News & Insights


2023 Municipal Trends and Opportunities - Economic Development

In the face of rising inflation, economic development has been challenging for many municipalities this year.

Despite this, CNBC ranked New Jersey as 2023’s most improved state for business. Much of this is tied to the state’s redevelopment of its bustling towns and cities.

Replacing, rehabilitating, or repurposing existing structures in New Jersey’s municipalities supports economic growth in ways that may surprise you:

✅ When an area is redeveloped, the property values in the surrounding area increase, leading to increased demand for housing and commercial space.

✅ Redevelopment is often accompanied by the creation of jobs, both with companies actively working on the project, as well as those attracted to the area once the project is complete.

✅ Tax revenue for local government often rises after redevelopment, thanks to sales tax contributions from new businesses and property tax revenue increases due to rising property values. The revenue can go toward improving infrastructure, amenities, and more affordable housing opportunities for residents.

Still, redevelopment projects that aim to bolster local economies have complex needs. The solution: strong partnerships that bridge divides between collaborators. These partnerships can facilitate progress, reduce the burden on individual partners, and uncover new opportunities for everyone.

At MS&B, we’re committed to helping our communities thrive, and we’re proud to play a role in this process.

Learn more about our redevelopment and long-term tax exemption practice here ▶️