Finally, some good news about the economy. They heard it first at The Palace at Somerset Park.
Over 500 people attended last week’s gathering of New Jersey bankers, where the Charles I. Plosser, the president of the Federal Reserve Bank of Philadelphia, addressed an economic leadership summit. Bloomberg TV was on-hand to capture the conference and tape additional coverage (see video below) of the event in one of our suites.
Plosser predicted a 3 percent economic growth annually for 2013 and into 2014 with unemployment expected to drop to 7 percent by the end of this year. Top officials who also spoke included Ralph A. LaRossa, president and CEO of PSE&G; Michele Brown, CEO of the New Jersey Redevelopment Authority; Tracye McDaniel, CEO of Choose New Jersey; and Michael J. Van Wagner, executive director of the New Jersey Business Action Center.
The Palace is very proud to have been chosen to host such an important meeting. Even better was that such good news emanated from our ballroom, certainly a sign of good fortune for this year and the next.