Community Developers Make $12 Billion Impact on NJ Economy
Statewide community development association releases economic impact study

2/5/2015

Over 120 nonprofit community development corporations have generated $12 billion dollars for New Jersey’s economy according to a study from the Housing and Community Development Corporation of New Jersey. The study, Stronger Together: The $12 Billion Impact of Community Corporations in New Jersey, highlights the investments made in the sector since 1989.

“New Jersey’s community development sector has been going strong for the last 25 years and they’ve not only improved the quality of our neighborhoods but helped grow our state and local economy as well,” said Staci Berger, president and chief executive officer of the Network. “They’re creating jobs, providing essential services, building homes, and generating tax revenue. Most importantly, they’re creating opportunity for thousands of New Jersey residents.”

Key findings in the report include the following:

  • Community developers have added 82,000 jobs through investments in real estate rehabilitation and new construction;
  • Contributed $5.5 billion in worker wages and in contracts with New Jersey businesses;
  • Build and rehabilitated over 21,000 affordable homes;
  • Build over 2.5 million square feet of commercial space for new and expanding small business;
  • Added $320 million to state tax rolls.

To access Stronger Together: The $12 Billion Impact of Community Corporations in New Jersey, visit http://tinyurl.com/economicimpactstudy.