While there’s little good news in today’s economy there are bright spots locally: young, frugal Manhattan workers are realizing they can get a better deal by moving to Hudson County’s new developments; businesses are crossing the river to do the same thing, and certain small shops and hotels are thriving.
The county’s proximity to the Big Apple both helps and hurts. Thousands of residents of our county work in Manhattan and depend on the financial sector for their livelihood, so they are greatly impacted by Wall Street’s downsizing. At the same time, the popularity of this area of New Jersey, buoyed by its proximity to Manhattan, tends to keep it afloat when less prosperous areas fail to attract new residents and businesses.
In positive news across the county: Hoboken and Jersey City are opening two new luxury hotels, with much fanfare. While some small manufacturing companies in the area close, other small companies have moved here from Manhattan or opened a branch here. The new Xanadu recreation/retail complex is expected to open on Route 3 later this year, ultimately bringing 20,000 new jobs.
The area continues to be a hub for affordable, quick transportation, including ferries, buses, PATH trains, light rail, and NJ Transit trains. The state is also funding a footbridge from Jersey City’s Newport section to the Hoboken train station area, further increasing access to those transportation hubs.
Inside this year’s annual Hudson County Progress Report insert, we look at some of the companies that closed, companies that opened, trends in home buying, new parks and recreational sites, educational changes, and any other changes that have been influencing the county’s evolution this year. Check out the stories inside, or feel free to go to our new website, www.hudsonreporter.com.