New Jersey Business Beat with Raven Santana
NJ's year in business
12/18/2021 | 26m 46sVideo has Closed Captions
Rhonda Schaffler looks at the major stories that impacted NJ's business landscape in 2021.
Rhonda Schaffler looks back at 2021, highlighting the major stories that impacted NJ's business landscape, including The Great Resignation, small business support, the expansion of wind energy and the impact of COVID-19 on Main Street businesses. Rhonda also breaks down the major headlines of the week, including a joint call from business leaders for more financial support for small businesses.
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New Jersey Business Beat with Raven Santana is a local public television program presented by NJ PBS
New Jersey Business Beat with Raven Santana
NJ's year in business
12/18/2021 | 26m 46sVideo has Closed Captions
Rhonda Schaffler looks back at 2021, highlighting the major stories that impacted NJ's business landscape, including The Great Resignation, small business support, the expansion of wind energy and the impact of COVID-19 on Main Street businesses. Rhonda also breaks down the major headlines of the week, including a joint call from business leaders for more financial support for small businesses.
Problems playing video? | Closed Captioning Feedback
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Learn Moreabout PBS online sponsorship>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.
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>>> THIS WEEK ON "NJ BUSINESS BEAT."
CALLING FOR HELP TO LIFT A FINANCIAL BURDEN ON BUSINESSES.
INDUSTRY LEADERS BAND TOGETHER TO DEMAND SUPPORT FROM TRENTON.
PLUS A LOOMING CRISIS ALMOST TWO YEARS IN THE MAKING.
WHAT ADVOCATES ARE DOING TO PROTECT FAMILIES WITH THE EVICTION MORATORIUM EXPIRING AT YEAR'S END.
AND WE PUT THE LAST YEAR IN FOCUS.
A 2021 YEAR IN REVIEW FROM THE GREAT RESIGNATION TO THE IMPACT OF THE PANDEMIC ON NEW JERSEY'S BUSINESS LANDSCAPE.
THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEAT."
♪ >> THIS IS "NJ BUSINESS BEAT" WITH RHONDA SCHAFFLER.
>> HELLO I'M RHONDA SCHAFFLER.
THANKS FOR JOINING US ON "NJ BUSINESS BEAT."
IF YOU ARE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.
AS WE HEAD TOWARDS THE END OF 2021, BUSINESS LEADERS ARE LOOKING INTO THE FUTURE AND DEMANDING MORE SUPPORT FROM THE MURPHY ADMINISTRATION.
THIS WEEK LEADERS FROM ORGANIZATIONS ACROSS THE STATE GATHER TO HIGHLIGHT THE INCREASING NEED FOR FINANCIAL SUPPORT FOR MAIN STREET BUSINESSES.
THEY SUGGESTED THINGS LIKE LESS REGULATION, A MORE ROBUST GRANT PROGRAM FOR SMALL BUSINESSES, AND INCREASING THE INCENTIVE IN THE STATE'S BACK TO WORK PROGRAM KNOWN AS "RETURN AND EARN."
MICHELLE SICURCA WAS ONE OF THE BUSINESS LEADERS THAT CALLED FOR MORE SUPPORT.
>> WE'VE LOST A THIRD OF OUR MAIN STREET BUSINESSES.
WE HAVE BUSINESS OWNERS TODAY WHO ARE STARING DOWN THEIR FUTURE, NOT KNOWING HOW LONG THEY CAN CONTINUE TO HANG IN.
OWNERS AND WORKERS ARE BURNT OUT.
>> ANOTHER BIG PROBLEM FOR NEW JERSEY BUSINESS IS COSTS ARE RISING, WHETHER IT IS HIGHER PAY TO GET WORKERS IN THE DOOR OR HIGHERS COSTS FOR GOODS.
AND WE ARE FEELING THE EFFECTS OF THAT AS WE'RE PAYING HIGHER PRICES NOW FOR ALL SORT OF THINGS, INCLUDING ESSENTIALS LIKE FOOD AND GASOLINE.
INFLATION HAS BEEN SURGING, AND NOW THE U.S. FEDERAL RESERVE SAYS IT IS GOING TO TRY TO DO SOMETHING ABOUT THAT.
THE FED IS LOOKING TO RAISE INTEREST RATES STARTING NEXT YEAR TO TRY TO COOL INFLATION.
ON TOP OF THAT, THE FED WILL PULL BACK ON THE EXTRA STIMULUS IT PUMPED INTO THE ECONOMY DURING THE PANDEMIC.
FEDERAL RESERVE CHAIRMAN JEROME POWELL SAYS THE ACADEMY IS IN BETTER SHAPE NOW.
>> THE ECONOMY IS SO MUCH STRONGER.
I WAS HERE AT THE FED WHEN WE LIFTED OFF THE LAST TIME AND THE ACADEMY IS SO MUCH STRONGER NOW, SO MUCH CLOSER TO FULL EMPLOYMENT.
INFLATION IS RUNNING WELL ABOVE TARGET AND GROWTH IS WELL ABOVE POTENTIAL.
WITH ELEVATED INFLATION PRESSURES AND RAPIDLY STRENGTHENING LABOR MARKET, THE ECONOMY NO LONGER NEEDS INCREASING AMOUNTS OF POLICY SUPPORT.
>> STATE HAS HANDED OUT HUNDREDS OF MILLIONS OF DOLLARS IN PANDEMIC RENTAL ASSISTANCE TO TENANTS WHO HAVE FALLEN BEHIND ON RENT.
TENANTS AT RISK HAD TO FILL OUT A SELF CERTIFICATION FORM THIS PAST WEEK TO PROTECT THEMSELVES FROM EVICTION.
BUT THE DEADLINE TO DO THAT HAS COME AND GONE.
AND NOW THOUSANDS ARE AT RISK OF BEING EVICTED FROM THEIR HOMES.
NEW JERSEY'S EVICTION MORATORIUM WILL BE LIFTED ON JANUARY 1st.
I SPOKE WITH MARIAH LOPEZ NUNEZ WITH THE IRONBOUND COMMUNITY CORPORATION IN NEWARK ABOUT WHO IS AT RISK FOR BECOMING HOMELESS.
>> HOW BIG OF A PROBLEM ARE WE GOING TO HAVE IF THERE IS NOT AN EXTENSION OF THE MORATORIUM OR MORE MONEY IS NOT FORTH COMING TO PROVIDE AID TO TENANTS?
>> WE'RE SEEING RECORD INFLATION, RIGHT?
IT IS MAKING IT EXPENSIVE FOR PEOPLE TO EVEN EAT.
AND WE KNOW THAT DURING THE PANDEMIC SO MANY FAMILIES CHOSE TO PAY THE RENT RATHER THAN PUT FOOD ON THEIR TABLE OR BUY MEDICAL SUPPLIES.
SO I'M REALLY CONCERNED OBVIOUSLY ABOUT THE LIFE OF EVERY DAY PEOPLE, ESPECIALLY EVERY DAY WORKING PEOPLE THAT ARE JUST STRAPPED.
THE SITUATION IS ONLY GETTING WORSE.
I DON'T FORESEE AN EXTENSION OF THE PROTECTIONS.
BUT HOPEFULLY THERE WILL BE MORE AID COMING FOR OUR COMMUNITIES.
>> HOW MANY FAMILIES ARE AD RISK IF YOU COULD JUST THROW A NUMBER BEHIND IT?
BEST GUESS.
>> I WOULD SAY AS MANY PEOPLE AS THERE ARE WORKING CLASS PEOPLE.
AS IT WAS, NEW JERSEY WAS ONE OF THE MOST EXPENSIVE PLACES TO LIVE EVEN BEFORE THE PANDEMIC.
THAT PROBLEM HAS ONLY GOTTEN WORSE.
WE'VE SEEN SO MANY FAMILIES FALL BEHIND AND NOW THEY ARE THOUSANDS OF DOLLARS IN DEBT.
YET THEY LIVE PAYCHECK TO PAYCHECK.
I WOULD SAY, YOU KNOW, WE WERE ESTIMATING THE PROBLEM TO BE IN THE BILLIONS OF DOLLARS.
AND LAST AUGUST WE THOUGHT IT MIGHT TAKE US THREE BILLION DOLLARS.
EVEN THOUGH WE'VE GIVEN OUT A BILLION DOLLARS WORTH OF AID.
WE'RE STILL TWO BILLION DOLLARS BEHIND THAT AUGUST NUMBER.
AND I HAVEN'T SEEN UPDATED NUMBERS CARRYING US OVER DECEMBER.
SO I CAN'T EVEN IMAGINE THE BIG HOLE THAT WORKING FAMILIES IN NEW JERSEY ARE IN.
>> AND WHAT ABOUT THE SITUATION WHERE WE COULD SEE LANDLORDS AT LEAST BEGIN EVICTION PROCEEDINGS?
WILL THAT ACCELERATE NEXT YEAR IN TERMS OF CORE CASES THAT ARE BACKED UP?
>> ABSOLUTELY.
WHAT SELF CERTIFICATION WILL DO IS DISMISS SOME CASES, SO THAT WILL MAKE THE PROCESS GO FASTER, WHICH IS OBVIOUSLY A HORRIFYING THING FOR FAMILY WHO IS MIGHT BE FACING THE STREETS.
IF YOU CANNOT PAY YOUR RENT IN JANUARY, IT IS BEST TO TALK TO YOUR LANDLORD AND START TRYING TO WORK SOMETHING OUT.
YOU HAVE TO MAKE RENT IN JANUARY BECAUSE THERE IS ABSOLUTELY NO PROTECTION FOR PEOPLE COME JANUARY 1st.
WE WILL SEE AN ACCELERATED, YOU KNOW, OUR COURTS KIND OF WORK LIKE A, UMM, A FACTORY LINE.
RIGHT?
THEY JUST -- YOU PUT THE CASE IN AND IT MOVES PRETTY FAST TO GET YOU OUT.
SO FAMILIES NEED TO BE AWARE OF THAT AND SEEK LEGAL ASSISTANCE AS SOON AS POSSIBLE.
>> I GUESS MARIA, YOU KNOW, THIS PANDEMIC WHICH HAS KIND OF MADE ALL OF OUR PROBLEMS IN NEW JERSEY EVEN WORSE, IF YOU WERE TO SIT BACK AND KIND OF TAKE A BIG PICTURE IN, WHAT BIG POLICY CHANGE NEEDS TO HAPPEN IN THIS STATE SO SOME OF THESE FAMILIES ARE NOT AT RISK?
>> ACTUALLY THE HOUSING COMMUNITY DEVELOPMENT NETWORK DID A SURVEY OF WHAT PEOPLE IN NEW JERSEY WANT, HOMEOWNERS, TENANTS, AND THE NUMBER ONE POLICY IS RENT CONTROL THEY WANT.
WE DON'T HAVE A STATEWIDE RENT CONTROL.
AND CITY BY CITY AND A 30 YEAR HOLD.
SO IF SOMETHING IS BUILT IT WILL NOT BE RENT CONTROLLED FOR 30 YEARS.
TWO GENERATIONS OF CHILDREN GROWING UP WE NEED STATEWIDE RENT CONTROL TO MAKE SURE WE'RE STABILIZING THE MARKET AND PROVIDING AFFORDABLE UNITS IN EVERY SINGLE COMMUNITY.
>> MARIA, ALWAYS A PLEASURE TO SEE YOU.
THAW FOR YNK YOU FOR YOUR TIME.
>> THANK YOU FOR VERY MUCH FOR REPORTING ON THIS VERY NEEDED ISSUE.
>> EVICTION CRISIS MAY BE THE BIGGEST STORY HEADED INTO 2022, WE'RE GOING FOCUS NOW ON THE YEAR THAT WAS IN BUSINESS WITH 2021 COMING TO A CLOSE.
MAJOR STORIES FROM THE GREAT RESIGNATION TO THE EVER-EVOLVING PANDEMIC, ALL IMPACTING NEW JERSEY'S BUSINESS LANDSCAPE AND THE MEN AND WOMEN WHO RUN BUSINESSES SMALL AND LARGE IN OUR STATE.
THAT'S WHY THIS WEEK WE ARE PUTTING TO 21 IN FOCUS LOOKING AT THE ECONOMIC GROWTH AND CHALLENGES THAT REMAIN FOR BUSINESSES AS WELL AS WHICH INDUSTRIES STOOD OUT.
NEW JERSEY CONTINUES TO LAG THE NATION WHEN IT COMES TO OUR UNEMPLOYMENT RATE.
AT 6.6%, IT IS STILL HIGHER THAN THE NATIONAL AVERAGE.
TOTAL NON FARM EMPLOYMENT IN THE STATE, 4.06 MILLION WORKERS.
IN NOVEMBER CLOSE TO 26,000 NEW JOBS WERE ADDED TO NEW JERSEY'S ECONOMY.
MARKING THE 11th STRAIGHT MONTH OF JOB GAINS.
PERHAPS EVEN MORE SIGNIFICANT, THE STATE'S ECONOMY HAS RECOVERED MORE THAN THREE-QUARTERS OF THE TOTAL JOBS LOST IN THE SPRING OF 2020 WHEN THE PANDEMIC LED TO MASSIVE LAYOFFS.
NEW JERSEY'S REVENUE PICTURE CONTINUES TO BRIGHTEN.
THE STATE TREASURY DEPARTMENT REPORTED NOVEMBER REV COLLECTIONS OF MAJOR TAXES TOTALLED $2.57 BILLION, UP 13.5% OVER LAST NOVEMBER.
FISCAL YEAR TO DATE COLLECTIONS TOTALLED $12.7 BILLION, UP 22.5 PERCENT OVER THE SAME PERIOD LAST YEAR.
DESPITE ONGOING CHALLENGES IN THE BUSINESS COMMUNITY, 2021 MARKED THE START OF AN ECONOMIC TRANSFORMATION IN NEW JERSEY.
THAT'S THE OPINION OF TIM SULLIVAN, THE CEO OF THE STATE'S ECONOMIC DEVELOPMENT AUTHORITY.
WE TALKED ABOUT WHICH INDUSTRIES WILL TAKE NEW JERSEY'S ECONOMY FORWARD.
>> WHEN WE LOOK BACK AT 2021, OBVIOUSLY THERE WERE A LOT OF STRIDES MADE.
BUT WE'RE STILL LAGGING BEHIND IN THE STATE, OUR UNEMPLOYMENT RATE IS HIGH.
SOME BUSINESSES ARE STILL STRUGGLING.
AT THIS POINT, WHAT ARE YOUR REFLECTIONS WHEN YOU LOOK BACK AT LAST YEAR?
AND THEN WE'LL TALK ABOUT LOOKING AHEAD.
>> YEAH, I THINK WHEN WE LOOK BACK A COUPLE YEARS, ONE OF COURSE THE CONTINUED STRUGGLES THROUGH THE PANDEMIC ARE VERY REAL.
I THINK THAT'S GOING TO BE A LASTING MEMORY.
BUT I THINK WE'RE ALSO GOING TO LOOK BACK AT 2021 AS A YEAR WHEN THE ECONOMIC TRANSFORMATION OF GOVERNOR MURRAY'S BEEN FOCUSED ON REALLY TOOK FLIGHT.
WHETHER THINGS IN FILM AND DIGITAL MEDIA, TELEVISION, OFF SHORE WIND, SPORTS BETTING, FIN TECH, FINANCIAL TECHNOLOGY, YOU KNOW, BIG, IMPORTANT, SORT OF INFLECTION POINT MOMENTS IN THOSE INDUSTRIES I THINK ARE GOING TO BE CATALYST FOR THE GROWTH FOR THE NEXT DECADE PLUS.
>> AND THOSE WERE WOULD YOU SKA STANDOUT INDUSTRIES OF THIS YEAR?
>> I THINK IF YOU LOOK AT FILM AND TV, FOR EXAMPLE.
NEARLY HALF A BILLION DOLLARS PRODUCTION.
THAT'S UP THREE OR FOUR TIMES FROM 2017 OR 2018.
SIGNIFICANT JOB CREATION THERE.
AND YEAH, OFF SHORE WIND AND SPORTS BETTING AND FIN TECH WERE STAND OUTS IN TERMS OF JOB CREATION.
ONE FIN TECH COMPANY ALONE ANNOUNCED IT IS GOING TO CREATE 2,000 NEW JOBS IN BERKELEY HEIGHTS.
THE OFF SHORE WIND INDUSTRY PARTICULARLY IN AND AROUND THE TWO PORTS IN SOUTH JERSEY ARE BOTH NOW SEEING HUNDREDS OF JOBS BEING CREATED.
>> THE STATE OF COURSE HAS CONTRIBUTED FUNDS TO SEVERAL OF THESE INDUSTRIES OR PROVIDED TAX CREDITS.
AT THIS POINT WHEN YOU LOOK AT THE ECONOMIC LANDSCAPE IN NEW JERSEY, DO YOU SEE THE STATE PUTTING MONEY TOWARDS SPECIFIC INDUSTRIES, OR DO WE STILL NEED YET ANOTHER ROUND OF JUST GENERAL ASSISTANCE FOR BUSINESS WHO IS HAVEN'T JUST GOTTEN BACK TO THEIR FEET YET?
>> YES I THINK AS IT RELATES TO TAX CREDITS AND LARGER SCALE INVESTMENT, I THINK WE'VE GOT TO BE TARGETED.
GOVERNOR MURPHY PUT AN ECONOMIC PLAN IN 2018 WHICH OUTLINED EVERYONE IS OR EIGHT KEY INDUSTRIES.
WHERE WE EITHER NEED TO PROTECT COMPETITIVE ADVANTAGE WE HAVE, PHARMA IS A GREAT EXAMPLE OF THAT.
TECHNOLOGY AS WELL.
OR WOULD WE WANT TO BUILD COMPETITIVE EDGE, OFF SHORE WIN, FILM AND TELEVISION, SPORTS BETTING OR HAVE OPPORTUNITIES TO INVEST IN A TARGETING WAY.
>> BEYOND BIG INDUSTRY, WHY DOES MAIN STREET FIT IN?
THERE WAS A TARGETED EFFORT FROM THE STATE THIS YEAR TO LOOK AT SMALL BUSINESSES AND LOOK AT, FOR INSTANCE, MINORITY-OWNED BUSINESSES TO TRY TO GIVE ASSISTANCE THERE.
SO WE HAVE THESE BIG GROWING INDUSTRIES, BUT HOW DO THE MOM AND POP SHOPS FIT?
>> SOMETHING LIKE HALF OF NEW JERSEY RESIDENTS WORK FOR SMALL BUSINESSES.
AND SO THOSE ARE REALLY IMPORTANT PART OF GOVERNOR MURPHY FOCUS OR ECONOMIC DEVELOPMENT PLAN.
THE BUDGET GOVERNOR MURPHY SIGNED GOING BACK SIX OR SEVEN MONTHS CONTAINS HUNDRED MILLION DOLLARS OF STATE APPROPRIATION FOR SMALL BUSINESS SUPPORT IN MAIN STREET PROGRAM IN DDA.
>> HOW MIGHT WE SEE CHANGES FOR THE STATE FROM 2022 IN TERMS OF SUPPORT.
>> PRETTY HIGH CERTAINTY ON THE FACT WE'RE GOING TO CONTINUE TO FOCUS ON OFF SHORE WIND.
WE'RE AT A INFLECTION WHERE THIS IS GONE FROM SOMETHING OFF THE HORIZON TO HERE RIGHT NOW.
THERE ARE JOBS IN THE OFF SHORE WIND CREATED IN MANUFACTURING, CONSTRUCTION, OPERATIONS AND MAINTENANCE THE NEXT COUPLE YEARS.
I THINK YOU SHOULD LOOK FOR CONTINUED GOOD NEWS THERE.
FILM AND TELEVISION ANOTHER ONE.
SO I THINK ONE OF THE THINGS THAT'S REALLY IMPORTANT ABOUT FILM AND TELEVISION IS YES WE'VE SEEN INCREASE IN PRODUCTION.
WE'RE ALSO STARTING TO SEE LOTS OF INTEREST FROM COMPANIES WHO WANT TO BUILD STUDIOS.
THE GOVERNOR WAS AT A RIBBON CUTTING FOR THE FIRST NEW FILM STUDIO, FILM AND TELEVISION STUDIO IN NEW JERSEY IN DECADES AND WE'VE SEEN SIGNIFICANT INTEREST FROM OTHER MAJOR STUDIO PLAYERS IN NEW JERSEY WHICH IS INCREDIBLY EXCITING.
>> AS ALWAYS TIM, GOOD TO TALK TO YOU.
WE WILL TALK AGAIN NEXT YEAR.
THANK YOU FOR YOUR TIME.
>> THANK YOU RHONDA.
TALK TO YOU SOON.
>>> EVERY SMALL BUSINESS OWNER WE SPOKE TO THIS PAST YEAR TOLD US HOW HARD ITS BEEN TRYING TO GET BACK TO NORMAL.
THIS WEEK WE WANTED TO FOCUS ON ONE STORY OF BUSINESS SURVIVAL.
THE ICONIC TOPSIDER IN NEWARK JUST BEGAN OPERATING AT FULL CAPACITY THIS WEEK.
VAN GALEVIS IS PRESIDENT OF TOP STEINER.
>> CONGRATULATIONS ON FULL REOPENING OF TOP STEINER.
REALLY BEEN AN INCREDIBLE YEAR AND A HALF FOR YOU AND GREAT STORY OF RESILIENCE.
TAKE ME BACK TO MARCH 2020 AND THEN WHERE YOU ARE RIGHT NOW.
>> THANKFULLY WE GOT A PPP LOAN FROM CREDIT ONE BANK AND GAVE US A LIFELINE THAT RESURRECTED IT.
IT HELPED US NAVIGATE THROUGH THE TOUGH PERIOD OF TIME.
AND THEN WITH THE HELP OF TECHNOLOGY AND TAKE OUT WE MADE IT THROUGH THE PANDEMIC.
AND NOW WE'RE HERE YEAR AND A HALF LATER ABLE TO FINISH CONSTRUCTION OF THE BRAND NEW TOP STEINER, WHICH IS A 16,000 SQUARE FOOT FACILITY.
THE COST OF THE PROJECT WAS CLOSE TO $15 MILLION WHICH WE LENDED THE MONEY FROM CONNECT ONE BANK.
>> LET ME STEP IN.
WERE YOU ALREADY PLANNING TO MAKE HUGE CHANGES TO TOP STEINER BEFORE THE PANDEMIC OR WAS IT THE PANDEMIC THAT MADE YOU DECIDE LET'S START OVER.
>> THE ACTUAL EXPANSION OF THE DINER HAS BEEN IN THE WORK SINCE 2016.
ITS BEEN A ROLLER COASTER.
AND WHEN WE GOT HIT WITH THE PANDEMIC WE ARE IN THE MIDDLE OF CONSTRUCTION.
>> TELL ME ABOUT THE NEW TOP'S DINER.
WHAT'S DIFFERENT FOR THOSE WHO HAVE NOT BEEN THERE SINCE YOU'VE MADE THE CHANGES.
AND HOW DID THE PANDEMIC AFFECT SOME OF THE CHANGES YOU MAKE?
>> SO, WHAT'S NEW ABOUT IT, THE PLACE IS ABOUT FOUR TIMES THE SIZE.
WE'VE ADDED A LOT OF TECHNOLOGY, A LOT OF INNOVATIVE STUFF WITH TAKEOUT THAT IF IT WASN'T FOR THE PANDEMIC WE PROBABLY WOULDN'T HAVE DONE.
WE CREATED A WHOLE OUTDOOR SEATING AREA.
WE HAVE ABOUT A HUNDRED OUTDOOR SEATS RIGHT NOW, WHICH IN THE OLD DINER WE HAD ZERO.
A SEPARATE AREA FOR TAKEOUT WHERE CUSTOMERS CAN COME THROUGH A SEPARATE DRIVE-THRU WINDOW AND PICK UP ORDERS TO GO.
WE HAVE PLATFORMS LIKE UBER EATS AND A FEW OTHER THIRD PARTY SERVICES THAT HELPED US A LOT.
>> WHAT ARE SOME OF THE CHALLENGES THE BUSINESS IS FACING NOW AS YOU MOVE TO THIS FULL REOPENING?
>> PROBABLY THE BIGGEST CHALLENGE HAS BEEN EMPLOYMENT.
THERE'S BEEN A SHORTHAND, A SHORTFALL OF LABORERS.
WE HAVE KEPT A LOT OF OUR EXISTING EMPLOYEE, HOWEVER WITH EXPANSION OF THE NEW PLACE BEING SO MUCH BIGGER, IT REQUIRED A LOT MORE PEOPLE ON BOARD.
AND ALSO JUST THE ESCALATING PRICES.
WE CAN'T JUST, LIKE, USED TO BE LIKE YOU HAVE PRICES FOR LIKE A MONTH ON PRODUCE OR BEEF.
NOW IT'S LIKE CHANGING LIKE EVERY, LIKE, TWO OR THREE DAYS.
>> NOT ALONE IN FACING THOSE CHALLENGES.
WHEN WILL BUSINESS GET BACK TO PRE PANDEMIC LEVELS, IF IT IS NOT ALREADY?
>> WE'RE HOPING WITH THE MORE INCREASE IN SEATING, WE SHOULD SURPASS PRIOR TO THE PANDEMIC WHERE WE WERE.
>> YOU KNOW, THE THING ABOUT DINERS IS THE MENUS ARE SO BIG.
EVERY TIME I GO TO A DINER I'M, LIKE, PERPLEXED.
WHAT IS THE ONE THING I SHOULD ORDER AT THE NEW TOP'S DINER?
>> WHEN YOU COME TO THE NEW TOP'S DINER, OUR PROBABLY NUMBER ONE ITEM IS THE LOBSTER MAC AND CHEESE.
IT IS AN ITEM THAT WE'VE PERFECTED.
WE SELL ABOUT 140 ORDERS A DAY OF IT.
IT IS OUR TOP-SELLING ITEM.
>> SEE, THIS IS WHAT PEOPLE DON'T UNDERSTAND ABOUT JERSEY DINERS.
RIGHT?
YOU ARE SELLING LOBSTER MAC AND CHEESE.
BEN, VAN, BEST OF LUCK TO YOU AND I HOPE YOU HAVE A GREAT WEEKEND AS YOU ARE RAMPED UP BACK TO 100%.
THANKS.
>> THANK YOU SO MUCH.
>> VAN MENTIONED HOW HE WAS HAVING TROUBLE FINDING WORKERS.
WE'VE HEARD THAT OVER AND OVER AGAIN THIS PAST YEAR, WHICH IS WHY THE SO CALLED "GREAT RESIGNATION" MADE HEADLINES IN 2021.
THIS YEAR MILLIONS OF PEOPLE QUIT THEIR JOBS AND THERE ARE FAR MORE OPEN POSITIONS THAN THERE ARE BODIES TO FILL THEM.
WE TALKED ABOUT HOW THE LABOR MARKET GOT UPENDED, AND WHEN IT WILL GET BACK TO NORMAL WITH JANE OATES THE PRESIDENT OF THE NON PROFIT "WORKING NATION."
>> JANE, OBVIOUSLY THE BIG STORY WHEN WE TALK ABOUT THE ECONOMY THIS YEAR, ONE OF THE BIG STORIES, HAS TO DO WITH WHAT'S HAPPENING IN THE LABOR MARKET.
THIS GREAT RESIGNATION THAT REALLY NOBODY PREDICTED.
WHAT'S BEHIND IT?
AND IS IT GOING TO CONTINUE FOR A WHILE?
>> SO, LIKE EVERYTHING ELSE IN THIS DAY AND AGE, IT'S REALLY COMPLICATED.
COVID CONTINUES TO REAR ITS UGLY HEAD ON THE WORKFORCE.
LOTS OF WOMEN, TWO MILLION OF THEM STILL, 1.7 MILLION OF THEM, STILL HAVEN'T COME BACK TO THE WORKFORCE FROM FEBRUARY OF 2020.
WHAT'S CAUSING THAT IS CHILD CARE ISSUES, IS FEAR, OR JUST THEY REALLY DECIDED THEY WANTED TO STAY HOME WITH THEIR FAMILIES.
NOBODY -- RESEARCHERS ARE GOING TO LOOK AT THAT FOR A LONG TIME.
BUT ONE OF THE THINGS I THINK IS TRUE NATIONAL AND VERY TRUE IN NEW JERSEY, WHICH IS SUCH A HIGHLY-EDUCATED STATE, IS THAT WE NEED TO LOOK AT THE CLASS OF 2020.
THOSE PEOPLE THAT GRADUATED WITH ASSOCIATES DEGREES, BACHELOR'S DEGREES AND BEYOND FACED A MISERABLE JOB MARKET.
AND THEY ENDED UP TAKING JOBS IN THAT SUMMER OF 2020 THAT WERE PROBABLY PART-TIME AND WELL BENEATH THEIR EDUCATIONAL ABILITIES.
SO I THINK PART OF WHAT WE SAW IN, YOU KNOW, SPECIFICALLY IN SEPTEMBER OF 2021 WAS A LITTLE BIT OF THE EVENING OUT OF THAT.
>> I THINK IT IS INTERESTING TOO WHEN YOU LOOK AT THE JOLT SURVEY FROM THE LABOR DEPARTMENT THAT SHOWS SO MANY OPENINGS, NOT ENOUGH PEOPLE TO FILL THEM.
WE ALSO HAD THIS SITUATION WHERE, FOR INSTANCE, SOME PEOPLE JUST DECIDED TO RETIRE EARLY DURING COVID.
>> I DO WORRY ABOUT PEOPLE TAPPING INTO THEIR 401(k)s WHO ARE MAYBE IN THEIR 50s AND STILL WORKING OR STILL TRYING TO WORK AND, YOU KNOW, THEY'RE REALLY DEPLETING THEIR SAVINGS FOR WHEN THEY REALLY DO HIT RETIREMENT AGE.
>> YOU WERE IN THE LABOR DEPARTMENT AFTER THE GREAT RECESSION, WHICH HAPPENED MORE THAN A DECADE AGO WHEN IT TOOK SO LONG FOR SO MANY JOBS TO COME BACK.
CAN YOU KIND OF COMPARE AND CONTRAST THE TWO LABOR MARKETS AS TO WHERE WE ARE NOW?
>> THE BIGGEST DIFFERENCES WERE THERE WERE PARTICULAR SECTORS THAT WERE HARD HIT IN THE GREAT RECESSION.
AND EVERYBODY WAS HIT DURING COVID.
AND I THINK, YOU KNOW, REALLY, IF YOU THINK ABOUT AS WE WERE COMING OUT OF THE GREAT RECESSION, THERE WERE AT TIMES 10 APPLICANTS FOR EVERY JOB.
NOW THERE IS ALMOST, YOU KNOW, WITH 11 MILLION JOB OPENINGS, IT IS REALLY HARD TO FIND THAT TALENT.
BUT TO GO BACK TO YOUR QUESTION, IT IS GOING TO BE WITH US FOR SOME TIME.
WE ARE NOT GONNA -- JANUARY 1st, THIS IS NOT GOING TO BE OVER.
>> YEAH.
THAT WAS EXACTLY WHAT I WAS GOING TO ASK YOU.
YOU EXPECT IT WILL KIND OF LINGER ON THROUGH 2022, THIS IMBALANCE IN THE LABOR MARKET?
>> I THINK IT IS GOING TO CONTINUE.
I THINK THAT FOR THE FIRST TIME WORKERS REALLY ARE IN THE DRIVER SEAT, NO PUN INTENDED.
YOU KNOW, BUT WORKERS AFTER HAVING OVER A DECADE OF STAGNANT WAGES HAVE SEEN A 4.5% WAGE GROWTH IN THE LAST YEAR.
SO THEY ARE REALLY STARTING TO NEGOTIATE DIFFERENTLY WHEN THEY ARE OFFERED A JOB.
AND IT IS NOT JUST MONEY ANYMORE.
IT IS REALLY ABOUT FLEXIBILITY.
IT IS ABOUT IS THAT EMPLOYER INVESTING IN ME?
>> JANE, ALWAYS A PLEASURE TO SPEAK WITH YOU.
THANK YOU FOR YOUR TIME TODAY.
>> RHONDA, ALWAYS GREAT TO BE WITH YOU.
THANK YOU.
>>> WE CAN'T TALK ABOUT 2021 WITHOUT MENTIONING NEW JERSEY'S HEALTHCARE INDUSTRY WHICH PLAYED A KEY ROLE DURING THE COVID-19 PANDEMIC.
WHEN IT COMES TO RESEARCH, INNOVATION AND SCIENTIFIC BREAKTHROUGHS.
I SAT DOWN WITH DR. REYNOLD PANATERI JR. FROM THE ROBTDWOOD JOHNSON MIDDLEEDICAL SCHOOL TO REFLECT BANG ON THIS YEAR.
>> YOUR FIELD WAS INCREDIBLE FOR THE HEALTHCARE INDUSTRY AND MEDICAL ADVANCES.
WHEN YOU REFLECT BACK ON 2021 AND THE PANDEMIC, WHAT DO YOU THINK ABOUT?
>> IF ONE COULD IMAGINE THE DEVELOPMENT OF A VACCINE THAT COULD THEN BE GIVEN TO HUNDREDS OF MILLIONS OF PEOPLE OVER THE WORLD AND ACROSS THE WORLD ACTUALLY IN -- IN A -- IN ABOUT A YEAR, YEAR AND A HALF, IT WOULD BE UNFATHOMABLE.
SO THERE'S BEEN UNBELIEVABLE SCIENTIFIC ADVANCES.
>> AND UNFORTUNATELY, WE'RE STILL TALKING ABOUT IT HERE.
I THINK A LOT OF PEOPLE WANTED TO THINK THAT THIS WOULD BE BEHIND US.
WE'LL GET TO THAT IN A MOMENT.
WHAT I WANT TO FOCUS ON WITH YOU TOO IS THE ROLE NEW JERSEY PLAYED.
WHETHER IT WAS OUR GREAT HOSPITALS, OUR INCREDIBLE MEDICAL RESEARCHERS, OUR PHARMACEUTICAL COMPANIES, I MEAN, THIS STATE REALLY HELPED IN SO MANY OF THESE ADVANCES.
>> YOU ARE ABSOLUTELY CORRECT.
WE AT RUTGERS WERE VERY FORTUNATE TO WORK WITH A COMPANY CALLED RUCDR, NOW IBX, THAT DEVELOPED THE FIRST EUA, THE EMERGENCY AUTHORIZATION -- UTILIZATION AUTHORIZATION FOR THE SALIVA TESTS.
THAT IS, WE WERE NUMBER 1 IN THE WORLD TO ACTUALLY DEVELOP THE TEST AND ROLL IT OUT.
AND HAD PROFOUND IMPACT, PROFOUND IMPACT.
AT RUTGERS WE'RE ACTUALLY PROVIDING THE SAMPLES FROM THOSE COVID PATIENTS THAT ALLOWED US TO TEST.
IN THE SAME VAIN, IN NEW JERSEY, ESPECIALLY WITH J&J, THE DEVELOPMENT OF THEIR VACCINE WAS -- WAS REALLY A GLOBAL IMPACT.
AGAIN, RUTGERS PLAYED A CRITICAL ROLE.
WE WERE THE SECOND IN THE WORLD IN RECRUITMENT FOR THE J&J VACCINE.
SO THOSE ARE JUST SOME OF THE SUCCESSES, THE IMMEDIATE SUCCESSES.
>> DOCTOR, SHARE WITH ME, IF YOU WILL, HOW THE BUSINESS OF HEALTHCARE CHANGED.
FOR INSTANCE, WILL WE SEE GOING FORWARD MORE MONEY PUT TOWARDS RESEARCH, MORE MONEY PUT TO PATIENT CARE?
DO YOU SEE TANGIBLE EFFECTS THAT REALLY WILL COME THROUGH ON THE BUSINESS SIDE FROM SOME OF THE MEDICAL ADVANCES?
>> I THINK THERE IS A TREMENDOUS DIFFERENCE IN THE WAY WE DO CLINICAL TRIALS, WHICH ARE COSTLY.
TYPICALLY, IF WE CAN DO THE REMOTE MINIMAL TOUCH CLINICAL TRIALS.
THE COST OF DOING THOSE TRIALS ARE GOING TO BE FAR LESS -- >> YOU CAN'T IGNORE SOME OF THE HEADLINES OUT NOW.
WE DON'T KNOW A LOT ABOUT OMICRON.
THERE IS VARIOUS STUDIES, BUT IT CAN BE SCARY TO READ.
DO YOU THINK WE'LL BE IN A BETTER POSITION A YEAR FROM NOW?
>> YOU KNOW, MAYBE WHAT WE'RE GOING TO SEE IS MORE AND MORE MUTATIONS AS WE GO FORWARD.
AND THOSE MUTATIONS MAY BE LESS AND LESS INDUCING IN MORBIDITY AND MORTALITY.
AND WE HOPE, OVER TIME, WITH MULTIPLE BOOSTERS, OUR OWN IMMUNE SYSTEM WILL CONTINUE TO BE REFINED SO THAT COVID-19 WILL BE SIMPLY A COLD AND NOT SOMETHING THAT WE ARE WORRIED ABOUT KILLING INDIVIDUALS.
>> DOCTOR, THANK YOU SO MUCH FOR YOUR TIME.
AND THANK YOU FOR YOUR WORK OVER THE PAST YEAR.
>> THANK YOU SO MUCH.
WISH YOU THE VERY BEST OF LUCK.
>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.
THANK YOU FOR WATCHING "NJ BUSINESS BEAT."
I'M RHONDA SCHAFFLER.
WE WILL BE ON HIATUS FOR THE NEXT TWO WEEKS DUE TO THE HOLIDAYS.
I DO HOPE YOU ENJOY THE SEASON, AND WE WILL SEE YOU AGAIN IN 2022.
♪ >>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.
WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY, AND MINUTES FROM WALL STREET.
LEARN MORE AT NJCU.EDU/GAMECHANGER.
♪

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