Superstorm Sandy is likely to create a mini-boost to New Jersey’s economy. The influx of federal aid, some in grants and others in loans, together with thousands of home repair projects may create a boost in tax revenues to the State of New Jersey.
In a recent story by NJ Spotlight, Charles Steindel, Treasury’s chief economist, said the hit to the local economy could be made up quickly because of new consumer spending for reconstruction and repairs, much of it paid for out of Federal Emergency Management Administration reimbursement and insurance settlements.
NJ Spotlight, a content partner with NewsWorks, has been following the economic impact of Superstorm Sandy. We spoke with Lee Keogh the managing editor for NJ Spotlight to get a better understand where all this money is coming from.