Project: Main Street Woodbury in New Jersey: Economic Restructuring Project
Chairman: Anthony A. Allman Jr. [Economics, 2002, Rutgers University] Adviser: Tetsuji Yamada, Ph.D. Chairperson of Economics Department
Students: Joseph Harris : [MPA], James Boyle [Econ] and some Business & Law students
Contact: Tetsuji Yamada (firstname.lastname@example.org) or Joseph Harris (email@example.com)
What Does the Economic Restructuring Project Do?
The job of the Economic Restructuring Committee is to identify new market opportunities for the traditional commercial district, find new uses for historic commercial buildings, and stimulate investment in property. The Economic Restructuring Committee must develop a thorough understanding of the district’s economic condition and its best opportunities, focusing on incremental changes that gradually improve the area’s economic foundation and eventually make large scale investment possible.
The Economic Restructuring Committee’s Main Goals Are:
- Learning about the district’s current economic condition and identifying opportunities for market growth
- Strengthening existing businesses and recruiting new ones
- Finding new economic uses for traditional Main Street buildings
- Developing financial incentives
Rutgers University Students Involvement:
For the Rutgers University, Economics students, their first assignment was to analyze the current demographic, geographic, and economic state of the local businesses in Woodbury, New Jersey. Then they were assigned to help design and construct the survey questions for the local businesses in the community. After they completed conducting the questions, the next assignment was to distribute the surveys to the local businesses throughout the community.
As of April 15, 2013, the project team received a majority of the surveys from the local businesses involved in the Main Street Woodbury. The project team is beginning to tally the results to run statistical analyses and regressions to get our finding from the surveys. The project team uses these results to help these business be more efficient and to help address any issue with the businesses.