NEWARK-While this city’s downtown rebuilding effort has made huge strides lately—most notably with Panasonic’s decision to relocate its headquarters—a couple of smaller developments and a report noting the high cost of doing business here make it clear the future remains cloudy.

Newark and the surrounding area is the fifth most expensive place in the United States for corporations to operate, says a new report by the Princeton-based Boyd Co. New York City, a mile across the Hudson, is the most expensive place of 50 metropolitan areas surveyed.

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