outlook was sponsored by TD Bank, the Martin Tuchman School of Management at NJIT, Horizon Blue Cross Blue Shield of NJ, and Invest Newark.
 

Economic Update: New Jersey’s Steady Growth
The program opened with an economic report from Roseanne Elcenko, Assistant Director of Economic and Demographic Research at the New Jersey Department of Labor and Workforce Development, who provided a data-driven look at statewide and regional trends— noting that while spending patterns and job growth have shifted, the state’s economy remains on firm ground.
 
Elcenko explained that higher-income households are driving nearly half of all consumer spending, while lower-income consumers are becoming more cautious — a trend described as a “K-shaped” economy, in which outcomes diverge sharply by income level. “Consumers are changing how they consume goods and services,” she said, emphasizing that these shifts are reshaping business behavior and demand across sectors.
 
As of August 2025, New Jersey’s economy has added approximately 164,000 jobs (+3.9%) since February 2020, while the Newark Metro Division gained 38,800 jobs (+2.4%) during the same period. Over the past year, the state has averaged monthly employment gains of roughly 3,000 jobs.
 
Elcenko also noted that the availability of new data has been impacted by the recent federal government shutdown, making near-term analysis more complex.  Available indicators show that New Jersey’s unemployment rate is 5%, compared to 4% nationally, and the quit rate is 1.5%, suggesting that workers are not broadly confident they can easily find comparable or better jobs.  Even so, Elcenko underscored that New Jersey’s economic foundation remains “stable and firm.” Inflation has eased to 3%, job creation continues at a sustainable pace, and employers are adapting to a more measured but balanced environment.  Her assessment set an encouraging tone for the remainder of the program, which highlighted how sectors like arts, culture, sports, and hospitality are building on that stability to drive continued growth and opportunity across the Greater Newark region.

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(l-r) Suzanne Ishee, NJIT; Marcus Randolph, Invest Newark; Ashley Mays, Newark Happening; Antonio Valla, Have You Met Newark Tours; Vince Baglivo, Ironbound Business Improvement District

David Schoner, NJ Motion Picture & Television Commission

Creative Industries Powering Economic Development
The program continued with a panel discussion, moderated by Suzanne Ishee, Director of the NJIT Hub for Creative Placemaking, featuring leaders shaping Newark’s continued cultural and economic renaissance: Marcus Randolph, CEO of Invest Newark; Ashley Mays, President of Newark Happening; Antonio Valla, Co-Founder of Have You Met Newark Tours; and Vince Baglivo, Executive Director of the Ironbound Business Improvement District.
 
Panelists emphasized how collaboration, creativity, and community engagement are fueling Newark’s growth. Mays highlighted the city’s “unprecedented alignment and collaboration,” pointing to the recently launched Festivals United initiative as a model for strengthening the local cultural landscape. “We’re standing on the shoulders of those who came before us,” she said, “and now there’s real momentum.”
 
Randolph underscored the city’s shifting demographics and growing demand for authentic local experiences. “People want to engage with the city in meaningful ways, and there’s a sense that everyone is moving in the same direction — focused, concentrated efforts to ensure residents can participate in Newark’s growth,” he said.
 
Panelists also highlighted the rise of experiential tourism as a driver of economic activity. Baglivo explained that visitors come to Newark for more than events themselves: “People don’t necessarily go into the stadium to see the World Cup game — they come for the experience. My wife isn’t a big sports fan, but she enjoys the atmosphere and pre-game energy. Visitors are looking for unique experiences — the best coffee, croissant, you fill in the blank. We have things in Newark that NYC doesn't have or doesn't offer.”  Valla added that the city’s cultural infrastructure is expanding rapidly: “In the Arts and Education District, The Vault is open, Consigliere is open — these are new places that weren’t here last year, adding to the city’s vibrancy and appeal.”
 
Mays highlighted how creative partnerships are translating into tangible economic impact. A recent post-concert activation in collaboration with local eatery Just Delicious increased sales by more than 35%, demonstrating the potential for small businesses to engage with the city’s cultural ecosystem.
Looking ahead, panelists agreed that the 2026 FIFA World Cup presents an unprecedented opportunity. Randolph emphasized the urgency of preparation: “It’s almost too late. There are endless opportunities for local service providers and entrepreneurs to connect and engage — from food and beverage to entertainment and hospitality.”
 
Together, the panel painted a picture of a city leveraging creativity, culture, and collaboration to drive economic growth, attract new audiences, and strengthen its inclusive, thriving community.
 
Film and Television: A Growing Economic Engine
The program concluded with a presentation on New Jersey’s film and television industry from David Schoner, Assistant Director of the New Jersey Motion Picture and Television Commission, highlighting the sector’s growing impact on the state and Newark in particular.
 
Film production in New Jersey generated $833 million in qualified spending in 2024, an all-time high, creating more than 30,000 jobs statewide and positioning the state as one of the fastest-growing production hubs in the country.
 
Schoner emphasized that Newark has emerged as a central hub for film production, workforce development, and small business engagement. The city recently received a $750,000 grant for workforce training through the NJ Film Works initiative, creating pathways to union membership and supporting middle-class career development. “Newark is film-ready,” Schoner said. “We have the crews, the vendors, and the infrastructure to keep this industry growing.”
 
Local businesses are benefiting directly from production activity. Catering companies, logistics providers, security services, and other vendors are seeing new economic opportunities, while small businesses are finding creative ways to engage with productions. Schoner shared an example of a local shop supplying $19,000 worth of balloons for a recent production, demonstrating how even unexpected goods and services are fueling local commerce.
 
Newark’s designation as a certified Film Ready community ensures that productions know what to expect and that local businesses and workforce are prepared to meet industry demands. Combined with the city’s cultural assets and growing infrastructure, this positioning is attracting filmmakers from across the U.S. and around the world, generating jobs, tourism, and media attention that amplify Newark’s creative economy.
 
Adding to this momentum, the NJEDA recently designated Paramount Global as a Studio Partner, following the company’s announcement that it would lease more than 285,000 square feet of production space at 1888 Studios in Bayonne. This designation, which makes Paramount eligible for a 40 percent base tax credit on qualified production expenses, reflects New Jersey’s ability to attract leading global media companies and underscores the state’s growing prominence as a national center for film and television production.
 
A Flourishing Future
The Regional Economic Outlook highlighted that New Jersey’s economy remains stable and resilient, supported by steady job growth, moderate inflation, and evolving consumer demand. Within this broader context, Newark continues to strengthen its position as a creative hub, where festivals, placemaking, and creative industries are fueling economic development and community revitalization.
 
About the Newark Regional Business Partnership (NRBP)
The Newark Regional Business Partnership is the premier chamber of commerce serving the Greater Newark region. NRBP’s mission is to strengthen the business community through connections, resources, and advocacy. The organization represents hundreds of corporations, small businesses, nonprofit organizations, and educational institutions dedicated to fostering economic vitality and competitiveness in Newark and the surrounding metropolitan area. www.newarkrbp.org