NJBIA has published its 66th annual Business Outlook Survey, focusing on various issues impacting New Jersey businesses. The survey sheds light on concerns regarding affordability and the effects of inflation.
Business owners expressed dissatisfaction with the state's business affordability. Only 4% of respondents believe that the governor and New Jersey lawmakers have adequately addressed this issue over the past year, a figure unchanged from the previous year. Meanwhile, 74% disagreed, up from 68% in 2023. Over a five-year period, 79% of participants reported a decline in business affordability, while only 4% noted improvement. Seventeen percent felt it remained constant.
"Business affordability unfortunately does not seem to get any meaningful traction with policymakers," stated Siekerka. "It’s our hope that a new regime in Trenton will recognize the extreme costs of doing business in the state, taken as a collective, and consider policies to improve this sobering trend."
Regarding inflation impacts, although national inflation rates stabilized in 2024, New Jersey businesses continued to experience significant effects. Forty-six percent reported being substantially affected by inflation, an increase from 36% in 2023. An additional 42% described moderate impacts from inflation during the same period.
In terms of supplies and materials, 57% of respondents indicated substantial inflation-related impacts, up from 51% in the previous year. For labor costs, substantial impact was reported by 48%, compared to 40% in 2023.
