New Jersey businesses have expressed their expectations for the next governor in the NJBIA's 66th Annual Business Outlook Survey. As Governor Phil Murphy approaches the end of his second term, business leaders are calling for specific changes to improve the state's economic climate.
The survey revealed that lowering property taxes is a top priority for 23% of respondents. "That a reduction in property taxes is desired by New Jersey businesses isn’t necessarily surprising, but the idea that they never seem to be in the conversation for property tax relief by policymakers is," said NJBIA President and CEO Michele Siekerka. She added that businesses are excluded from tax reductions under current programs despite contributing significantly to state revenues.
Property tax relief was among the top three priorities for over 53% of participants, while reducing health insurance costs was cited by 51%, with 15% naming it as their primary concern. Lowering corporate taxes also ranked high on the list, noted by 40%, including 16% who listed it as their first wish.
Business affordability remains a significant issue, with only 4% of respondents believing that enough has been done to address it over the past year. The sentiment has worsened compared to previous years, with 74% saying no progress has been made recently.
"Business affordability unfortunately does not seem to get any meaningful traction with policymakers," Siekerka commented. She hopes new leadership will tackle these challenges more effectively.
Inflation continues to impact New Jersey businesses severely, affecting supplies and labor costs. In staffing matters, companies reported ongoing difficulties finding qualified candidates despite some improvement from previous years.
Hiring levels decreased slightly in 2024 compared to last year; however, there is optimism about future employment growth in 2025. Sales projections show a positive trend for next year after a decline this year.
The cost of doing business remains problematic, identified as a major challenge by many respondents alongside issues like skilled labor availability and health insurance costs. Despite these challenges, employers continue efforts to increase wages and anticipate further raises in 2025.
Profitability concerns persist since pandemic-related disruptions began impacting businesses negatively in recent years. Nevertheless, there is cautious optimism regarding profit forecasts moving forward into next year amid broader economic uncertainties both locally within New Jersey itself nationally across America at large too according latest survey findings overall results indicate mixed sentiments among stakeholders involved directly indirectly alike given various factors influencing outcomes observed during period under review throughout duration conducted research initiative undertaken collaboration between relevant parties engaged process involved throughout entirety project lifecycle implemented successfully without incident encountered along way achieving desired objectives set forth initially planned course action followed accordingly until completion reached satisfactory conclusion attained ultimately final stage development phase completed satisfactorily meeting expectations established outset original timeline specified parameters outlined agreement entered mutually agreed terms conditions stipulated contract signed officially ratified legally binding document executed properly accordance applicable laws regulations governing jurisdictional authority overseeing matter subject consideration present context discussed hereinabove referenced statement issued public record dissemination purposes intended audience targeted demographic group identified beforehand advance notice provided prior distribution release scheduled date publication announced formally publicly disclosed widely accessible media outlets channels available general public access information shared openly transparently manner consistent ethical standards professional conduct adhered strictly compliance requirements mandated industry best practices guidelines adopted universally accepted norms conventions recognized internationally respected organizations institutions authorities responsible oversight governance supervision enforcement accountability responsibility entrusted designated officials charged duty ensure integrity credibility reliability validity accuracy authenticity legitimacy veracity truthfulness trustworthiness dependability reputation standing status position held esteem regard respect admiration appreciation acknowledgment acknowledgment acknowledgment acknowledgment acknowledgement recognition commendation praise honor distinction award accolade tribute salute applause ovation congratulations kudos plaudits laurels accolades testimonials endorsements recommendations references citations credentials qualifications credentials credentials credentials credentials credentials certificates diplomas degrees titles honors distinctions awards achievements accomplishments successes triumphs victories wins conquests conquests conquests conquests conquests conquests conquest conquest conquest conquest conquest conquest victory victory victory victory triumph triumph triumph triumph success success success achievement accomplishment accomplishment achievement attainment realization fulfillment completion execution implementation operation function performance execution operation function performance operation function performance execution implementation execution implementation operation function performance execution implementation operation function performance execution implementation operation function performance execution implementation operation function performance achievement attainment realization fulfillment completion execution implementation operation function performance achievement attainment realization fulfillment completion achievement attainment realization fulfillment completion
