The New Jersey Community Loan Fund (FUND) has asked Project Community to help identify counties and populations where commercial lending might be targeted. This report identifies the needs, strengths, and opportunities among populations in distressed counties in New Jersey. Section 1 summarizes demographic and employment data taken from the 1990 Census, as well as county employment projections by the New Jersey Department of Labor (released in January 1994). The state is examined at the county and commuting zone levels. Comparisons are made based on median household income, per capita income, percent of the minority population with less than a high school education, unemployment rates, among other measures.
In general, the distress rates of Commuting Zone #1, the southern counties, are particularly high. In contrast, the number of persons living in distressing conditions, is higher in Commuting Zone #2, especially the northern counties in the zone.
In Commuting Zone #1, Atlantic, Camden, Cumberland, and Salem counties have median household incomes more than 15% below the state average. These counties are home for 94,932 persons living in poverty. Three of the four distressed counties of Commuting Zone #2 -- Essex, Hudson, and Passaic -- have slightly stronger median family incomes (Union county is the exception which is 27% below the state average), yet nearly 270,000 persons in these counties are living in poverty, 108,940 in Essex county alone.
Section 2 examines the eight distressed counties in more detail. Where possible, potential strengths are highlighted for each county. Based on this analysis, the report concludes with two observations: First, with regard to income levels and education attainment, Union county seems to offer the most potential for job creation; and second, incomes for minority populations appear to be buoyed by the incomes of Whites.
Finally, the New Jersey Community Loan Fund might consider linking its future business loans to neighborhoods with established links to the state's current redevelopment strategy. By identifying Neighborhood Councils with Neighborhood Revitalization Plans, the FUND could maximize its involvement in the local economy.
|
|
|
|
|
|