NJBIA released its 66th annual Business Outlook Survey on December 2, focusing on various aspects of New Jersey's economic climate for 2025. The survey explored business conditions across different industries in the state.
According to the survey, 34% of respondents reported experiencing a slowdown in their industry, which is an increase of five percentage points from last year. In contrast, 15% noted an expansion. Eight percent indicated their industry was transitioning from a slowdown to recovery, while 5% were moving from expansion to slowdown. A significant portion, 38%, stated that business conditions remained unchanged.
Regarding plans for expansion, 57% of businesses had no intentions to expand. Meanwhile, 25% planned to expand outside New Jersey, compared to only 14% who would do so within the state. An additional 5% intended to expand both in New Jersey and elsewhere.
When evaluating New Jersey as a location for new or expanded facilities, opinions varied: 28% rated it as very good or good, while another 32% considered it fair. However, a notable 39% deemed it poor.
The survey also revealed that only "14% said they believe New Jersey has made progress over the last year in easing regulatory obstacles," reflecting a decline from "24% in 2017." Furthermore, "12% said yes" when asked if they had postponed equipment installation or expansion due to permitting or regulatory delays.
On a positive note, "62% said they made investments to improve productivity in 2024." Additionally, there is growing appeal for retirees considering staying in New Jersey; "46% saying they are planning to keep New Jersey as their domicile in retirement," marking an increase of "14 percentage points from four years ago" and reaching its highest level in a decade.
