Business Report: Money for NJ from infrastructure bill, pay inequality for women-owned businesses, CVS may close

The state is getting $12 billion from the infrastructure bill signed earlier this week

Rhonda Schaffler, Business Correspondent | November 19, 2021 | Business Report

It’s too early to say how much New Jersey would benefit if the Build Back Better Bill wins final approval, but we do know the state is getting $12 billion from the big infrastructure bill that was signed earlier this week. New Jersey business leaders held a call today to say it’s a win for the state. Christina Renna, president and CEO of the Chamber of Commerce of Southern New Jersey, said the money will fund a major road project in Camden County as well as planned upgrades to the River Line. Meantime, John Harmon of the New Jersey’s African American Chamber said money to expand broadband and improve water infrastructure will help the state’s urban areas. And Tom Bracken, an NJPBS board trustee who leads the state chamber of commerce, says the new federal funding will kickstart the state’s economic rebound.

This is Women’s Entrepreneurship Day, which is designed to celebrate women-owned businesses. According to the census bureau, about 21% — or 1.2 million U.S. businesses are owned by women, and it’s a number that continues to grow. But another stat out this week is less encouraging. New figures from the federal government show in New Jersey the gender wage gap has improved somewhat. But women working full-time jobs are still earning about 82 cents for every dollar earned by men.

There’s no word yet on what CVS stores in New Jersey may be closing. The drugstore chain announced it will close 900 stores nationwide over the next three years, due to changing consumer buying patterns.

Finally, the New Jersey Devils hockey team has signed a multiyear agreement with an online sports betting company. Betway will become an official partner of the team, Financial terms weren’t disclosed.