By Steffen Klenk
Business owners across South Jersey gathered at Flanders Hotel last week as the Ocean City Regional Chamber of Commerce hosted its annual economic forecast. This year’s program was presented by Greg Matuson, President and CEO of Sturdy Savings Bank, who highlighted various trends and factors, including housing, the economy, job markets, new wage changes, and global events.
One of the key focus points of the presentation included housing. According to Matuson, housing prices are likely to remain elevated, adding to affordability issues island-wide. “I don’t think they’re going to go up 10% but I don’t think they’re going to go down in any meaningful way.”
Despite these issues, along with a decrease in closing sales, Ocean City remains healthy with both new listings and sales prices up. “Prices are stable. They’re elevated, but they’re not declining.”
The presentation also focused on Atlantic City, highlighting the importance of casinos for providing jobs and small business activity. While the city continues to see activity at the casinos, Matuson says issues like beach erosion and tourist spending events, such as the air show and beach concerts, have contributed to its decline. “They are in dire need of a beach replenishment program.”
On the state level, New Jersey has seen significant growth in recent years, with a job market of 4.4 million people. New Jersey’s population is also on the rise. In the last four years, the Garden State has added over 211,000 new residents.
Matson highlighted the state’s minimum wage and its potentially adverse effects on employment, while also noting concerns about the national debt and inflation rates. Matuson says while it is too early to make projections, he is eyeing a positive outcome for in and around Ocean City this year, noting a pro-business environment.
Steffen Klenk is a photographer and multimedia journalist who enjoys capturing the eclectic moments of shore life. You may contact Steffen at shorelocalsteffen@gmail.com.
