The August meeting of the Northern New Jersey Mastermind Group was far from the “lazy, hazy days of summer” as members were engaged in a wide variety of facts, trends, forecasts and discussions on the state of the market.

Member Paul Fiorilla of Yardi Systems highlighted NYC’s new Rent Control Law – it may well keep rents down for rent control residents at the expense of the deterioration of NYC’s apartment stock. Landlords faced with a limit on capital improvements and repairs for each vacated unit may elect to postpone or eliminate them entirely.

Bob Byra of Dresdner Robin presented a Member Spotlight on two pending bills on Stormwater Management in the State of New Jersey. The first adds clarification, more measurable objectives and new green infrastructures to control runoff. The second one is a NJ Senate Bill authorizing the establishment of Stormwater Utilities in the state.

Speaker Martin Kohli of the U.S Bureau of Statistics topped off the meeting with a detailed presentation on Labor Market Developments in Northern New Jersey. He compared NJ’s job and industry growth status and projections with national figures.
• Leisure/hospitality is #1 in NJ – and #3 nationally
• Construction job growth is #2 in the state – above the national average
• The aging population is fueling growth in healthcare and insurance services
• Manufacturing is growing more slowly – and soon to be impacted more by automation, globalization and AI
• Strong job growth in one sector does not necessarily impact wage growth