New Jersey’s economy is growing, revenue is increasing and more people are working, according to testimony today by State Treasurer Andrew Sidamon-Eristoff before the Assembly Budget Committee. “Our revenue is growing – although not as quickly as we’d like – and there is no doubt we’re moving in the right direction,” said Assembly Republican Budget Committee member Anthony M. Bucco, R-Morris and Somerset, adding the testimony is proof that Republican fiscal policies are working and that further tax-relief is needed.

“We are certainly happy with where the economy is headed,” Bucco said. “A growing number of CEOs think New Jersey is a good place to run or expand a business, which is good news on many fronts, especially because it translates into jobs people need.

“You don’t turn a train around overnight and the last thing we can afford to do now is run it off the tracks by returning to the fiscal mess that existed three years ago,” Bucco added.

Bucco welcomed news from the Treasury that indicated objective measures show New Jersey’s economy is growing:

· The March reading of the Federal Reserve Bank of Philadelphia’s index of New Jersey activity showed a 3 percent gain over the preceding 12 months.

· Employment is up 1 percent over last year and the 4.167 million working New Jerseyans reflects the highest total since April 2009.

· Revenue collections through the first 10 months of Fiscal Year 2012 are $500 million more than last year – a 2.7 percent increase.

“There is no doubt we’re headed in the right direction,” Bucco said. “We will get there faster by offering a more competitive tax climate, which includes providing a tax cut for all New Jerseyans, making our state more affordable for hard-working families and businesses that are creating jobs.” TLS.