The Newark Regional Business Partnership (NRBP) convened business, government, and community leaders for its annual Regional Economic Outlook program on October 30, 2025, at NJIT. The program explored business trends for 2026, spotlighting how arts, entertainment, sports, and hospitality are driving growth, with the Greater Newark region emerging as a premier destination for visitors and investors.
The event was sponsored by TD Bank, the Martin Tuchman School of Management at NJIT, Horizon Blue Cross Blue Shield of NJ, and Invest Newark.
Economic Update: Stability Amidst Shifts
Roseanne Elcenko, Assistant Director of Economic and Demographic Research at the New Jersey Department of Labor and Workforce Development, opened the program with a data-driven economic report.
Elcenko noted that while spending patterns have shifted, the state’s economic foundation remains “stable and firm.” She described a “K-shaped” economy, where higher-income households drive nearly half of all consumer spending while lower-income consumers become more cautious. “Consumers are changing how they consume goods and services,” she said.
Key economic indicators for New Jersey (as of August 2025):
• Job Growth: The state has added approximately 164,000 jobs (+3.9%) since February 2020.
• Newark Metro Division: Gained 38,800 jobs (+2.4%) during the same period.
• Unemployment Rate: 5% (compared to 4% nationally).
• Inflation: Has eased to 3%.
Creative Industries Powering Economic Development
A panel discussion, moderated by Suzanne Ishee (Director of the NJIT Hub for Creative Placemaking), highlighted Newark’s cultural and economic renaissance. Panelists included Marcus Randolph (CEO of Invest Newark), Ashley Mays (President of Newark Happening), Antonio Valla (Co-Founder of Have You Met Newark Tours), and Vince Baglivo (Executive Director of the Ironbound Business Improvement District).
Mays pointed to the city’s “unprecedented alignment and collaboration,” citing the new Festivals United initiative as a model. Randolph underscored the growing demand for authentic local experiences, noting, “People want to engage with the city in meaningful ways, and there’s a sense that everyone is moving in the same direction — focused, concentrated efforts to ensure residents can participate in Newark’s growth.”
Panelists emphasized the rise of experiential tourism. Baglivo noted that visitors seek unique experiences beyond major events: “People don’t necessarily go into the stadium to see the World Cup game — they come for the experience. . . Visitors are looking for unique experiences — the best coffee, croissant, you fill in the blank. We have things in Newark that NYC doesn’t have or doesn’t offer.”
Looking ahead, panelists agreed that the 2026 FIFA World Cup presents an unprecedented opportunity, emphasizing the urgency of preparation for local service providers and entrepreneurs.
David Schoner, NJ Motion Picture & Television Commission
Film and Television: A Growing Economic Engine
David Schoner, Assistant Director of the New Jersey Motion Picture and Television Commission, concluded the program with a look at the state’s booming film and television sector.
• 2024 Economic Impact: Film production generated $833 million in qualified spending in 2024, an all-time high, creating more than 30,000 jobs statewide.
• Newark as a Hub: Newark recently received a $750,000 grant for workforce training through the NJ Film Works initiative. Schoner confirmed, “Newark is film-ready. We have the crews, the vendors, and the infrastructure to keep this industry growing.”
• Industry Validation: The NJEDA recently designated Paramount Global as a Studio Partner after the company announced its lease of production space at 1888 Studios in Bayonne, further cementing the state’s prominence in the industry.
