Economic & Recovery News Release: 7/11/2022

July 11, 2022
Content Curated By Scott Goldstein
  • Fewer 'ruthless' bidding wars: Housing market tide may be turning due to rising interest rates and more inventory.
  • N.J. Chamber on state budget: 'What is the plan for the economic recovery?'
  • George Washington Bridge goes to cashless toll collection exclusively.
Fewer Ruthless Bidding Wars: Housing Market Tide May be Turning Due to Rising Interest Rates and More Inventory
Inflation is top of mind for all New Jerseyans – everything is more expensive. But one area where prices have soared for years is the real estate market. Homebuyers are left to navigate a costly, competitive market with high prices, high-interest rates and low stock. Now, the tide may be turning. Real estate experts say inventory is rising, and those ruthless bidding wars are on the decline. What do the looming changes mean for someone entering the market? (
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N.J. Chamber on State Budget: What is the Plan for the Economic Recovery?
“Cash and working capital are what drive businesses and that’s the fuel for business,” said N.J. Chamber of Commerce President Tom Bracken. “And there’s not much available and there’s nothing that we can see that’s on the horizon. What is the plan for the economic recovery?” (NJBIZ)
George Washington Bridge Goes to Cashless Toll Collection
The ritual of stopping to hand cash to a toll collector at the George Washington Bridge officially ended Sunday, when the Port Authority switched the bridge to all electronic toll collection. (
Two More N.J. Legal Weed Stores Could be Opening Soon
Two more adult weed stores in Fort Lee and Bordentown could be opening soon, which would raise the count to 21 approved locations in New Jersey. (
NJ ChamberForward
N.J. Chamber Launches its E-Publication on Diversity, Equity and Inclusion
The N.J. Chamber today is debuting a monthly e-publication called NJ ChamberForward that tackles issues related to DEI – diversity, equity and inclusion. It also covers the progress that the N.J. Chamber and its members have made in helping New Jersey become more inclusive. Read the premier issue here. (N.J. Chamber of Commerce)
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Iconic N.J. Wedding and Banquet Venue Shuts Down
Mayfair Farms, the elegant banquet hall in West Orange that hosted U.S. presidents and catered thousands of weddings, proms, and luncheons, has closed after 80 years. The family-run business, started in 1942, shut down on June 30. Mayfair Farms’ owners didn’t say what the future holds for the iconic country estate set on 14 acres off Eagle Rock Way, but a Facebook post thanked generations of customers “for sharing life’s most memorable occasions with us.” (
Looking to Get Vaccinated? Here's an Easy Way to Find COVID-19 Vaccines Near You.
Just punch in your area code. You can even search for a specific vaccine. (
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Business Resources
Vaccine Guide for Businesses (U.S. Chamber of Commerce)
Guide to Starting a Business in N.J. (New Jersey Business Action Center)
Jobs and Hiring Portal Job Seekers | Employers (State of N.J.)
The Best Tool for Your Business - Membership in the N.J. Chamber
The N.J. Chamber provides members with guest speakers, webinars, networking opportunities and discount programs that help businesses grow. The N.J. Chamber also advocates for pro-growth and pro-business legislation.
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The New Jersey Chamber of Commerce is staying on top of pandemic and economic recovery developments. For news media requests, please email Scott Goldstein.
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