The acceleration in job growth is largely the result of continued strength in the region's key private sectors and a slackening of the recent rapid pace of decline in manufacturing and utilities. The restructurings will continue, but at a slower pace and with less of a drag on overall job growth. Business and consumer services are expected to be the driving forces for private sector job growth next year. Jobs in health and social services also will contribute, although consolidation and cost cutting trends in hospitals will moderate the rapid pace of recent years. Let me add that job growth is only one measure of economic well being.
New Jersey continues to be a wealthy state.
These healthy gains in per capita income bode well for retail sales and retail trade employment. But such changes are not one-sided problems. Technological advancements may reduce manufacturing employment in New Jersey, but they also make it possible to attract financial services such as back office operations to Hudson County and trading operations to Princeton. In addition, technological change sets a framework for the development of new industries and new occupations that may well lead the State's economy forward in the years ahead. We should also remember that strength and the opportunity for change frequently come from adversity, and the resilience of our citizens cannot be underestimated.