New Jersey will add $1 billion in net income to the state’s economy in 2017 and 2018, according to a forecast released Wednesday by the New Jersey Office of Economic Analysis.
The state’s revenue grew by 0.3 percent in the first quarter of 2017, the office said.
The forecast comes as the state has been reeling from a massive wildfire in June, which destroyed more than 40,000 homes and forced hundreds of thousands of people to evacuate.
The wildfires also resulted in the closure of many businesses and disrupted the lives of many residents.
Governor Chris Christie is calling the economic recovery in the Garden State “an unprecedented moment.”
The office’s economic forecast comes on the heels of a report from the Congressional Budget Office that projected the state would have lost $7 billion in state revenue in the next five years as a result of the wildfires.
Christie said in a statement the governor has been working on a plan to provide more relief to businesses and consumers.
The Office of State Fiscal Analysis says the state will add about $1,000 per resident in economic growth.
The office projects the tax cuts will bring in an additional $2.7 billion annually, which will help offset a $1 trillion budget shortfall that Christie has vowed to address.
The report also found that the state received about $3.7 million in tax refunds during the year, more than double the amount it received in 2015-16.
The federal government has provided $9 billion in tax relief to New Jersey over the last decade.
The governor also signed a $3 billion infrastructure package into law this month.